Easy Loans? We Must Nationalize Banks, Says Greenspan

Greenspan sees economy as green in the gills

Easy loans are a sign of the times. By that, I mean that Americans live in an age where consumers have choice as to how they will manage their short-term finances. It’s been easy for microloans to become popular, as they are fast, convenient and discreet. What a person needs money to cover before their next payday is nobody’s business but their own.

But when it comes to the U.S. banking system, it’s everybody’s business. Former Federal Reserve chairman Alan Greenspan, who is not enamored of President Obama’s Troubled Asset Relief Program, predicts more trouble during this recession.

Politico quoted Greenspan on the crisis:  “Since the collapse of Lehman Brothers in September, we have been exposed to the most rapid and unremitting set of gloomy statistics that I have ever seen. It’s a once-in-a-century type event.”

Banks should fall under government control

According to the Wall Street Journal, Greenspan took an uncharacteristic step by referring to a new period of “increased regulation.” Turning away from his free-market roots and toward the appropriate plane of sense for this dire situation, Greenspan went on to say that ... click here to read the rest of the article titled "Easy Loans? We Must Nationalize Banks, Says Greenspan"