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Bernie Sanders attacks Alan Greenspan (2003)

Bernie Sanders attacks Alan Greenspan (2003)

(6:07) In 2003, Bernie Sanders delivered a blistering attack on Alan Greenspan's claim that the US economy was improving. In 2008, Alan Greenspan admitted that his ideology was flawed.

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Guest: Concerned Citizen (833 days ago)

Bernie's comments were just fodder. His only question at the end to Alan was if he cared about the middle class. After all that yacking that Bernie did, when it came time for Alan to respond, his was cut off and that part of the video ended. It would have been nice to hear the entirety of his statement.

Later he says he discovered a flaw in his models but we don't know if that was a flaw with anything he said in 2003 because that was not revealed to us either.

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Original comment

Bernie's comments were just fodder. His only question at the end to Alan was if he cared about the middle class. After all that yacking that Bernie did, when it came time for Alan to respond, his was cut off and that part of the video ended. It would have been nice to hear the entirety of his statement.

Later he says he discovered a flaw in his models but we don't know if that was a flaw with anything he said in 2003 because that was not revealed to us either.

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Guest: (832 days ago)
Latest comment:

The flaw was that he thought removing regulations etc. would create a situation where financial market participants would rely on trust/integrity to get things done and anyone committing fraud etc. would be routed out.

Unfortunately pretty much the exact opposite happened. Money bought control of regulation, manipulation of laws, manipulation of market data etc.

The crisis was caused by extremely intelligent fraud on a massive scale, spanning finance, politics, technology, law inforcement etc.

And it hasn't stopped!

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Original comment
Latest comment:

The flaw was that he thought removing regulations etc. would create a situation where financial market participants would rely on trust/integrity to get things done and anyone committing fraud etc. would be routed out.

Unfortunately pretty much the exact opposite happened. Money bought control of regulation, manipulation of laws, manipulation of market data etc.

The crisis was caused by extremely intelligent fraud on a massive scale, spanning finance, politics, technology, law inforcement etc.

And it hasn't stopped!

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WalterEgo WalterEgo (833 days ago)

Bernie's point was that an improving economy for the rich at the expense of the poor, was not an improving economy. Not fodder at all, but right on the ball.

Greenspan's realisation in 2008 that free-market ideology is flawed, is related in that the free market cannot provide improvement for everyone, just the billionaire class at the expense of everyone else - precisely the point Bernie was making in 2003.

To make the free market work for everyone, you have to introduce regulation. The more regulation, the fairer the system, but too much regulation and people get pissed off, and the system is too complicated and prone to incompetence and corruption.

I would have a state-run company in every major sector to provide competition to private companies.

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Original comment

Bernie's point was that an improving economy for the rich at the expense of the poor, was not an improving economy. Not fodder at all, but right on the ball.

Greenspan's realisation in 2008 that free-market ideology is flawed, is related in that the free market cannot provide improvement for everyone, just the billionaire class at the expense of everyone else - precisely the point Bernie was making in 2003.

To make the free market work for everyone, you have to introduce regulation. The more regulation, the fairer the system, but too much regulation and people get pissed off, and the system is too complicated and prone to incompetence and corruption.

I would have a state-run company in every major sector to provide competition to private companies.

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Guest: Concerned Citizen (832 days ago)

Bernie was yacking about the middle class and the CEOs making 500 times the average salary of their workers but what does any of that have to do with the policies that are set by the federal reserve chairman? He is not a law maker and cannot tell companies to not go to China for manufacturing. Only congress can make laws like that and Bernie is part of congress so it is more his fault that the system is working the way it is -- not Alan's.

There was nothing that Alan said about the free-market ideology being flawed. Perhaps he said it but it wasn't in this video. A lot of what he might have said was cut and so we will probably never know.

Regulation is not always good for everyone, just a few. For example, did you know it is illegal to grow then sell peanuts here because it might drive down the costs for the existing farmers? You have to get a special license to do that and very few have been given since 1940. How is that fair to someone who bought land and wants to grow peanuts? In my opinion, you should be able to grow anything you want on your land.

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Original comment

Bernie was yacking about the middle class and the CEOs making 500 times the average salary of their workers but what does any of that have to do with the policies that are set by the federal reserve chairman? He is not a law maker and cannot tell companies to not go to China for manufacturing. Only congress can make laws like that and Bernie is part of congress so it is more his fault that the system is working the way it is -- not Alan's.

There was nothing that Alan said about the free-market ideology being flawed. Perhaps he said it but it wasn't in this video. A lot of what he might have said was cut and so we will probably never know.

Regulation is not always good for everyone, just a few. For example, did you know it is illegal to grow then sell peanuts here because it might drive down the costs for the existing farmers? You have to get a special license to do that and very few have been given since 1940. How is that fair to someone who bought land and wants to grow peanuts? In my opinion, you should be able to grow anything you want on your land.

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Casey Casey (832 days ago)

There was no real free market in 2006 or before that so how can that be the the problem? As I have pointed out many times before we have more regulations than ever before, so many in fact it is one of the main causes why new business start ups are at an all time low. Big business love regulations because small businesses find it that much harder to comply, especially start ups. Minimum wages, compliances, licences, health and safety etc. all add up so that starting a business is as costly and prohibitive as it's ever been. This is one of the main reasons businesses either don't start, go overseas or look towards automation. As for the ridiculous idea of having a state owned company in every sector to provide competition, how can a private company EVER compete against a state owned company that has an endless supply of money ( tax money from the PRIVATE sector) and is not held accountable in the same way a private company would be? If you want to see how your socialist utopia would work out Walter there are plenty of real world examples in Communist Russia, China, (both now following a more capitalistic approach and better off for it) Venezuela, Cuba etc.

ReplyVote up (156)down (145)
Original comment

There was no real free market in 2006 or before that so how can that be the the problem? As I have pointed out many times before we have more regulations than ever before, so many in fact it is one of the main causes why new business start ups are at an all time low. Big business love regulations because small businesses find it that much harder to comply, especially start ups. Minimum wages, compliances, licences, health and safety etc. all add up so that starting a business is as costly and prohibitive as it's ever been. This is one of the main reasons businesses either don't start, go overseas or look towards automation. As for the ridiculous idea of having a state owned company in every sector to provide competition, how can a private company EVER compete against a state owned company that has an endless supply of money ( tax money from the PRIVATE sector) and is not held accountable in the same way a private company would be? If you want to see how your socialist utopia would work out Walter there are plenty of real world examples in Communist Russia, China, (both now following a more capitalistic approach and better off for it) Venezuela, Cuba etc.

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