The ex-Chairman of the US Fed, Mr Greenspan lays into Dodd Frank here and here (sorry may be password protected-but free access)
He may well be right, but it’s sort of rich coming from one of the chief architects of the credit crisis, in the sense that Greenspan was responsible for setting a lax US Fed policy for too long, which over stimulation of the US economy, leading to the property bubble and subsequent crash!
Mr Greenspan said that when, as Fed chairman, he declined to advocate regulating credit default swaps – derivatives that have been blamed for worsening the crisis – he had been following the will of Congress!
Hence the 2008 FT headline: ‘I made a mistake,’ admits Greenspan Oct 2008
Filed under: Dodd Frank, Regulation | Tagged: Dodd Frank, Greenspan |
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