Greenspan rethinks deregulation

[Truthmatters]

fredy and fanny bought these mortgages from the industry just like everyone else who bought the products.

The GLB act made it possible for the industry to obscure the sub prime by pakaging them off with good loans.

 

[dilloduck]

fredy and fanny bought these mortgages from the industry just like everyone else who bought the products.

The GLB act made it possible for the industry to obscure the sub prime by pakaging them off with good loans.

Why did the Democratic Congress vote for to bailout these assholes ?

 

[Truthmatters]

they didnt do it for these assholes they did it to try and keep the credit market from completetly freezing up.

 

[Hum Dinger]

I remember thinking, way back in 1979, when Reagan was running for office:

"Man, if my grandparents were alive, they'd lynch this asshole"

They lived through Hoover and the great depression. Reagan's resurrecting Hoover's policies was obscene, but there were just too few who knew it.

 

[Chris]

Deregulation was definitely the cause of the collapse.

As far as the Fed goes.....

I have always thought that the Fed rate should be the rate of inflation over the last 3 months plus 1%.

 

[sealybobo]

fredy and fanny bought these mortgages from the industry just like everyone else who bought the products.

The GLB act made it possible for the industry to obscure the sub prime by pakaging them off with good loans.

If the bush/delay economy didn't tank, this wouldn't have happened.
We've discovered these companies/banks enjoyed billions in tax breaks and yet still they crashed? Where did the profits go? The ceo's and their gang of vp's and presidents and cfo's and cio's and hr directors or as I call them, the top 10 percent.

Our stocks all tanked and home values went down. All because of poor people? Come on republicans, lets get real.

We used to manufacture. We went from the largest creditor to the largest debtor nation in the world.

We can't continue down this course. The corporations with the republicans have pushed too far and we aren't going to allow it anymore.

 

[Gunny]

Greenspan "shocked" at credit system breakdown - Yahoo! News


He was "shocked" the market did not police its self.

Greenspan is a tool.

 

[GigiBowman]

2/11/2004

Dr. PAUL. "Maybe there is too much power in the hands of those who control monetary policy, the power to create the financial bubbles, the power to maybe bring the bubble about, the power to change the value of the stock market within minutes? That to me is just an ominous power and challenges the whole concept of freedom and liberty sound money."

Dr. GREENSPAN. "Congressman, as I have said to you before, the problem you are alluding to is the conversion of a commodity standard to fiat money. We have statutorily gone onto a fiat money standard, and as a consequence of that it is inevitable that the authority, which is the producer of the money supply, will have inordinate power."

 

[dilloduck]

2/11/2004

Dr. PAUL. "Maybe there is too much power in the hands of those who control monetary policy, the power to create the financial bubbles, the power to maybe bring the bubble about, the power to change the value of the stock market within minutes? That to me is just an ominous power and challenges the whole concept of freedom and liberty sound money."

Dr. GREENSPAN. "Congressman, as I have said to you before, the problem you are alluding to is the conversion of a commodity standard to fiat money. We have statutorily gone onto a fiat money standard, and as a consequence of that it is inevitable that the authority, which is the producer of the money supply, will have inordinate power."

Waterboarding a selected few bankers may provide us with some interesting information.

 

[sealybobo]

2/11/2004

Dr. PAUL. "Maybe there is too much power in the hands of those who control monetary policy, the power to create the financial bubbles, the power to maybe bring the bubble about, the power to change the value of the stock market within minutes? That to me is just an ominous power and challenges the whole concept of freedom and liberty sound money."

Dr. GREENSPAN. "Congressman, as I have said to you before, the problem you are alluding to is the conversion of a commodity standard to fiat money. We have statutorily gone onto a fiat money standard, and as a consequence of that it is inevitable that the authority, which is the producer of the money supply, will have inordinate power."

Ron Paul is playing with fire talking about income taxes and the federal reserve. If people knew the income tax and federal reserve system is bogus and the 3 richest americans, jp morgan rockafellor and carnege took over our country when they took over our country in 1913, they would insist our government abolish the system and people could stop paying income tax and truly be free.

But they paint guys like dr paul as racists and kooks. Maybe one day we can just renig on the national debt. Why not? They bailed bear sterns, basically themselves, with our money. Now we owe them with interest? Are you kidding? I say we renig!

 

[dilloduck]

Ron Paul is playing with fire talking about income taxes and the federal reserve. If people knew the income tax and federal reserve system is bogus and the 3 richest americans, jp morgan rockafellor and carnege took over our country when they took over our country in 1913, they would insist our government abolish the system and people could stop paying income tax and truly be free.

But they paint guys like dr paul as racists and kooks. Maybe one day we can just renig on the national debt. Why not? They bailed bear sterns, basically themselves, with our money. Now we owe them with interest? Are you kidding? I say we renig!

Why did congress pass it in the first place ?

 

[sealybobo]

Why did congress pass it in the first place ?

Has the verdict in the Ted Stevens trial come back yet? How's randy duke cunningham doing? How about Jack Abramoff? Tom Delay?
The official answer for the income tax was to pay for WW1?

You would have to utube freedom to fascism for all the answers. Even then you won't necessarily have all the answers, but you certainly can't argue the points they make or the facts they give.

Get this. If you dig up the rule it says voluntary. So you pay income tax because you want to. But if you don't pay the irs will come after you. They can freeze your assets without going through a court and they can empty your bank account. You can fight back, but usually they win. And lower courts are in on the scam too. They'll try to **** you. They'll unfairly mislead the jury. But many jury's find the tax evaders not guilty, because you can't show them the law that says we must pay income tax.

Biggest fraud ever. The $700 heist just means we owe the feds that much more.Americans going further into debt is good for the feds.

Who told the fed to bail out bear sterns. They/e private bankers. Control the moneey, control the people.

 

[Chris]

We could have a government with no taxes at all. The government controls the money supply, so it they could finance the government by printing more money. Of course that would be an invisible tax, but it would eliminate all the overhead and the loopholes.

 

[GigiBowman]

Why did congress pass it in the first place ?

They passed it with 3 signatures in 1913. It was Christmas Vacation.

What a scam.....



G Edward Griffin - Creature From Jekyll Island A Second Look at the Federal Reserve

 

[editec]

I remember thinking, way back in 1979, when Reagan was running for office:

"Man, if my grandparents were alive, they'd lynch this asshole"

They lived through Hoover and the great depression. Reagan's resurrecting Hoover's policies was obscene, but there were just too few who knew it.

Spot on.

Thios could NOT have happened if the banks hadn't been deregulated.

It also could not have happened if the bond raters hadn't lied

It also could NOT have happened if NINAs hadn't been created.

Plenty of blame to go around.

buyt the number one problem, and one that will come back to bite us on the ass again, is that by deregulating banks, we have givent he permission to GAMBLE with our money.

And that is really what happened. Dereivitives and GSAs are GAMBLING not investing.

Incidently, your pensions funds?

ALSO deregulated and ALSO right now in serious jeapardy.

Remember I said this when the next econ disaster manifests as I am certain it WILL.

Let's recap

The saving and loan disaster? deregulation made that possible

The Mortgage crises deregulation made that possible

You pension disasters that haven't happen yet? deregulation will make that possible, too.

Some of you will blame liberals or Democrats or Republican and conservatives, when the pension crises happens.

But really folks, the people in charge of this nation (indeed most of this world ) are NONE of those labels, no matter what they call themselves.

Wake up and smell the oligarchy.

 

[Truthmatters]

You forgot about the energy crisis and deregulation.

Remember Blackouts and Enron.

 

[user_name_guest]

Greenspan "shocked" at credit system breakdown - Yahoo! News


He was "shocked" the market did not police its self.

and he supports McCain. Bernarke, the other guy who failed on the switch supports Obama. Perfect match. Credit crises happens every ten years. Government thought about bailing out dot com companies after the bubble burst at the turn of the century. Thank god they didn't.

As for companies like Exxon. They made billions of dollars. Guess what. They paid taxes much higher than say GM. Auto industry pay the same amount of taxes as Exxon. In Obama's dream. So by rewarding a company like Exxon, let's take even more of their profit so we can give it to the failing unionized auto industry in Michigan since they can't make a buck.

 

[Truthmatters]

Got a link?

 

[Alpha1]

well this could have been averted if the past congresses had done something to stop it before it reached this level.

By the time this congress took their seats the sub prime were not being writtne any more.

This one belongs to the republicans lock stock and barrel ,oh and Clinton for signing this piece of shit.

I think Rubin talked him into it.

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.

Hawke, a veteran banking industry lawyer appointed to head the OCC by President Bill Clinton in 1998, wouldn't budge.

(Office of the Comptroller of the Currency,the nation's top bank regulator, led by an appointee of Clinton, refused to do anything.....)

So the warnings were already out in 1998...nothing was done

------------------
The OCC brought 495 enforcement actions against national banks from 2000 through 2006. Thirteen of those actions were consumer-related. Only one involved subprime mortgage lending.

 

[Truthmatters]

Link us up?