March 20, 2006
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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24 comments:
Is that "the banker"? He looks like he hasn't been sleeping too well.
http://news.yahoo.com/s/ap/20060318/ap_on_fe_st/ebay_town
yeah, the banker (let's hope he stays retired) looks like he could use a good night's sleep.
I am still waiting for an explanation of his comments a few years back. Greenspan was advising homeowners to refinance into adjustable mortgages just as interest rates were beginning the big upward move. This advice could well have destroyed more than a few families.....
he always covers himself by choosing his words carefully. the quote, to be excessively precise, was that many people would have saved money if they had had an ARM instead of a fixed through the 1990's. never actually made a recommendation. that's the man's story and he's sticking to it.
Greenspan was advising homeowners to refinance into adjustable mortgages just as interest rates were beginning the big upward move. This advice could well have destroyed more than a few families.....
Isn't this the plan all along, i mean look around you, with a statement like that above the whole idea is to see the american people poor and living in the streets, then they have you just where they want you, with nothing.
Then we can all run to our king George W. Bush our king and savor of the american people.
(" ALL HAIL KING GEORGE ")
Excuse me while I wipe my ass.
Greespan had it some what correct, look at the run ARMS had, very low, and he was saying pretty much if you have a high fixed rate (at the time) and ajustble would save you a lot of money every month. But little did he know poeple would ATM their houses the way they did, no one could have predicted that. But now we all agree and adjustble now is pretty much financial suicide in this economy.
No matter what the goverment numbers are, I dont belive a 1/4 of what the media states in numbers anymore, to much goverment involved in the markets belive me.
IS THIS THE DEVIL WHO SINGLEHANDEDLY SCREWED OUR LIVES!
Look - let's cease and desist on Bush - he's now totally irrevelant - in fact I think I just saw him with a gaggle of handicapped waterfowl.
I believe the best description of him is bubblemeister.
Mark Faber alway has some great words about him, the wrost Fed Chairman of all time.
How will we fare now that the plate spinning by the meister has stopped, will any drop or can Bernake keep it going?
Simmssays…
AmericanInventorSpot.com
I was doing pretty good before he "fixed things". Now I'm just spinning to keep up with inflation. He had what it took to expose the truth in his early years before Uncle Sam bought him. I will be a slave to his economic policy long after he is feeding worms.
$3/gallon gasoline in almost near !!!
Blaming the wrong person.
Greenspan is OK, neither a saint or the worst.
If you want to blame some people:
1) Congress
2) Political ideology (new hyper Republicanism) which favors a few people getting rich in old tech industries with tricksy scams while productive technological employment leaves permanently
A primary problem with the bubble is radical bank deregulation, resulting in preposterous loans.
That comes from the "trotsky" faction of Republicans---i.e. "government anything is always bad if it gets in the way of short term profit" (facts and history be damned). This is not at all the opposite of the old-style Eisenhower Republicans who believe in sober reality, and thrifty productivity. (Those are Democrats now, and actual leftists are effectively absent in the USA)
oops, meant to say,
"this IS the opposite of old-style Eisenhower Republicans".
PS: The scion of President Dwight Eisenhower has publicly denounced and left the current Republican party.
The fault, dear Brutus, is not in our stars,
But in ourselves, that we ae underlings. Julius Caesar
So who foolishly took out those interest only loans to flip houses. Who used the house as an ATM. 41cadillac
why are you all so bitter and socialist?
why are you all so bitter and socialist?
Well, you've got a point about bitterness, but do you even have the slightest clue what socialism is?
Here's a hint: it does not mean "anything that Rush Limbaugh does not like."
free markets? you guys dont seem to like those. You are all bitching and moaning about how people got into ARMS. So what? Let them get into mortgages that dont fit them. Keith is so angry at people who bought and flipped, and very much would love to see some of them lose their shirts. Dont be bitter...reconsider
>I am still waiting for an >explanation of his comments a few >years back. Greenspan was advising >homeowners to refinance into >adjustable mortgages just as >interest rates were beginning the >big upward move.
http://itulip.com/
See Weekly Commentary, Mar 15
Also intersting..
http://www.itulip.com/housingbubblecorrection.htm
Comments such as, "free markets? you guys dont seem to like those. You are all bitching and moaning about how people got into ARMS. So what? Let them get into mortgages that dont fit them."
is a great example of the new form of "Trotskyite" radical free-marketers.
I am not bitching about adjustable rate mortages in particular, but more in pathetically poor underwriting standards which come about from extremely short term thinking in a 'radical free market' environment.
The 80's S&L scam, which again resulted precisely from the same kind of thinking and policies: radical deregulation so rich Republicans can get super rich on other people's money; when the bovine excrement hits the ventilation system, scram and stiff the taxpayer with the bill.
There are many reasons why prudent and moderate regulation is good for the long term free markets---and free markets are a means to an end---liberty, social order, prosperity and promotion of general welfare for all---not the goal in itself.
"laissez-faire" (let them do anything) is not the same as a "free market" at all.
The first is the goal of a con artist and warlord; the second that of an Enlightenment moral philospher.
Adam Smith understood well, and far too many ignore what he really was after as opposed to the cudgel chariacturizations of "the free market".
PS: the reasons to oppose "let them get into mortgages that don't fit them".
1) things undoubtably, and with overwhelming historical precedent, boomerang back against those who had nothing to do with that
2) it is also assured that the lenders, and I mean the actual executives in charge of policies, who did foolish things will not at all be punished to anywhere near an extent that they personally benefitted by going balls out in the bubble, and the general taxpayer---YOU---inevitably picks up the bill by taxation or inflation.
3) misallocation of capital destroys wealth overall
4) it is immoral to knowingly swindle people.
None of this is "communism" or "socialism" as opposed to decent Enlightenment philosphy---it is in truth the antidote and prophylaxis to communism.
I think most people liked greenspan because he seems like yoda, a cute/ugly old creature who must be very wise so listen to what he has to say. It has noting to do with economics.
Alan Greenturd waited too long to raise rates during the dotcom bubble, then raised them too fast in late 1999-2000. Then he went and lowered the rates too low during the recession which helped create the housing bubble. The Fed under Greenturd had a habit of acting too late and then over-reacting. He is possibly the worst Fed Chairman in history. I'm sticking with that story.
I'm no elitist Republican or Democrat, so I say we need regulated capitalism in order to succeed. Deregulation of the banking industry has failed us twice now. We got out of the S&L scandals, but I don't know if we can get out of this one.
Birdbrain A$$hole.
Anyone who could do to what was once a strong economy what he's done over the past few decades of boom/bust...
Too bad he'll probably never have to live through what he's wrought.
Somebody will still be paying him huge fees to hear his speeches til the day he dies.
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