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Date: 07 Apr 2010
Time: 12:26:38 -0500
Greenspan testifies to Financial Crisis Commission.... 'Regulators can't keep up with today's megabanks, he said. They're too complex. Regulators, in short, don't have a chance. Greenspan, appearing before the panel convened to investigate the roots of the financial crisis, said that the "ideal way" to supervise banks would be to go through its individual loan documents -- the way supervisors used to police banks and financial firms before they grew so large. But unfortunately, he lamented, that's no longer possible because firms are so complex. "We are reaching far beyond our capacities," Greenspan told the Financial Crisis Inquiry Commission. "It's not a simple issue of 'Let's regulate better,'" he said. "It's a different world." "The complexity is awesome," he noted.' http://www.huffingtonpost.com/2010/04/07/greenspan-to-financial-cr_n_528147.html If I had any advice to artists it would be to go long on gold; fiat money will have no value in the years to come. And for sure the money men will have an interest in art - no regulation and what not.