Thread: greenspan still has excellent timing

95082Thanks for posting this,Phil.

95090

Originally Posted by ;

ALAN GREENSPAN: Well, the real problem started because a very significant proportion of these loans were on terms which shouldn't have been produced. In many cases, I believe it was fraud and thatI say in the book, as you know, the only place where I believe more regulation is expected in this country is addressing fraud, because fraud is destructive of markets, but what's more it's destructive of families.

I believe that playing the fraud card will get old really quickly. Millions of homeowners signed up for risky loans and by law, they saw programs of their obligations would react to interest rates. We've known for decades now that we were at a housing bubble and it, like the bubble, would pop up. The single risk in a risky loan would be. Not the creditor. Greenspan and his governors as well as some other agencies stood idly by while the economy boomed. It had been good for reelection and it softened the realization that the goverment blew a 1 trillion dollar surplus constructed during the Clinton years (I'm a republican and it pains me to mention that). When these predatory lending practices occure where was that the FTC. They recently determined that there may be a issue. Ya think?

Exactly like trading, it's human nature to blame everyone but themselves for the dilemma we've created. Don't fret though, soon the democrats will rule (another painful announcement ) and they'll take money from the disciplined and distribute it to the stupid.

95090LOL, fantastic points Phil... I believe it is intriguing that this is the only area Greenspan wants more regulation... That is a fairly safe thing to say, because who wouldn't need a government to tightly regulate or enforce fraud legislation?

95090

Originally Posted by ;

Just like trading, it is human nature to blame everybody but themselves for the dilemma we have created. Don't worry though, soon the democrats will rule (another painful statement) and they'll take cash from the disciplined and disperse it into the dumb.

Terriffic! As was the article. Of course the greatest responsibility lies.
Let me ask you, Phil, just because you're well versed and that I value your opinion: Do you think banks will start policing themselves and return to practicing the requirements they utilized a decade or two ago? As far as the public, I'm sure they'll continue to take whatever they can grab.

The X.O. of the submarine I served on had a plaque on his stateroom door which read:

The Stupid Shall Be Punished.
Lt. Commander Alexander, Executive Officer U.S.S. Robt. E Lee SSBN 601

95090

Originally Posted by ;

Terriffic! As was the post. Of course the ultimate responsibility lies.
Allow me to ask you, Phil, just because you are well versed and that I appreciate your opinion: Do you think banks will start policing themselves and return to practicing the prerequisites they utilized a decade or two ago? As far as the people, I am sure they will continue to take anything they can catch.

The X.O. of this submarine I served on had a plaque on his stateroom door that read:

The Stupid Shall Be Punished.
Lt. Commander Alexander, Executive Officer U.S.S. Robt. E Lee SSBN 601

I'm very unqualified to render an opinon on banking clinics but if you are speaking about lending practices I presume they have already started to tighten the standards for loan refunds. I wouldn't be surprised to see large builders provide their own funding in a last ditch attempt to unload inventory. I think that the FHA will also step in (they have already started talking about it) to ensure some of such loans rather than allow the economic cycle takes it's course.

I was on a submarine too! http://www.navsource.org/archives/08/08721.htm. Thanks for serving your state. Inside you would like.

95090

Originally Posted by ;

Here's his interview on http://www.comedycentral.com/motherl...=is_large=true. The man actually has a sense of humor.

Was disapointed with jon stewart with this one. He is a conspiracy freak or something, I didnt with the guy enjoy his tone. Reminded me of this time he freaked out on CNN. I really do love the daily show for the writers though

95090

Originally Posted by ;

LOL, good things Phil... I believe it is interesting that this is the only area Greenspan needs more regulation... This is a fairly safe thing to say, because who wouldn't want a government to closely regulate or enforce fraud laws?

From the 60mins interview, he also said he didn't want regulate the fraud. He said he had been aware of the subprime fraud ago (they did an investigation or something) but he did nothing about it since it would have taken too much work.

95090

Originally Posted by ;

from the 60mins interview, he stated he didn't want regulate the fraud. He said he had been conscious of the subprime fraud long ago (they did an evaluation or something) but he did nothing about it since it would have taken too much work.

That's odd, because from the PBS interview he said just the opposite.

https://www.forexsoutheast.asia/fore...ity-trade.html

95090just goes to show if you talk long enough that you may contradict yourself LOL

given greeny's history of being a shy regulator, I get the impression he doesnt really give a damn about the fraud, its gray area crap anyway. Among the key reasons I adored greenspan is he held enormous regulation power, yet he used it

95090

Originally Posted by ;

goes to show if you talk long enough that you will contradict yourself LOL

LOL He is making the rounds...