Alan Greenspan – just admit you screwed up already!!
Posted by admin in Finance Friday, 4 June 2010 07:58 26 Comments
To read all my prior commentaries on how Greenspan and the Fed. inflated the housing bubble see www.europac.net Also check me out on www.facebook.com and twitter.com
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@bigtruckseriesreview Peter Schiff was right on the money in previewing the crash. Anyone can check that by viewing his past speeches before the crisis mounted up. As a matter of fact he was 100% right. His mind and view of the economy is clear of dilemmas so common in most minds. His speech is honest and concise. You may be right on your on the Bush administration but this does not invalidate Peter Schiff’s view of the market and economics.
@bkdmd 95% It’s not as bad as you think
@bkdmd Yes, that is true
The problem was/is that Americans all want to live like their TV heroes.
It’s the greatest scam in history. You’re all $200,000 in debt. Yeah. Including the babies born five minutes ago.
Once you get out of that idiotic Disney show and see it from the outside, you’ll see how outrageous the whole thing is.Some call it The Empire, some the Great Satan. Both are correct.
It’s an Idiocracy.
@Talodus Schiff did advocate a neocon interventionist foreign policy position in an interview this past Dec. Paraphrasing him “if our intel says Irans got Nukes and they won’t let inspectors in…I’d support bombing them”
PETER SHIFT IS MISSING THE POINT AS USUAL.
I read his book, and its FILLED with mischaracterizations. In fact, I reviewed his book on EPINIONS under the name Bigtruckseries.
The PROBLEM IS THAT THE BUSH ADMINISTRATION NEEDED TO RAISE MONEY FOR THE WAR SO THEY ALLOWED NON-BANKS to ORIGINATE LOANS WHICH WERE DESIGNED TO CREATE INSTANT CASH but were ULTIMATELY GOING TO FAIL. BUSH SAW THE CRASH COMING SO HE ALTERED THE BANKRUPTCY LAWS BEFORE PEOPLE DEFAULTED.
You tell them Schiff!
How much is the minimum amount to invest with euro pacific capital?
@bkdmd Yes, they purposely devalue the dollar to reduce trade deficits with other countries. Other countries got mad that they had to pay so much for our goods. So they devalued our economy on purpose.
Thank you for your response on my inquire about why somebody not from Connecticut should sponsor this man’s Senate race. I am just being devil’s advocate. I support and will sponsor him, even though I live in Idaho, because if we can get at least one from every state, or every-other, maybe some sanity can be returned to the white house. The good-old boy status must cease and desist now – TODAY!!. I am sending $100 to Schiff race today!!
Thank you for your response on my inquire about why somebody not from Connecticut should sponsor this man’s Senate race. I am just being devil’s advocate. I support and will sponsor him, even though I live in Idaho, because if we can get at least one from every state, or every-other, maybe some sanity can be returned to the white house. The good-old boy status must cease and desist now – TODAY!!. I am sending $100 to Schiff race today!!
@SuperVideomonkey It was an institutionalized bubble. To think that regulators are going to hurt the bubble the gov is creating is naive.
@modo101 B/c Senators votes apply to the entire nation. That’s a good reason.
According to Greenspan (in an interview this morning 4/4/10) there were in fact a very few “exceptionally adroit” people that got the real estate bubble right. He says most of them were his friends, maybe 4 or 5 people. The remaining ones that got it right were just lucky according to him. HA!!
@nVei06 they finally did come true. in spades. what are we going to do ? i would say, time to increase supply. and decrease demand. stop feeding the medical health care industry. they should be killed not fed..
2004
yep. was in mortgage biz. absolutely true.
@dkzzzz You are an idiot. Schiff is right. Accept it.
If one does research on Alan Greenspan before he was involved with the Fed Reserve they will see a tale of two men….
if you give loads of money to unwise people, they automatically self declare themselves wise, and thats where problems start….as in the new world order….
and with ur wisdom, did u foresee the crash??
So people took adjustable arm loans because long-term interest rates were low?
Ughh.
Throw logic and common sense out the window. Peter you sound more and more out of touch.
Here is idea for you to ponder: “Free market” is an abstract idea just like “Freedom” and “Democracy”. Wake up please and return to reality…
Senators make laws that affect the whole country right?
credit is created by the Fed
This is rubbish. Of course there was a failure of regulation – to pretend otherwise and that it was all the fault of interest rate policy is ridiculous.
The root cause of the problem lay in the (deliberately) poor credit policy and product design of those offering easy credit.
Higher short-term interest rates would have done something to help, but to portray it as the primary causation of the crisis is just silly.