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Quoting the Crisis
03/02/2012
“ However, at the Fed’s September 2007 meeting, New York Fed president Timothy Geithner said, “We just don’t see troubling signs yet of collateral damage, and we are not expecting much.” Alan Greenspan’s faith in the free market and belief that market participants would never pursue a path of self destruction is reflected in Kevin Marsh’s comment at the September 2007 meeting. “The capital markets are probably more profitable and more robust at this moment than they have ever been.” Clearly, Greenspan and Marsh had never seen the compensation plan of those at the major firms, and how much they were being rewarded for taking enormous risks, which were subsequently born by tax payers. „
(
Source:
ritholtz.com
)
Is Decoupling Possible in a Global Economy? | The Big Picture
