This website uses cookies to ensure you have the best experience. Learn more

Alan Greenspan’s Role In The Economic Crisis Of Our Times

1071 words - 5 pages

Former Chairman of the Federal Reserve Alan Greenspan has played a key role in the economic crisis of the late 2000s (some would point out that we are still experiencing its aftershocks to this day). It’s not so much what Greenspan did as much as what he didn’t do. Greenspan’s hesitation when it comes to regulating the banking sector was motivated in part by the free-market philosophy he has propagated over his career as a leading world economist. It must be pointed out, however, that there are those who believe that Greenspan’s arms were seemingly tied behind his back by the overwhelming influence of the elite on Wall Street and the aforementioned banking sector. Robert Gnaizda of the ...view middle of the document...

It can be argued that Greenspan must have known that the free-market he so adamantly supported was flawed and needed intervention. One key example of this is that, when necessary, he actually did intervene — an obvious contradiction to his typical laissez faire approach. But curiously his intervention took place only when it helped the elite from a road block of some sort. Once again, one must ask if there is more to the story than meets the eye. Did Mr. Greenspan really make an error in judgment regarding the free-market or was his decision-making influenced by other factors? If it was an error in judgement, however, it would be one that spanned just about his entire career. It is difficult to imagine this to be the case for someone who was regarded by many as the foremost economist of his time.
Prior to the collapse of the markets in 2008 my views on our government’s participation in such matters was influenced mostly by a notion that our leaders, while sometimes corrupt, would mostly act in the best interest of the people. It was difficult for me to imagine a government being complicit in morally and ethically dishonest actions — ones that clearly had malevolent intent. But as the stories began to leak out one by one it was apparent that our government had severely failed us. As noted before, Alan Greenspan’s role in the crisis comes down to inaction (whether knowingly or not makes no difference in my opinion), and I believe the government at large is guilty of the very same thing. For whatever the reasons are — and certainly this is not a black and white issue; there is clearly a much deeper web of deception that we are not privy to — the government allowed the elite on Wall Street and the banking sector to effectively have complete freedom in running their organization. Let’s take a step back and ask ourselves: isn’t this a form of anarchy? Imagine for a second if the government allowed us, the ordinary people of the country — people without any...

Find Another Essay On Alan Greenspan’s Role in the Economic Crisis of Our times

The Role of Globalisation in Economic Growth

2198 words - 9 pages The Role of Globalisation in Economic Growth Table of Contents Pages 1. Executive Summary.............................................................................................3 2. Globalisation........................................................................................................4 3. World Trade Organisation

The Role of Sexuality in Our Lives

1252 words - 5 pages The Role of Sexuality in Our Lives The word “sexuality” has been looked upon as taboo and for centuries many of us grow up being taught how this part of our lives shouldn't be expressed openly. We all experience the feeling as humans, we share this characteristic. Some of us are taught not to express any feeling that has to do with our inner wants when it comes to this topic. It could make us more loving or even at times some incidents

The Role of Education in Our Society

1379 words - 6 pages The Role of Education in Our Society Meritocracy is a universalistic viewpoint favoured by many and is widely seen as the ideal way in which society should be founded on. In addition, as the education system is arguably the most important and influential

The Role of Greek Gods and Goddesses in Ancient Times

1250 words - 5 pages The Role of Greek Gods and Goddesses in Ancient Times With all of the interesting aspects of the Odyssey, I am only going to touch on one of them. The gods and goddesses in the Odyssey of all of the deities mentioned I am only going to focus on a few. The first and most powerful of these is Zeus. Then we have Hermes, the messenger god. Last but not least of these would be Athena, the goddess of warriors. Zeus, Ruler of the gods. "Zeus

The Boomerang Effect in our Modern Times

1743 words - 7 pages The Boomerang Effect in our Modern Times Reason, I sacrifice you to the evening breeze. Aime Cesaire   I agree with the assertion that Aime Cesaire made on Discourse on Colonialism that the process of colonialism inflicts a “boomerang effect” on the colonizer. It is important to determine that colonialism is defined as “a practice of domination, which involves the subjugation of one people to another...” by the Stanford Encyclopedia of

The impact of economic crisis on marital life in Romania

1645 words - 7 pages pressure is associated with higher levels of emotional distress, which in turn are associated with increased conflict within the marital relationship. Also included within this proposed conceptual pathway is the role of social support, which functions as an intervening variable between economic distress and marital conflict.The family stress model, developed by Conger and colleagues (e.g., Conger & Elder, 1994; Conger et al., 1990, 2002

Thr role of women in ancient times

1122 words - 4 pages The Role of Women in Ancient GreeceWomen in Classical Ancient Greece held an inferior social position to men. Although they were prominent in the Greek Mythology and writing such as Sophocles' Antigone, the average woman stayed at home, spinning and weaving and doing household chores. They never acted as hostesses when their husbands had parties and were seen in public only at the theater and certain religious festivals. Women were prominent in

he role of economic geography in economic development and the impact of ICT on economic growth

2233 words - 9 pages countries are armed with good communications. On the contrary, some writers believe that geography still matters a great deal for economic interaction and for the spatial distribution of income.To discuss, I will concentrate on the role of economic geography in economic development and the impact of ICT on economic growth. From the existing inequality of economic development, we can see distance still matters in terms of economic transactions and

Our Lady's role in the Ballad of the White Horse

794 words - 4 pages 1. Our Lady's role in the Ballad of the White Horse as portrayed in books I, II, and VII. King Alfred of Wessex, ruler of southern England in ninth-century, is the main character in G.K. Chesterton's compelling poem, The Ballad of the White Horse. During a time when the pagan Danes threaten to destroy the societal values Western Europeans had spent centuries building, Alfred, his chiefs, and his Christian armies receive inspiration to

The role of religion in our founding government

551 words - 2 pages The Role of Religion in Government.In 1787, the Founding Fathers hoped the first civilization of a few people in modern times would emerge by presenting an unbiased Constitution to the people of America. They took into account that the men and women coming who were settling in America were of deep religious convictions and had come to practice their faith freely. The Founders attached to the role of religion in unique experiments that the

The Main Role of Electricity in Our World

921 words - 4 pages . For example, if we decided to use solar power, we will need to be at a place where there is always sun so that the sun could produce solar energy into the solar power. If there is storms and its cloudy, then no solar energy can be produced. Coal could be use to create electricity but the main risk is that when burning coal, it produces a lot of carbon dioxide and cause a contamination in our community. If you want to save money on your electricity

Similar Essays

International Economic Policy In Times Of Crisis

1387 words - 6 pages until several years later. Like a vaccine each new version is adjusted and reconfigured in hopes to take care of the new symptoms. Each formula is saved and stored so that experiments and tests can always continue in the future. Today in the modern world we would like to believe that some of these vaccines have reached a status of 100% confidence level. Though, as with the commonly used tools in times of crisis, one can never fully count on a one

This Economic Crisis Affected The Credit And Equity Markets, And Will Challenge Our Endowment. Downsize At Least 30% Of The Class

1402 words - 6 pages . Without direct comparative data, the challenge of creating a method for comparison to measure our qualitative assessments proved to be the biggest obstacle.As we have briefly addressed, the difficulties of managing change do not only lie with implementation. Team dynamics and assessment of non-quantifiable metrics play a significant role in the development of a strategy for change. Conjointly, buy-in requires transparency, so the metrics must be easily

Analyse The Role And Implementation Of Monetary And Fiscal Policies As Tools Of Macroeconomic Management To Manage The Australian Economy Through The Current Global Economic Crisis

1483 words - 6 pages Macroeconomic management has traditionally seen as a counter cyclical tool used by governments to reduce the natural fluctuation in the business cycle. In the midst of the current global economic crisis, the role and importance of macroeconomic tools have played a crucial role in stabilising delicate business cycles worldwide. In the Australian economy the fiscal policy has had a major impact with the introduction to the two different stimulus

Unemployment Of Women In Times Of Crisis

659 words - 3 pages cuts in the public sector, which represented a typical response of European governments to the economic crisis, significantly threaten gender equality in access to employment. Women represent in the EU almost 70% of employees in the public sector, so any action which falls on number of jobs and their wages in the public sector will always hit stronger women than men. In addition, the public sector in many countries is stabilizating gender equality