"The fine fix we find ourselves in is mainly the work of idiots. Idiots with Ph.Ds. Idiots of a rather specialized genus, whom I call savants idiots, of whom the former Fed chairman is perhaps the most visible and emblematic example"
- Financial author Michael M. Thomas discussing the monkeys who got us into this mess, led by the discredited hack Alan Greenspan, October 2008
October 25, 2008
HousingPANIC Quote of the Day
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16 comments:
My personal opinion is that Greenspan will go down in history as the leader most reponsible for the inception of this crisis. But it is Bernenke who will go down in history for knowingly letting it spin out of control due to his efforts of trying to cover up the mess for pure partisan reasons and Wall Street cronyism. Blame directed at Greenspan but Criminality directed at Bernanke.
Wall Street was securitizing mortgage loans for decades with great success for both investors and themselves. Make no mistake, they knew exactly what they were doing when they started hiding subprimes in the mix.
Perhaps I am naive, but I think Wall Street actually cared about this country and populace before 2000.
Arrest Immediately.
Permanenetly Revoke Passports
Seize assets.
Wife has to quit newscating/propoganda and be put in cell next to him.
Alan Greedspan: The MOST discredited financial hack of the last 70 years.
Some Maestro? Like 'Maestro' George W. Bush, only WORSE (YES, its' possible).
I blam Ronald Regan.
Ronald Regan started the disease.
Reganomics become deregulation.
Regan appointed Greenspan because of his belief in "supply side" ie. debtor nation.
Regan created the TV actor as politician, sound bite, attack politics.
Regan is the root of much of Americans problems.
I would say Regan did more damage then GW Bush.
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I still think that is a picture of Charles Schumer.
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It is not so much that those at the top are that bright as much as they are a self-pertuating aristocracy of elitists. Their spawn go to exclusive schools and are eventually initiated into various levels of the inner circle that rule the global financial system.
These are the people who sit "behind the curtain" and literally have the power/control to do whatever they want to do. They are VERY concerned about "keeping it going" since as parasites who add nothing to the countries they infest, they have the most to lose. They literally live off of us and use our money to control and her us....like cattle.
Who do you think the bailouts are actually designed to help? You? If you believe that I have some RE and Starbucks stock to sell you.
These parasites have undermined the financial system by systematically removing regulations under the banner of "free markets". And all the while garnering for themselves record pay and bonuses.
Of course now that the whole tower of rot has started teetering, "free market" rhetoric has been quickly abandoned for "we're all in this together" rhetoric. Of course, they are parasites!! And we are the host. They can't live without us but we could happily live without them. Once they think any possible danger to themselves has passed, they will go back to privatizing profit ("free markets") knowing full well that they can count on the host to absorb their excesses and bail them out...again and again.
We need the equivalent of a big can of RAID to kill off the parasites and maggots who control and dictate the rules of the entire western financial system.
The end game is globalization with themselves controlling all the peoples/resources of the world. This is the wet dream of every parasitical maggot....
ummm, this post presents a different viewpoint than the hedge fund guy's letter since he wants a meritocracy; what does that guy think about this post? the group think of the aristocracy runs deep.
Greenspan did not consider the fraud factor or the speculation factor in a market that excess cheap money would produce . He should of known that the market was getting overheated by faulty lending .The minute that areas like Florida and Arizona went up 20 to 40% in 2004 or 2005 should of been the clue .
I must say that it must of been hard for Greenspan to admit that his thinking was flawed ,and I give him some kudos for admitting that he was wrong . Not very many people in power would admit that they were wrong .
Avarice is not stupidity.
There were no idiots - except for the home buyers and the remortgagers - and many of them made out like bandits playing the ponzi pyramid.
No, Greenspan is not an idiot. He is an ideologue, a true believer and a dupe.
Suck it, Alan!!
There is a bloodbath in the Timeshare industry. Westgate has closed the off site sales center in Texas and laid off hundreds, in Orlando they laid off 2000 people. The Marriott Resorts, Bluegreen, Diamond Resorts (global) and Festiva all securitized their mortgages, so when you buy a week, the mortgage ends up on Wall Street bundled. Don’t know about Disny TS yet. Result, cash flow is huge and so is growth. Well, till 2 weeks ago. The only Resort that is okay is Berkley, who holds all of their own mortgages. The only Timeshare banks that are lending, on sales of weeks to the vacation end user, is Canada. They will only finance Canada buyers, which is only 10% of the American market.
Thank God I took the red pill in Oct 2005, left Timeshare Marketing and am now in OTC Commodities and the Energy Sector with ethanol and Bio Diesel, etc.
FMW
I'm not so sure they were/are idiots.
I think they knew exactly what they were doing.
The proof will have to wait the passage of time when we can see who ended up owning what.
Don't forget, the Greenscum got a knighthood for his 'outstanding achievements'.
It is too soon to make final judgments, IMO.
Hi Keith,
Are you still planning to pull the plug on Guy Fawkes Day?
Actually, the above quote points to a serious issue. Indeed me and thee are likely very much like the parties Mr. Thomas is berating.
I'm wondering if you might consider applying your trademark outrage to my recent post "out of CONTROL: Re/Max Agent 86 Blows the Whistle on Canada’s Big Brother". I am guessing the subject is in your area of interests.
Talking about idiots, your Messiah's promised "change" and then played the Clintons like the worst thing and administration on earth. Meanwhile, he's gotten a VP that voted for the Iraq war along with Bush and is in the pocket of the credit card companies registered in usury law-safe heaven Delaware, and then he's filling his administration and campaign with former Clinton personnel. So tell me, are you people just stupid or plain retarded? Here's another Clinton best friend:
Money -- It is widely reported that former Clinton Chief of Staff John Podesta is working with Obama
Oh, I get it, we have to vote for Obama because he's black, and every pot smoker who lives in mommy's basement wants to be a rapper, right?
Hey dumbass's, the kosher criminals that orchestrated this global financial meltdown knew exactly what they were doing....
Just as their decendants knew exactly what they were doing as they orchestrated the global financial meltdown prior to WWII.
Can you ignorant American goyim guess whats gonna happen next?
Just some friendly food for thought as you're cleaning and oiling your firearms.
What about the due diligence of the people who bought the packaged manure?
The next President of the USA?
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