Democrats Caused The Global Financial Meltdown

[MaggieMae]

------- FRONTLINE: the warning: analysis: the alan greenspan era | PBS

… Arthur Levitt said, "He was the wizard, and he was the best wizard I ever saw." In what sense?

He was unintelligible. … It was almost a joke, the way he would speak. It was so imponderable, the sentence constructions. … He so qualified everything. The circumlocutions were so complex that you couldn't understand practically what he was saying. And you know, people tend to think, "Wow, I can't understand him, he must be smart." And he is smart.

If you read his memoirs, they're engaging and surprisingly plainspoken, pleasingly so. But that was not how he was. So that was one element of his wizardly-ness.

He was very willing to go with arcane data, indicators that hadn't been widely watched. He was very willing to say, "In the bad old days of high inflation, people were very afraid to let the unemployment rate get too low." You didn't mishear me. I mean, unemployment's a bad thing. Low unemployment's a good thing, but not for central bankers, because they're worried if unemployment was too low, companies would have to pay too much for labor, and then inflation would go up.

And Greenspan would say, you know, maybe we can let this ride a little more, just because more people are getting work, nothing bad is happening, and maybe the economy is so productive that it won't result in price increases. And that basically happened.

The simplest answer for why he was viewed as an oracle is if you take the period -- he came in right before the market crash of '87. Of course, that was a rough start, but they managed through it. From that point on, markets had a 12-year glorious run, really, around the world. Equity markets went up. Interest rates went down. Inflation went down.

So chicken and egg. Did Greenspan cause it? Are we right to call him a wizard? Or was he running the ship in a buoyant period? I'm sure it's some of each. But good things were happening around the world. …

Greenspan Admits Errors to Hostile House Panel - WSJ.com

Lawmakers read back quotations from recent years in which Mr. Greenspan said there's "no evidence" home prices would collapse and "the worst may well be over."

The 82-year-old Mr. Greenspan said he made "a mistake" in his hands-off regulatory philosophy, which many now blame in part for sparking the global economic troubles. He quoted something he had written in March: "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief."

He conceded that he has "found a flaw" in his ideology and said he was "distressed by that." Yet Mr. Greenspan maintained that no regulator was smart enough to foresee the "once-in-a-century credit tsunami."

 

[MaggieMae]

Rebuffed by Fact Check and the Daily Show?!?!??

My cup runneth under.

More like your big, fat mouth runneth over time.

Fuck you, dickless.

And the Federal Reserve monopoly STILL is the antithesis of free marketeering, your obtuse and truculent prattling to the contrary nonwithstanding.

Now go back to banging your pots, Ruprecht.

And your feeble attempt at trying to appear superior in intelligence reads like a little child's hissy fit, notwithstanding those great big words.

Why did you want to be a moderator? Nothing about you fits the job description. Nothing...

moderator
Definition

At a forum, someone entrusted by the administrator to help discussions stay productive and within the guidelines.

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Good moderators are essential for good forums; great moderators are essential for great forums... and the absence of moderators typically leads to ghost towns inhabited only by spam bots.

Basic moderator duties include deleting or modifying inappropriate posts, educating newcomers about forum guidelines, and possibly deleting accounts of repeat offenders. Additionally, moderators may be experts in their field who can help minimize unanswered questions.

Most moderator openings are volunteer positions, although there may be substantial indirect rewards. These highly visible positions can lead to enhanced status within a community. This can even translate into business leads, as potential clients have an opportunity to get familiar with the moderator.

 

[FireFly]

------- FRONTLINE: the warning: analysis: the alan greenspan era | PBS

… Arthur Levitt said, "He was the wizard, and he was the best wizard I ever saw." In what sense?

He was unintelligible. … It was almost a joke, the way he would speak. It was so imponderable, the sentence constructions. … He so qualified everything. The circumlocutions were so complex that you couldn't understand practically what he was saying. And you know, people tend to think, "Wow, I can't understand him, he must be smart." And he is smart.

If you read his memoirs, they're engaging and surprisingly plainspoken, pleasingly so. But that was not how he was. So that was one element of his wizardly-ness.

He was very willing to go with arcane data, indicators that hadn't been widely watched. He was very willing to say, "In the bad old days of high inflation, people were very afraid to let the unemployment rate get too low." You didn't mishear me. I mean, unemployment's a bad thing. Low unemployment's a good thing, but not for central bankers, because they're worried if unemployment was too low, companies would have to pay too much for labor, and then inflation would go up.

And Greenspan would say, you know, maybe we can let this ride a little more, just because more people are getting work, nothing bad is happening, and maybe the economy is so productive that it won't result in price increases. And that basically happened.

The simplest answer for why he was viewed as an oracle is if you take the period -- he came in right before the market crash of '87. Of course, that was a rough start, but they managed through it. From that point on, markets had a 12-year glorious run, really, around the world. Equity markets went up. Interest rates went down. Inflation went down.

So chicken and egg. Did Greenspan cause it? Are we right to call him a wizard? Or was he running the ship in a buoyant period? I'm sure it's some of each. But good things were happening around the world. …

Greenspan Admits Errors to Hostile House Panel - WSJ.com

Lawmakers read back quotations from recent years in which Mr. Greenspan said there's "no evidence" home prices would collapse and "the worst may well be over."

The 82-year-old Mr. Greenspan said he made "a mistake" in his hands-off regulatory philosophy, which many now blame in part for sparking the global economic troubles. He quoted something he had written in March: "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief."

He conceded that he has "found a flaw" in his ideology and said he was "distressed by that." Yet Mr. Greenspan maintained that no regulator was smart enough to foresee the "once-in-a-century credit tsunami."

Greenspan, dems & repubs alike did make mistakes, but even Greenspan recognized them before it was to late.

On February 17th 2005 Alan Greenspan testified before congress saying "Enabling these institutions to increase in size...and they will once the crisis in their judgment passes...we are placing the total financial system of the future at a substantial risk."

Congress did not listen to Greenspan, Bush, Snow or other experts. It is almost as if democrats took this opportunity to let the financial system run off the tracks creating a disastrous train wreck to sweep the republicans from power. It was so obvious that the tracks were broken & the train was roaring towards them. Yet when someone tried to fix them democrats said we don't have a problem with the tracks, we don't here a train coming. CRASH - OMG it was all the repubs fault, elect me & I will fix it. [ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related"]See no evil, Here no evil[/ame]

Of course democrats have long dreamed of destroying the financial system in order to bring in socialism. Their plan has worked like a dream. Politicians are scumbags!!!

 

[Full-Auto]

Nice job with the links & research KissMy!

I wish Bush would have spent more political capital stopping this trainwreck, but we all know he would have been called racist & hater of the poor. Oh wait - they did call him that!racist & hater of the poor Plus they voted for wars & then said it was all Bush's fault 100%. I guess when the media & drive by voters were against him, he just did not have any capital to spend.

Time to Reap the Whirlwind

Outstanding post.

Hat Tip!!

 

[namvet]

http://www.youtube.com/watch?v=cMnSp4qEXNM

the craps alone were responsible for meltdown​

Old stuff, been shown a gazillion times. Yawn. Try getting current for a change.

still a knife in your back you can't reach. history??? you never heard of it..........BURP

 

[Bfgrn]

Hey KissMy...did you have any intent on giving proper credit to the author? Ever hear of plagiarism?

American Thinker: Why the Mortgage Crisis Happened

American Thinker (AT) is a conservative daily internet publication. According to it website, American Thinker presents a "thoughtful exploration of issues of importance to Americans."

There is ample evidence to support the notion that AT serves as part of the right wing's echo chamber.

A good example of this can be found in a December 5th, 2007 piece on the National Intelligence Estimate report on the state of Iran's Nuclear weapon's program.

Writer Ed Lasky first refers to an Editorial in the New York Sun inferring that the intelligence community is against President Bush. Lasky concludes that "the National Intelligence Estimate was cooked up by bureaucrats eager to embarrass George Bush and transform US policy towards Iran." To substantiate his argument he goes on to quote an editorial from the Wall Street Journal which avers the authors of the NIE study are: "former State Department officials with previous reputations that should lead one to doubt their conclusions. All three are ex-bureaucrats who, as is generally true of State Department types, favor endless rounds of negotiation and "diplomacy" and oppose confrontation. These three officials, according to the Wall Street Journal, have 'reputations as hyper-partisan anti-Bush officials'." This statement "Hyper-partisan anti-Bush officials", restated as fact in the AT article, is quoted and requoted by rightwing blogs and news sources throughout the media.

Ultimately this type of statement winds up being echoed by mainstream pundits such as Rush Limbaugh.

Sourcewatch

 

[rdean]

I love it when Republicans have the presidency, both houses and the majority in the Supreme Court, "BUT DEMOCRATS DID IT".

And what is so strange. When Democrats have both houses and the presidency, they can't seem to do anything. Odd, isn't that just odd? The only time Democrats can do anything is when Republicans control both houses and the presidency.

Well, if Republicans are so ineffective, why vote them back into office? Or maybe that was the point?

 

[Oddball]

A house of cards that big wasn't built overnight, you simp.

It took years and years of bipartisan meddling, tinkering and attempted social engineering to create that crash and burn.

 

[potter 58]

yo dude we know that but your partisan hacks on this borad must have missed 8 years of Bush,Dickless Cheney because according to them it's all the Dems fault AND i almost forgot the the 8 years of braindead ronnie

 

[Oddball]

Odd how you seem to have a little amnesia for the eight years between Bush regimes.

According to the evidence (of which there is a mountain) it's the fault of both parties.

That said, the prime mover of the meltdown is the CRA....A democrat program.

 

[Douger]

NO.
Jews caused the meltdown and I refer not to IsNtReal.

 

[KissMy]

The Bush Administrations 2002 Budget Assesment - page 142

"Uncertainties about the Federal Government’s liability have increased in some areas. Consolidation has increased bank size, and deregulation has allowed banks to engage in many risky activities. Thus, the loss to the deposit insurance funds can turn out to be unusually large in some bad years. The potential loss needs to be limited by large insurance reserves and effective regulation. The large size of some GSEs is also a potential problem. Financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

 

[KissMy]

NO.
Jews caused the meltdown and I refer not to IsNtReal.

Racism like this lead to the problem. Blacks, Obama, Jackson, & Sharpton blaming bankers for being racist & not lending them money created "Affirmative Action Lending"

 

[MaggieMae]

Of course democrats have long dreamed of destroying the financial system in order to bring in socialism. Their plan has worked like a dream.

Ah yes, all those evil Dems working behind the scenes in secret to bring down the American (and global) financial structure (like if they actually had that plan in mind they wouldn't also feel the effect). Hey, now they're workin' on a New World Order!!

Idiot...

 

[NYcarbineer]

This kind of nonsense is a valuable lesson in how rightwing propaganda works. They've manufactured a myth that is a perfect opiate for the rightwing masses.

Blame the real estate meltdown on Democrats, liberals, minorities, and the poor. An elegantly perfect recipe for blameshifting everything to the groups the rightwing masses love to hate, and in the process no blame is left for the right.

The epicenter for the sub-prime mortgage meltdown, ground zero as it were? According to CNBC's fantastic documentary 'House of Cards' which you rightwingers should take time out from your cartoon/car race/wrestling tv time to watch someday...

...Orange County, California. Not poor, not black, not liberal. And from there on, almost everything BUT poor black people caused the crisis.

But hey, smoke that CRA myth in your pipes. Enjoy the buzz.

 

[KissMy]

Of course democrats have long dreamed of destroying the financial system in order to bring in socialism. Their plan has worked like a dream.

Ah yes, all those evil Dems working behind the scenes in secret to bring down the American (and global) financial structure (like if they actually had that plan in mind they wouldn't also feel the effect). Hey, now they're workin' on a New World Order!!

Idiot...

What effects are the democrat politicians feeling other than being rich & having a banner year at our expence? The stupid voters are hurting but what do you expect from an oligarchy.

 

[obama2ndterm]

Nobody was forced to make a loan, ever, not a penny. To say so is a fat Lie.

 

[MaggieMae]

The Bush Administrations 2002 Budget Assesment - page 142

"Uncertainties about the Federal Government’s liability have increased in some areas. Consolidation has increased bank size, and deregulation has allowed banks to engage in many risky activities. Thus, the loss to the deposit insurance funds can turn out to be unusually large in some bad years. The potential loss needs to be limited by large insurance reserves and effective regulation. The large size of some GSEs is also a potential problem. Financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

Words which that administration obviously ignored, as Bush introduced his own minority housing projects increasing government's liability, one right after another.

President Hosts Conference on Minority Homeownership

USATODAY.com - Bush seeks to increase minority homeownership

Increasing Homeownership (mortgage crisis partly Bush's fault) - 2004

 

[NYcarbineer]

Nobody was forced to make a loan, ever, not a penny. To say so is a fat Lie.

That's true. In fact it's explicit in the text of the CRA law. Reality was, the buyers of mortgages were begging for more and more of them.

 

[KissMy]

This kind of nonsense is a valuable lesson in how rightwing propaganda works. They've manufactured a myth that is a perfect opiate for the rightwing masses.

Blame the real estate meltdown on Democrats, liberals, minorities, and the poor. An elegantly perfect recipe for blameshifting everything to the groups the rightwing masses love to hate, and in the process no blame is left for the right.

The epicenter for the sub-prime mortgage meltdown, ground zero as it were? According to CNBC's fantastic documentary 'House of Cards' which you rightwingers should take time out from your cartoon/car race/wrestling tv time to watch someday...

...Orange County, California. Not poor, not black, not liberal. And from there on, almost everything BUT poor black people caused the crisis.

But hey, smoke that CRA myth in your pipes. Enjoy the buzz.

We have all seen the CNBC house of cards documentary. If you base all your thinking on media paid for by government, then you need help. The banks & mortgage brokers were allowed to loan out unlimited government backed money & bear little of the risk thanks to laws passed by congress & signed by Bill Clinton. They got filthy rich based on how many loans they made. Do you really think a bank lending their own money would have been that careless? You need your head examined.