To see Alan Greenspan’s comments to the Federal Open Market Committee in regard to the housing bubble in 2004, go to page 90 of the March 2004 transcript that was just released over the weekend.
http://www.federalreserve.gov/monetarypolicy/files/FOMC20040316meeting.pdf
For a definition of hubris click here:
http://www.yourdictionary.com/hubris
Thanks to CalculatedRisk.com for pointing out the amazing excerpt above from the meeting transcript.
Rahm Emanuel has come out in opposition to the house resolution to audit the federal reserve (http://www.opencongress.org/bill/111-h1207/show). Take a look at these oversight report comments from a time when Emanuel served as a director of Freddie Mac.
For the most part, the same long-tenured shareholder-elected Directors oversaw the same CEO, COO, and General Counsel of Freddie Mac from 1990 to 2003. The non-executive Directors allowed the past performance of those officers to color their oversight. Directors should have asked more questions, pressed harder for resolution of issues, and not automatically accepted the rationale of management for the length of time needed to address identified weaknesses and problems.
Here’s a link to the full report by the Office of Federal Housing Enterprise Oversight. The above excerpt is from page vi in the introduction.
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