Alan Greenspan: "Shocked Over Credit Tsunami" Oct. 23

[Gioxtream]

Let them deal with the credit. if the people can not pay their credit cards....How they can go on with this economy?

No more credit cards for me. I pay them all.And cancel them. If I don't have the money I don't own it.Simple.

[MsMihailescu]

We have exterminated the property owners in Russia. We are going to do the same thing in Europe and America."

(The Jew, December 1925, Zinobit)

Read this book for free on internet,,jews have prepare blood shed,suffering and destruction for you.

Who Is Esau-Edom...Who Is Esau-Edom..

[maseba12]

WHAT??? How can he be surprised???? He didn't see the very crisis he helped create??? Ayn Rand was wrong!

[TaffyAlpha]

Well at least he admitted unregulated financial institutions were wrong.

[Relugus]

Brooksley Born was right, Ben Bernanke was wrong.

Yet we still see the moron Greenspan being asked his worthless opinions. If Greenspan were true to his beliefs, he would have campaigned against the bailout, but strangely he didn't.

And look at how the champions of the "free market" Hank "Derugulation" Paulson, and Bernanke (who never criticised Greenspan once) suddenly embraced socialism when the rich got in trouble.

[moniequa]

Say whatever you like but they got us by the balls and none of us can do a damn thing about it. I'm tired of those arrogant assholes who think they're the shit but in reality they're nothing but a bunch of parrots.

[jaymoore299]

How could he be shocked? He was specifically warned that this exact thing would happen by Brooksley Born who was head of the Commodity Futures Trading Commission at the time.

[MrAvenged]

who is that guy with the rat face?

[moniequa]

The poor bring it upon themselves and the fed just takes advantage of it. If the Rothchild won't take advantage of us there would be someone else because the mass is stupid and so easy to manipulated that anyone can take advantage of them.

[jaymoore299]

"so easy to manipulated" you are one of them I figure?

[moniequa]

Its a typo, asshole. I meant to say easily manipulated, its a fucking passive voice. Go fuck yourself.

[ohkeepa2009]

search the OBAMA DECEPTION

stop the new world order!!!

[ns0710]

What deception?

[DescryHidden]

Its all part of the big agenda that those running the kingdom of the USA want to happen. They are going after 1 world government with 1 world banking. People have been talking about this for 2 years.

The deceptive way they pulled it off, makes me not trust them at all now. This can't be good for us.

They have us so divided by religeon, races, groups, moral views, republican, democrat, etc... not sure we can come together to even try to sort it all out and fix it.

[geezzerboy]

Why do you think the USA has been gradually turned into a mass of competitive individuals? From the Highlander's, "There can be only one!", to the last episode of Survivor, infotainment propaganda has been giving the same message for fifty years now.

"I'm alright, screw everyone else." Mobs are easy to dispose of, it is organized groups that represent a true threat to the "Powers that Be." Americans have been fed competitive individualism so long they no longer know how to cooperate.

[moniequa]

I don't care let them take everything and do whatever they want because they are obviously smarter then us. There are billions of us and there only a few of them but yet can do this to us. If it is survival of the fittest, they have proven that they're the fittest and they should survive and we should be parished forever.

[fruitsofescapism]

?, you my friend clearly have never bothered to sit down and read Darwin.

[moniequa]

And you have? I don't think you even know what Social Darwinism is otherwise you wouldn't have assumed that I haven't read it. To me it is remarkable for a few individuals to achieve such an advantage over billions and can change the fate of the greatest nation with a stroke of a pen. If that is not the direct result of their genetic or biological superiority I don't know what is.

[ManufacturedThoughts]

Get ready for Hyperstagflation in 2009 & 2010.

When M3 (aggregate money supply) does not match economic growth you get Inflation. The US Fed stopped posting M3 growth rates in March of 2006. Now with our 700B welfare, 12B monthly Iraq bill, and now the Fed drops the sub prime from 1.5 to 1 and may go lower. Every taxpayer in America will suffer from hyperinflation during a depression. This might become a Civil War in two years. We are a Tertiary economy with no strong manufacturing jobs.

[atatozee]

This pissdrinking swine Greenspan is part of the problem

[killerbandit]

Rot in hell douche bag. We will be paying for your mistakes for years to come. I can only hope that you survive long enough to see the suffering you have visited upon this world.

[Antaraton]

Greenspan was absolutely for the free market and had nothing to do with socialism. What people don´t understand is that regulations from the govt. is a necessity and only stupid people believe that the free market that can regulate itself. History has shown it´s impæosible. Besides, interest policies, fiat money that´s not backed up by gold and the stock market are the real problem. Capitalism is a crisis economy and nothing but a experiment.. the rich use the poor as an experiment

[Civsuccess2]

1. Regulating interest rate is a socialism

2. Gold standard is proven to be a failure, it was abandoned by many nations.

Free-market + socialism, aka mix economy, is the correct way.

[moniequa]

Oh please give me a break, " the rich use the poor as an experiment". How so? How the poor spend beyond their means and the government bails them out with the rich's money.  The poor has contributed absolutely nothing to this society.

[jakoxn]

Some might argue that the poor is merely a shadow of who they would have been, where they born in another environment. You see, we are all subject to our environment, even you, as you so clearly demonstrate with your comments.

[moniequa]

I guess you're saying we have no control over our environment. Should we give up on everything because we really can't change anything. If we can't do anything why try to prevent the fed from printing money? The fed should continue to print and the poor can continue to spend.

[jakoxn]

Apart from that, the bailout money is not 'the rich's money'. And it is not really the bailouy money that is the real problem, the real problem is the trillions of fiat dollars that has been printed and are now circulating the globe because there is no limit to The Fed's printing power. Hopefully Ron Paul's bill HR 1207 will put an end to it.

[glenncookiowa1979]

Easy to say when you are not poor. Try living on $500 a week, for 2 months, then say the same thing. Even the very wise cannot see all ends.

[Civsuccess2]

Greenspan is for free-market. Yet he doesn't follow Milton Friedman's constant 3% interest rate policy. He chose to interfere with the interest rate. That is a socialist central planning. I have only pity for him. He destroyed the economy in the name of "free market" yet he was practicing socialism. He was playing God when he is not. Now, he must be crying in the mighty invisible hands of his God and repenting on what he had done.

[Paranormal999]

So he say's he knew in 2005 what was on its way. Would you trust anyone from his background in the future? We have now given the banks not only our deposits ( that was not enough ) they now have our Tax money, so the money men now move to nations that they leant money to to bring down whole nations with demands for repayment.

We need to cut the rotten core out of the system and that is the bankers and brokers who created this, shut the markets and regulate on max/ min volumes.

[paintpot2]

can you say creative destruction , FRAUD ? !

[Susieshepherd]

Start w/ this article "Greenspan is Gone; Don't Bet on Bernanke" dated 11/08/05 by Hayley Block. Next look at Town & Country Credit (if you can find anything- I think they went under). From there google "Countrywide Sucks" & read the submitted stories. Investigate Nat. Citys desire to push 2nds til they were bought out just this past Friday. Investigate why Nat City moved money from "division" to "Bank" to "subsidiary" etc

[Susieshepherd]

I've been in real estate for 10 years- Greenspan did a good job. The economy started to go to sh- the second gas jumped, therefore COL AND interest rates by Bernenke. If you follow the sheeple who want to point the finger at Greenspan, I beg of you to take a step back and research every single aspect of the mortgage "crisis" for the last 10 years

[ChicagoJoe57]

Continually lowering the interest rates, when the indicators were telling Greenspan that the economy was cooling down, was not a coherent thing to do. In 2002, while I worked in finance, delinquent car loans were starting to come in which indicated to us that something was happening with the economy. People were already losing jobs due to outsourcing and nafta. Where was Greenspan? He was trying to make Bush look good. Yes, I realize it was Clinton who brought in nafta.

[CosmosPrivateer]

The most depressing part of this is they are all supposed to be the well educated ones in their field and still screwed it all up.

Leadership is way overrated and is just about non existent in today's world.

[Mike10four]

Lack of neoliberalism is the problem! The US government is going in the wrong direction over the last 70 plus years and most people can't make the connection this direction is socialism. It's capitalism and free markets the US used in 232 years that changed the world in innovation and technology like no other in recorded history. Only free markets will fix this, not government.

[superbongop]

we saw the history in that speech. how could any of us imagine that, someday, greespan would come to public and say that his beliefs, and i include neoliberalism there, were wrong?! that's incredible.

[poorjapmiserable]

Greenspan is bad.

But congress man should be blamed most.

They are the lawmaker to stop bubble.

[Mike10four]

There's a good article on the Consumers Rights League website titled: ACORN's Hypocritical House of Cards. The article covers the history and exams how one "community" group helped the housing crisis harm taxpayers.

[Susieshepherd]

Deep down don't we all get what is going on? Congress tried to put a temp stop on foreclosures only to meet 7 fillibusters & threats from Bush that he would veto any housing bill. This "crisis" could have been stopped 2 years ago (btw a large majority of people who were foreclosed on were white people) Gas prices shoot up, therefore COL, if u commute for a living, you're not going to b able to pay ure mortgage

[Susieshepherd]

To the comment below, I've been dealing w/ lenders for 10 years, the shadys who would have sold their granmothers soul for a commission, had NOTHING to do w/ ACORN...nothing. No disrespect to McCain but McCain is the only person I've seen speak at an ACORN function, therefore I would consider ACORN to be McCains group

[Susieshepherd]

Peeps if u find the need to "blame" Greenspan- take a step back and really look at what is going on- the average rate for a refi from 09/11/2001- early 2003 was approx. 5%- a very reasonable rate. Anything over 6.75 is criminal in my opinion. Also note that there was a direct correlation between the dramatic increase in gas prices (therefore increase in COL) and the increase of foreclosures

[Mike10four]

Congress looking for an escape goat. To summarize, Fannie Mae created in 1938 part of FDR's New Deal. During the Johnson's administration Freddie Mac was created. The Community Reinvestment Act of 1977, during the Carter administration (all Democrats), gave activist groups a litigation path to pressure the banking industry lending to those who had no or poor credit. One such activist group is ACORN - Obama's group. This is what happens when government interferes with free markets - disaster.

[olamapsa]

A 'Greenspan' is a very rare event.

[NiteSkyLookr]

The sad part is he had to explain with Chris Dodd right up up in the middle leading the hearing. It should've been Dodd down there along with Barney "Rubble" Franks doing the explaining.

[wernershmidt]

Wheres Robert Macnamara when you need him !!!!

[greenback001]

ABOLISH THE FEDERAL RESERVE!

[dagnemrth]

Greenspan don't control the economy, the people make up the economy. When the people are so easily led around by financial institutions, brainwashed by marketing, and spends more than they can earn, in my book that's not the fault of financial institutions, that's the fault of the person and his/her stupidity.

Unfortunately, there's an abundance of stupidity in America these days.

[ksocean]

True to a point. But--did he kick down the Fed rate to that level without knowing the consequences--while neglecting proper oversight of mortgage securitization? Greed led to some very poor assumptions, beginning with AG. He's an enabler of what happened from Wall St. to Main St.

[Susieshepherd]

One more thing there is a DIRECT correlation with the rise in gas prices and the rise in foreclosures (I used to travel for a living- the dramatic rise of gas f-ed my livlihood). The rise in gas prices (and therefore the rise in the cost of living) have nothing to do with Greenspan

[Susieshepherd]

Greenspan did not "cause" the crisis. People seem to forget that he was in charge the day of 9/11 and the day after- HE DID AN EXCELLENT JOB. He lowered rates so that people who lost everything could at least refi and save something. He had no control after 01/06 when foreclosure started to skyrocket. Bernanke should have stepped up to the plate

[ksocean]

"He lowered rates so..."

which effectively allowed the financial system to create an unfathomable amount of credit volume. That "stimulus" was for the top, and the carrot for the bottom, followed by the stick. Now stick it to Greenspan--he's unworthy of adulation.

[Civsuccess2]

Greenspan, stop playing GOD. You are not GOD. You can't dictate interest rate. That is not free market.

[IAmHilarious]

That's exactly what the Fed does: dictate interest rate. There is NO free market in the US whatsoever.

[jibbi4one]

On May 18, 2004, Greenspan was nominated by President George W. Bush to serve for an unprecedented fifth term as chairman of the Federal Reserve. He was previously appointed to the post by Presidents Ronald Reagan, George H. W. Bush and Bill Clinton.

Greenspan was awarded the Presidential Medal of Freedom, the highest civilian award in the United States, by President George W. Bush in November 2005.

At least no can say the U.S. govt can't make BIG mistakes!!

[IAmHilarious]

The government doesn't have anything to do with the Fed whatsoever. George W. Bush, Ronald Reagan, George H. W. Bush and Bill Clinton have had no say in who is running the Fed. They can "nominate" them in public, give them bullshit medals with any titles they want, but they do not choose the people.

[jibbi4one]

Oh...yea totally agree! The fed reserve is a independent dictatorial pox on sane financial systems. It is the equivalent to an Andromeda Strain on monetary policy.

[bigcree]

A Servant to the Banksters (Rothschild/Morgan/Warburg/Opp­enheimer) of NWO reading from a script. And he`s "shocked". What a blatant and see through bald faced lie. Fraud. Clear and simple. Greenspan, Volker, Paulsen, Bernanke, four Fraudster Whores in row. Period.

[GotSober2006]

This guy Greenspan should be impeached. Basically, he's saying the economy is fucked due to his "mistakes". Yet, circle-jerks the entire hearing by making excuses for his "mistakes". How reassuring.

[Waxker65]

Maybe we could do a live on pay per view fight to the death....greenspan v. bernake.

20$ a pop...that would fix some finances.....everyone on the planet would watch.

[mrburningone]

Hmm let's see.

The day the economic crisis broke, McCain said 'the fundamentals of the economy are strong'.

I wonder if he was still reading Greenspan's book at the time?

We cannot afford four more years of STUPID.

[Wewillgetitdone]

So for all you republitards, I hope your economic guru and free market god, Greenspan, has convinced you that it was deregulation that is at fault for all of this and not the BS the republitards have been spouting about its causes. You can't have banks and Wall Street regulating themselves! Just like you have to have laws to keep people from committing crimes, you have to have laws to keep businesses from committing crimes. Blame Bush and McLame and Greenspan and all the deregulators!

[Unkn0wnGuy]

Remember, folks, whoever controls the issuance of money controls the government and its people. Make sure the people control the money through their elected representatives by killing any privately owned central bank.

Fiat dollars are as worthless as toilet paper.

[CosmosPrivateer]

To go with the Fiat dollars are Government Bonds that the fed sale off and are just paper also.

We are 4 percent away from our fiat dollar being worthless. I suggest that there is a power that be's that is trying to collapse our system.

The only solution is to wipe all debt away for everyone and start over. If you own it now it can't be taken away.

[Unkn0wnGuy]

Agreed 100%.

[jayezzo]

Greenspan is part of the Jewish criminals whom are knowingly destroying this country economy so his friends can get richer and buy out property for nothing.

[garyowen4ever]

chicago is full of shuyloks like greenteeth, doubletalking shuysters that sell used suits, used shoes, used appliances, used bed sheets on MAXWELL ST. this greenshmuck is just another hack bullshitter that made new york rich and looted mainstreet.

[fergus247]

Just comes to show his incompetence. Ben Bernanke doesent even know better.

Ron Paul, Peter Schiff, Jim Rogers along with many other are well aware of the problems. Especially Ron Paul has been warning us about this for decades.

[greenback001]

this bastard should be in jail.

[Waxker65]

The veil is lifting. The numbers are staggering. Not too many intolerant rich people out there. All of this is a distraction. Or their last attempt at control through fear. Their time has come, and they know it. What is ultimately important to us earthlings remains the same, and the lame attempt at keeping us from each other has failed again. Love is all there is. How we live amongst each other and with this planet is the only issue, ever. As the veil lifts watch their desperation. Pity them.

[CosmosPrivateer]

Waxker65

Agreed, the curtain is opening and they will be exposed.

There is a light at the end of the tunnel and the train is at full speed.

[ChicagoJoe57]

If you got your degree in economics from Alan Greenspan or Phil Gramm, send it to me so that I can file in the trash where it belongs.

[escapefrombushistan]

The blade of guillotine would look very good slicing through the old fart's neck.

[daniel987878]

Notice worldwide we have nationalisation of industry /banking system in order to save the day? Then after everything is nationalised governements can go broke through the bailouts and guarantees and the IMF can take over the governments to "save them" and the IMF becomes owner of the governments and industry of the whole planet. Coincidence? This can never happen the New WorlOrder is just a conspiracy theory.

[jwilson770]

Get rid of the Federal Reserve, and return the issuance of money, in the form of a gold standard to whom it properly belongs - the Congress. Then the severity of these inflationary/deflationary periods will be significantly mitigated.

[jwilson770]

Greenspan's just a symptom of the disease which is the fraudulent Federal Reserve System. It's not a coincidence the last time when the US had zero debt was when Andrew Jackson shitcanned the second Bank Of America.

[hybaj]

That old fool should hang

[chewbaca1989]

arrogant bastard. He should have taken the blame for part of this.

Vote 3rd Party,

ABOLISH THE FED

[garycalgary]

here is my question: if he is considered the darling of the stock market why did this happen?

hmmmmmmmmmmmm

[jonbcaliman]

I wish Ol' Fish Lips would just stfu, and consign himself to his well-deserved oblivion...

[micmacman1]

"Open your mind...life's a disguise...you only

THOUGHT you were free..."

verse from the song "Mandela"

[gpx44]

Fuck'in LIAR!

Bohemian Grove Bitch!

LIAR!

[vintagemotelguest]

... BTW, Rothschild's family could well afford to pay the ransoms ---$10,000,000 in 1930s dollars --- each time. But the family -- controllers of the Bank of England and our Fed-- claim they somehow "lost" it all between WWII (the most profitable war in history) and are "just philanthropists" today.

[vintagemotelguest]

It's time Americans look into the history of these European Banksters, such as the Rothschild who was held libel for $10,000,000 TWICE in the '30s for profiting while directly destroying the economies of Austria and then Germany while people starved (source: our own Time Magazine, May 22, 1939 )...

[Rebel4Life69]

"shocked" lmfao good one greedspan

[vintagemotelguest]

I have an English friend who has been telling my wife and I for two years to get our money out of the stock market before "the Bank collapse of October 2008" and subsequent rape of America. How come he could predict this reading "conpsiracy" sites, but little Rothschild-operative Greenspan is allowed to sit there and shrug his shoulders...???

[vintagemotelguest]

I love it --- arrogant academics commenting here about "free-market" economics while sleazy Fed internationalist Greenspan --- a man who previously looked Congress in the eyes and said he "didn't work for the good of the American people..." he "worked or Corporate America" -- rolls his eyes like a puppy dog.

We Americans REALLY DO deserve it in the *ss for allowing the Banksters and NeoCons to rape our country....

[gosciu555]

He caused a lot of this shit by his support in derivatives which are the cause of this crisis. Greenspan is a fan of the lunatic Ayn Rand school of wolf like individualism, and these are fruits of such philosophy.

[pdballin]

With respect, I'm currently reading Rand and I don't interpret her work that way at all. I don't think individualism should ever be condemned even if there are some misguided individuals. In fact, I feel "these are the fruits" of the exact opposite philosophy - what she referred to as "second-handers."

[fireye2012]

We all knew he was a crook. "shocked" he says...yeah right. If he is shocked he is really probably shocked at how easy it was to rip off the American people. Those central banker bastards had it planned all along just like all the ones before this one. He even looks like a NWO troll that he is.

[garyowen4ever]

chicago is full of schmucks like greenteeth,,,,he's nothing more than a maxwell street doubletalking shuyster shuylok, he would be pushing used suits, used kitchen applicances, used shoes, used bed sheets but for fate.

[A19Z89]

Shocked. That is laughable and disgusting---even more so to the people that remotely believe him.

You and your families, loved ones WILL suffer hardship from this 'shocking event' while he and his friends go home to their mansions and continue to sit around laughing & drinking cognac.

Let's have a congressional waterboarding on CSPAN... that may bring back confidence in the market.

[SnuggeryBuggery]

This con man is laughing all the way to the bank. He can rest easy knowing nobody in America has the balls to do so much as slap him in the face. We're all just a bunch of impotent goyim chumps bending over for the chosen people.

[A19Z89]

You are sooo right snuggery-- what a FKN crock....I would like to see Karma intervene a little faster for this old bastard.

[pdballin]

Greenspan is secretly Francisco D'Anconia.

[jinjin16]

A is A

[komisar11]

Greenspan to jail. No discussion, no advice is needed from him.

[Phylos001]

British Free Trade (Global Slavery) means everyone else will pay double, Once to the seller and once more to the British Banks. Somebody once had a Tea Party because of this. Nobody wants to dump thier Drugs today (addiction), Just Party Hardy. Wake up fools.

[plantagenet13]

He did his job well. Only problem was he was working for and taking orders from his European banking masters - and his job was to loot America. The Federal Reserve is neither federal nor has any reserves.

[danmanjones]

lying mofo.... sleep well greenspan u dickhead

[webkinzvspokemon]

" This crisis we have engineered has totally taken us by surprise"

[garyowen4ever]

this maxwell street shuyster is finally getting the disrespect he deserves,,,this shylock is a double talking fraud.

[tbackes]

lets audit the reserve now! not a government institution! wheres our gold reserve! don't trust the reserve it is owned by the bilderberg group look it up and see what is truly happening...time to wake up...we want a immediate audit of the reserve, control opec, put americans back to work...you cant lower taxes in a major period of unemployment without creating more deficit....out of iraq now....bush is a war criminal

[CletePurcell]

Another douche that fucked America.

[tbackes]

you got it...i want you for president...

[CletePurcell]

Yeah you would hear some real straight talk then. did you know that Greenspans wife is Andrea Mitchell. She works for NBC. Figures.

[Tigerpoi51]

gee .. lets gut the Industrial Base of America and ship it off to China .. woe .. never saw this coming.