George Akerlof Video | Interviews

George Arthur Akerlof is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics.

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Alan Greenspan admits "it's all a scam" 11-9-2010

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"Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof, Peter Schiff and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble. Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched): Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn't have failed with adequate capital, he said. "Rampant fraud" was also an issue, he said. "Fraud creates very considerable instability in competitive markets," Greenspan said. "If you cannot trust your counter parties, it would not work."...