“There’s just as much danger in a football game.”
Watching CNBC’s report on the housing bubble, I’m reminded of the wonderful Dylan song “Who Killed Davey Moore”:
Who killed Davey Moore,
Why an’ what’s the reason for?
“Not I,” says the referee,
“Don’t point your finger at me.
I could’ve stopped it in the eighth
An’ maybe kept him from his fate,
But the crowd would’ve booed, I’m sure,
At not gettin’ their money’s worth.
It’s too bad he had to go,
But there was a pressure on me too, you know.
It wasn’t me that made him fall.
No, you can’t blame me at all.”
Compare with David Faber & Alan Greenspan:
So those who sit here now in retrospect who say Alan Greenspan could have done a lot more, in terms of speaking out…or sending investigators?
Had we tried to suppress the expanstion of the sub-prime market do you think that would have gone over well with the Congress? When it looked like we were dealing with a major increase of homeownership, which is of unquestioned value to the society. Would we have been able to do that? I doubt it.
