Greenspan Concedes to `Flaw’ in His Market Ideology

“Firms that bundle loans into securities for sale should be required to keep part of those securities, Greenspan said in prepared testimony. Other rules should address fraud and settlement of trades, he said. Greenspan opposed increasing financial supervision as Fed chairman from August 1987 to January 2006.”

I always found people’s reverence for Alan Greenspan a little weird and misplaced. Anyway, back in the real world, we see the Baltic Dry Index down 90%+ off the high it hit earlier this year. That’s a scary chart.

Related:

Oh Ship! No Financing Available, May 13, 2008
Baltic Exchange Capesize Index Moves to New High, April 27, 2007