InterestedParticipant
10-16-2008, 04:03 PM
Geithner, NY Fed Chairman, sticks to the myth that this financial crisis was not preventable.
"Was this preventable? I don’t believe that asset price and credit booms are preventable. They cannot be effectively diffused preemptively. There is no reliable early warning system for financial shocks."
But Mike Shedlock, of MISH'S Global Economic Trend Analysis, says,
Of course it was preventable.
Two simple measures would have prevented 80% of this mess:
Elimination of the Fed
Elimination of fractional reserve lending
http://globaleconomicanalysis.blogspot.com/2008/03/night-of-living-fed.html
"Was this preventable? I don’t believe that asset price and credit booms are preventable. They cannot be effectively diffused preemptively. There is no reliable early warning system for financial shocks."
But Mike Shedlock, of MISH'S Global Economic Trend Analysis, says,
Of course it was preventable.
Two simple measures would have prevented 80% of this mess:
Elimination of the Fed
Elimination of fractional reserve lending
http://globaleconomicanalysis.blogspot.com/2008/03/night-of-living-fed.html