What we are saying vs. What we are doing

Mish's Global Economic Trend Analysis: "What we are saying vs. What we are doing

Here is a recap of what Greenspan said:

Perhaps the clearest evidence of the perceived benefits that derivatives have provided is their continued spectacular growth.
The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions.
The development of credit derivatives has contributed to the stability of the banking system by allowing banks, especially the largest, systemically important banks, to measure and manage their credit risks more effectively.
Here is what we are doing:

Creating a ‘NewBank’ to provide liquidity in emergencies.
Simulating financial meltdowns caused by an explosion in hedge funds and credit derivatives.
I have three questions:

If the explosion in credit derivatives is making us safer why do we need to create a new bank to deal with liquidity issues?
If the explosion in credit derivatives is making us safer why are we simulating financial meltdowns based on those very same derivatives blowing up?
How long will it take before Greenspan is proven spectacularly wrong once again? "