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again sorta not -
04-15-2009, 08:31 PM
Alan Greenspan and those management types from the Chicago school of Economics have already used this excuse. Here in the US trying to sell the 'management' and excuse of greed for the systematic 'epic fail of the free market' just is not gonna fly? Pls. note Ben Bernanke the head of the Federal Reserve famous last words?
Ben Bernanke
"I expect there will be some failures” of smaller banks. “Among the largest banks, the capital ratios remain good and I don't anticipate any serious problems .
—Federal Reserve Chairman Ben Bernanke in February 2008.
IndyMac Bank failed in July 2008, with $32 billion in assets. Washington Mutual failed in September 2008, the largest bank failure in history with $307 billion in assets. Wachovia was sold to Wells Fargo in October 2008, amid concerns about its financial health, and Citigroup still scrambles to raise cash from both the government and private sources
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