Greenspan Testifies Today
As you have no doubt realized, we've passed through the Blissfully Ignorant Phase, the Panic Phase, the Stopgap Phase and the Legislating Phase of the current financial crisis and have moved solidly into the Hearings Phase.
In this phase, Capitol Hill lawmakers empanel business executives, regulators, former regulators, expert witnesses and anyone they can think of in an effort to a) try to figure out what happened, b) try to figure out how to keep it from happening again and c) grandstand to score political points with their parties and their constituents back home.
Two biggies today:
-- At 10 a.m., Rep. Henry Waxman's (D-Calif.) Oversight committee will hear from none other than former Fed chief Alan Greenspan, the man who lowered interest rates low enough to create a credit bubble, which created a housing bubble, which created a second credit bubble, which brought us to where we are today.
Also scheduled to appear are former Treasury secretary John Snow (Hank Paulson's predecessor) and SEC chair Christopher Cox. The hearing is in 2154 Rayburn.
-- Also at 10 a.m., Sen. Christopher Dodd's (D-Conn.) Banking committee will host a number of boldface names to discuss the $700 billion Wall Street bailout/rescue. Scheduled to appear are FDIC chief Sheila Bair, Treasury's Neel Kashkari (the man running the bailout) James B. Lockhart III (the regulator of Fannie and Freddie) and Fed board member Elizabeth Duke. 538 Dirksen.
Check back here throughout the day for updates on what's going on inside those hearings and other breaking financial news.
-- Frank Ahrens
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