Greenspan, regulation and future outlook

Greenspan , the war criminal of the global financial world has come out and finally spoken something. This is what he has to say:

Source: Economics news
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In 2005, I raised concerns that the protracted period of underpricing of risk, if history was any guide, would have dire consequences. This crisis, however, has turned out to be much broader than anything I could have imagined," Greenspan said in his testimony to the House Committee of Government Oversight and Reform on Thursday.

What?? What doea he mean by '..but it has turned out to be...", You mean you were doing tail-and-error with people's money?? It hasnt turned out to be 'much broader', it has shaken the countries across the board and millions are clueless about what needs to be done next and whether their homes, savings, pensions will be safe.

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Greenspan said a stabilization in home prices is the ultimate solution, but that is many months away "at a minimum". In the interim, he said the $700 billion Troubled Assets Relief Program is adequate to avoid a severe retrenchment in the economy and banking industry.

TARP (must have been actually called TRAP- to trap people towards a debasing currency). The bailout was ridiculous. The crisis is far beyond house prices, Mr. Greenspan!! Its credit crisis and slowly creeping into Credit cards, Derivatives and every single place where credit is involved, meaning it includes even the currency people use.

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"The consequent surge in global demand for U.S. subprime securities by banks, hedge, and pension funds supported by unrealistically positive rating designations by credit agencies was, in my judgment, the core of the problem," he said.

Why did you allow such financial instruments in the first place? You had every power to take decision.

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Once the crisis abates, Greenspan said the financial landscape will be far different and characterized by exceptional caution.

We are just praying one more Greenspan or Bernanke doesnot take charge of 'financial landscape' you are talking about.

"It is important to remember, however, that whatever regulatory changes are made, they will pale in comparison to the change already evident in today's markets," he said.

aaah, regulation? FED needs to be regulated first. Free markets will work. Its the FED who was always interventionist.