30 Oct 2008 MyPaper 我报 has an article on former U.S. Federal Reserve Chairman, Alan Greenspan, previous quotes on his wrong decisions that could have resulted in the current financial turmoil. He must have wished he never said those. I quote the article "Greenspan 看走眼" below.
“Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognised borrowing capacities.” - October 2004
“Even though some down payments are borrowed, it would take a large and histroically most unusual fall in home prices to wipe out a significant part of home equity. Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.” - October 2004
“The use of a growing array of derivatives and the related application of more sophisticated approaches to measureing and managing risk are key factors underpinning the greater resilience of our largest financial institutions. Derivatives have permitted the unbundling of finanical risks.” - May 2005
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