October 31, 2008

Here's the clueless Alan Greenspan admitting he didn't see the housing bubble until it's tippy tippy peak in 2006

One word:



Owner Earnings said...

He is too educated to be called an idiot.

How about he has no common sense?

Honica Jewinski said...

Uhhh.... Yeah, sure..... He didn't see it....

Anyone who believes this is, well... a great American.

You're still a great American Keith!!!

Anonymous said...

Maybe he has a medical condition, or was taking meds.

christiangustafson said...

All "public interest" legislation (and any distribution of money taken by force from some men for the unearned benefit of others) comes down ultimately to the grant of an undefined undefinable, non-objective, arbitrary power to some government officials. The worst aspect of it is not that such a power can be used dishonestly, but that it cannot be used honestly. The wisest man in the world, with the purest integrity, cannot find a criterion for the just, equitable, rational application of an unjust, inequitable, irrational principle.

-- A. R.

Anonymous said...

Revoke passport
Seize all assets

The New American Political Paradigm

Anonymous said...

Sound like a McCain-Palin voter to me.

Anonymous said...

A 10 year old has more insight then this guy. If the panic needs a head shot, he's it.

Paige Turner said...

RE: Alan Greenspan admitting he didn't see the housing bubble until it's tippy tippy peak in 2006.

Maybe Greenspan deliberately wrecked the world economy so that his fellow New World Order elitists could finalize their plan for the economic enslavement of mankind.

On the other hand, maybe Greenspan is nothing more than the innocent, bumbling idiot he claims to be.

Either way, we're totally screwed!


Anonymous said...

Easy Al is a complete fucking idiot that knows nothing about economics.

Not only did he completely miss the housing bubble and ramble on about froth, he continues to drumbeat the bullshit about wages and prices being inflationary not the massive money and credit supply increases which took place under his watch.

This fool finally being discredited and disgraced is the sign we've been looking for as getting close to the bottom for the market.

blogger said...

I also like the part with Greenspan thinking home prices couldn't go down because they've never gone down before.



So in his world, past performance dictates and guarantees future returns.


And we gave this guy the keys to our economy?


How many lives has this man ruined?

Anonymous said...

He's not an idiot. He's a liar.

But didn't he give the mob what they wanted?

Easy money. Easy riches. At least for 7 fat years. Nobody was complaining then. Now that it's all blown up. The mob turns on him.

Anonymous said...

He's lying - they all lie, because they know they can get away with it.

Anonymous said...

I really believe that Greenspan was not aware of all the fraud in lending that was taking place ,but he should of known .

We all know that the politicians were bought off by the regulated and unregulated lending industry and laws were favorable for unregulated lending .

The general myth that real estate could never go down became a truth that had no basis . How this myth
could of gain widespread acceptance is the great evil . Who was controlling the airwaves ? Who was controlling the PR machine and the Main Stream Media ? A lot of blame has to go to the mass brainwashing that was taking
place .

How could it be that you had rating agencies rating junk paper as AAA quality ? Wall Street changed all the risk models and one has to ask "Why was that allowed ?"

During the height of the Boom one could not get data that was contrary to the real estate
myths that were widespread . These unchallenged myths that were combined with easy cheap credit, that had no regard for true qualifying for all that credit was
a byproduct of Wall Street and the
Corporations .

The mass brainwashing was a sight to see . Anywhere you would go, you would get the same talking points .
The real estate and lending industry were selling a investment concept of a no-lose investment in real estate . At some point the industry resorted to fraud in lending to keep the scam going .

People who would normally be concerned about ability to afford a payment were convinced that they could just refinance after their toxic loan adjusted .

I remember reading articles in 2006 in which the industry was trying to convince people that if they didn't want to buy a house they had mental commitment problems . Loan agents Nation-wide,
with their partners in crime real estate sales set up artists began selling any loan that they could avoid true underwriting of risk .

The real estate industry and the lending industry were verbally and sometimes in writing insuring a future investment by their rah rah cheer-leading . That industry told people that they could refinance in the future when future lending cannot be insured ever .Many dumb borrowers would not of gone on adjustable loans had they know that future refinancing was not a given .
A lot of blame to go around ,but Greenspan did play a part in keeping the loan rates for to long . It turns out that Greenspan was not a bright as people thought he was in spite of his actions being favorable for business at the time . Nobody wanted to dispute the high flying business bull cycle .

Ross said...

When you've had one foot in the grave for the last 15 years and are still standing, why not do and say whatever the hell you want?

Nice work old man.

Anonymous said...

Even better, One word : Liar.

Anonymous said...

I still can't understand how on earth did that naked emperor become worshipped...

Anonymous said...

"...He's not an idiot. He's a liar..."

Yep. Occasionally they giggle when they taunt the rubes/nudge each other in the ribs...

Like when he was asked in an interview how he holds his assets...Dollars?


As in, the U.S. is toast in ten years.

"...The mass brainwashing was a sight to see..."

I'm sure that, upon further reflection, you'll agree the proper tense is is.

95% against the bailout/corporate giveaway, and our system demonstrates it's contempt for the people. We collectively understand the big picture, if not the sophisticated shell game.

Anonymous said...

C'mon...Greenscum is a liar and everyone knows it. Every high ranking FED/Financial executive is a criminal and by definition, a liar.

The systems does not require bondo, it requires dynamite.

The level of infestation by fat white maggots in our financial institutions is an epidemic!!!

Anonymous said...

It's. All. Planned.


Anonymous said...

This whole thing was staged by the bankers, Greenspan is just the fall guy to take the blame, now that he's out of the way.

It's a classic distraction.

Anonymous said...

Greenie must be laughing his ass off that anyone will still listen to him.

And one more thing:
>Sound like a McCain-Palin voter to me.

You stupid fuck. BO will (God forbid) raise taxes and increase entitlement spending. Jobs will go POOF, and yours might be one of them.

I am in the Dominican Republic this week, and have spoken to a Canadian who laughs at their health care system and a Swede who left his homeland permanently because of rampant Iranian immigration and an unbridled tax code.

It's coming to america if obama wins. And YOU sir will be screwed. I'll probably be moving down here permanently also.

Anonymous said...

No excuse for ignoring BASIC ECON FUNDAMENTALS.

A. Med price v. med inc
B. Supply v. demand
C. Pull head out of ass and look around.

Paul E. Math said...

Let the demonization begin!

I was onsite at a large asset management client last summer, working next to one of their junior economists. I'm talking to this kid, the junior economist, and his screensaver pops up with a flattering picture of greenspan.

The kid sees me looking at it and leans back, quite proud of himself, and explains "That? Aw, that's just an economist thing." I must have blinked a couple times in disbelief so he says "Alan Greenspan. Former fed chief."

I told him I thought he was an irresponsible old bastard.

"20 years of prosperity" he says.

"Largest bubble in history" I counter.

"Aw, home prices will fall a little but they'll just drop interest rates and everything will be fine. It's what they do." says the kid.

"IEverything will not be fine. Excessive leverage is not confined to just subprime mortgages, not confined to just housing, it is a systemic risk that will threaten many institutions, maybe even this one. They will have to do a lot more than drop the overnight rate." Then it was his turn to blink. He changed his screensaver a few days later.