Greenspan rethinks deregulation

[Truthmatters]

Committee Holds Hearing on the the Role of Federal Regulators in the Financial Crisis :: Committee on Oversight and Government Reform :: United States House of Representatives


yesterday Greenspan , Cox and Snow testified about what caused this mess.

DEREGULATION was the consensus.


Alan Greenspan, former Chairman, Federal Reserve
John Snow, former Secretary of the Treasury
Christopher Cox, Chairman, Securities and Exchange Commission

 

[Alpha1]

Link us up?

If you mean me...

States warned about mortgage crisis - BusinessWeek.com - MSNBC.com

Read the article first.....

Note...that this is from MSNBC and their desperate try to blame Bush ..
-------
The nation's highest court sided with the Bush Administration, ruling in April 2007 that the OCC had exclusive authority over Wachovia Mortgage. Justice Ruth Bader Ginsburg, writing for a five-member majority, pointed to the potential burdens on mortgage lending if there were "duplicative state examination, supervision, and regulation."
-----------
This in no way prevented the OCC from doing their job....and the courts were ruling about Federal vs. State powers only.....

 

[Alpha1]

Committee Holds Hearing on the the Role of Federal Regulators in the Financial Crisis :: Committee on Oversight and Government Reform :: United States House of Representatives


yesterday Greenspan , Cox and Snow testified about what caused this mess.

DEREGULATION was the consensus.


Alan Greenspan, former Chairman, Federal Reserve
John Snow, former Secretary of the Treasury
Christopher Cox, Chairman, Securities and Exchange Commission

You seem to think "deregulation" means "no regulation".....it doesn't...

The point is that the OCC and banking community in general, was warned as early as 2003....and this went so far as to be heard by the SCOTUS...
That fact alone should make it clear that everyone in Washington should have been aware of these looming problems and nobody did a thing....
Not Bush, not the OCC, not the Senate, not the House...

IMO most of these clowns are just coverning their asses by blaming "deregulation" as the boogieman,....because they won't take personal responsibility for their inaction....

 

[Truthmatters]

States warned about impending mortgage crisis
Bush administration, financial industry thwarted efforts to curb greed
BusinessWeek.com
By Robert Berner and Brian Grow

updated 8:59 a.m. PT, Sun., Oct. 12, 2008
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism.

Roy Cooper of North Carolina and Tom Miller of Iowa headed a committee of state officials concerned about new forms of "predatory" lending. They urged Hawke to give states more latitude to limit exorbitant interest rates and fine-print fees. "People out there are struggling with oppressive loans," Cooper recalls saying.



Yeah the Bush admin did twart any tempt by the states to deal wiht the problem.

 

[Alpha1]

States warned about impending mortgage crisis
Bush administration, financial industry thwarted efforts to curb greed
BusinessWeek.com
By Robert Berner and Brian Grow

updated 8:59 a.m. PT, Sun., Oct. 12, 2008
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism.

Roy Cooper of North Carolina and Tom Miller of Iowa headed a committee of state officials concerned about new forms of "predatory" lending. They urged Hawke to give states more latitude to limit exorbitant interest rates and fine-print fees. "People out there are struggling with oppressive loans," Cooper recalls saying.



Yeah the Bush admin did twart any tempt by the states to deal wiht the problem.

And Justice Ginsberg AGREED with the Bush Admin....how about that....
Ginsberg.....

Justice Ruth Bader Ginsburg, writing for a five-member majority, pointed to the potential burdens on mortgage lending if there were "duplicative state examination, supervision, and regulation."

And THIS ruling didn't come until 2007....they were already warned in April of 2003 and the OCC didn't act at all....that had nothing to do with Bush....and everything to do with the OCC and Clintons appointee...

So for 5 years nothing was done....and then in 2007 when it hit the SCOTUS and EVERYONE should have been aware....nobody did anything...and then includes Barney Frank, head of the banking commettee and his asshole buddy Dodd that took "bribes" from Fany and Freddie....

Because of the hack you are, I'm sure you won't see the point at all....

 

[Truthmatters]

Shows how good Ginsberg is at financial matters, You do realise that the passing og GLB 1999 made it so the SEC could not regulate the banking market right?

No fed regulations to conflict with the state regulations. I wonder if ginsberg understood that ?

Or maybe she thought they would then federally regulate the banking market, too bad they refused to do that.

 

[Paulie]

Damn I wish people cared about this.

in 20 years some asshole is going to think deregualtion is the answer and it will happen all over again.

You're ignorant to so many things, to think dereg is the only cause.

You're sitting here lending credence to Greenspan because he merely provided some rhetoric, while forgetting that it was HE who aided the credit crisis by setting rates at 1%, and encouraging consumers to take as much debt as possible. How could he now say he's surprised, when this was exactly what he was asking citizens to do?

You can't set rates at near ZERO, and expect credit not to explode. You can't advocate people take ADVANTAGE of the low rates by mass-borrowing against equity, and then act surprised that they mass borrowed. He knew inflation was rising, he knew the dollar wasn't going as far. He KNEW consumers would be getting into deep trouble by indebting themselves further. But this is the Keynesian system of economics, print your way out of messes.

Not every problem in this country is partisan, truth.

 

[Truthmatters]

Committee Holds Hearing on the the Role of Federal Regulators in the Financial Crisis :: Committee on Oversight and Government Reform :: United States House of Representatives


yesterday Greenspan , Cox and Snow testified about what caused this mess.

DEREGULATION was the consensus.


Alan Greenspan, former Chairman, Federal Reserve
John Snow, former Secretary of the Treasury
Christopher Cox, Chairman, Securities and Exchange Commission

Read you clown.

 

[Paulie]

Read you clown.

You're clueless as to how monetary policy has affected this situation, but I'M the clown?

All the sudden Greenspan says something you like, and you've got his dick halfway down your throat, but I'M the clown?

PLEASE. You haven't got a fucking CLUE, truth. Your knowledge of this is limited to what your favorite media source reports to you.

Read a fucking book and LEARN.

 

[Truthmatters]

Um dude this is more than jsut Greenspan

 

[Truthmatters]

Keep your fucking sexual fantasys out of the converstaion OK perv.

 

[Paulie]

Um dude this is more than jsut Greenspan

Look who just starts to step foot in "Economy" now that they have some propaganda they can push.

If you'd have been involved in discussions in this subforum for more than the last 24 hours, you'd know I never once thought Greenspan was the only problem.

I'm not even letting dereg off scott free. The problems are all around us, but dereg is CERTAINLY not the root cause. Greenspan is blowing smoke up your ass and you're falling for it because it sounds cool.

 

[Truthmatters]

I dont know you for shit.

Why do you assume you know me?

This has been caused by deregulation and the fucking people who know a hell of alot more than me or you are fessing up that the Deregulation of the banking market caused this by allowing the banking industry to aquire too many aspects of the industry whcih allowed them to package off the subprime to unsuspecting markets. The past 60 years the banking industry had been regulated by the glass steagal law. In 1999 the Gramm leach bliley act cut the last of glass steagal away. We then saw the same level of abuse that helped cause the great deperession.

Now you can go all bullistic all you fucking want. People are no longer going to by the unfettered market crap as a panacea for a perfect economy. History has proven over and over that it only creates an insane market.