Nice try to back-peddle your way out of this situation Young Turks. Before this y'all never questioned Greenspans' methodology. Now I want to see you stand up to the Federal Reserve Bank's legality. Feelin' squirmy now? Will we see another video that is pure hindsight in a few more years.
Cenk, since the primary function of the fed is to counterfeit money, do you really think that a criminal organization like that should be entrusted with 'regulating' anything? If you want to regulate something, regulate the Fed out of existence..That would be true 'financial reform'
Colorado minors strike because of deplorable conditions and wages in 1914. The striker's and there families hold up in tents until an agreement is reached. An individual responds to the strike with our National Guard sworn to protect us and our liberties. They open fire killing 42. Among them women and children. It has become known as the Ludlow massacre. The individual was none other than the owner of Colorado Fuel and Iron company, John D. Rockefeller. Go figure!
can these guys please stop worrying about whos fault it is or covering their asses and just get this country back on track. i'm not sure i even care how it happened anymore i just want us to get out of this stronger than ever.
Of course Greenspan is going to rewrite his story & failed religious belief in business & the market! The removal of the regulations that prevented disaster has been the religion of the business sector/right-wing/Libertarians. Sadly since we have a one business party system with two wings and no counter to such lunacy the right-wing got their way and the corporate Dems helped facilitate such insanity. We're screwed
Google Ayn Rand and Alan Greenspan's connection to her 'Objectivism' movement. It will pretty much explain his conceicnceless, detatced approach to life and his former job. He's a psychotic scumbag pile of shit.
@Violent2aShadow another sign that the end of the world is near, worldwide sarcasm and cynicism. You can lead a fool to water, but you can't make him drink.
One thing all you liberals (and conservitives) must realize, is that the FED reserve itself was created FOR the top bankers BY the top bankers. You can't escape that truth. So please stop being sooo naive by thinking you can change a chairmen or elect a new president with new ideas or create more petty regulations and everything would be fine....it won't.
Actually Fannie and Freddie lent out to poor people who had no business owning a home. No checks, Just walk in and get a loan. Just because you want to go after Wall Street doesn't mean you can ignore one of the largest parts of the housing bubble.
One of the big issues I take w/ Cenk in this video is he doesn't even look at Greenspan's career. I was an econ major in college and Greenspan was a huge course of study. To say that Greenspan kept interest rates low is a out and out lie. He was a contractionary fiscal policy guy which meant compared to his peers, he kept interest rates high. When Cenk misses something this big it really makes me wonder how accurate the rest of his criticisms are cuz he missed the mark big time.
@Russlem On the PBS show on the Economy ( I believe it was frontline) GreenSpan admitted he was totally flawed in his thinking about economics and his world view. Greed-span needs common sense you can't let people play and gamble with other peoples money & not have any RULES aka regulations...come on....everything needs rules and guidelines. BROOKSLEE WAS THE HERO...IF THEY WOULD HAVE LISTEN TO HER ABOUT Derivates!!
Hind sight is 20/20 as they say. There are hundreds of financial reports from all kinds of experts claiming this way and that, all the media has to do is pick up the one that was right out of the lot and start passing the blame. The fact is the comment that Greenspan kept low interest rates is a falsehood. This was his fiscal policy for the 21 years he spent as chairman of the fed and if you can't even get that right why should I consider any other criticisms relevant?
Hind sight is 20/20 as they say. There are hundreds of financial reports from all kinds of experts claiming this way and that, all the media has to do is pick up the one that was right out of the lot and start passing the blame. The fact is the comment that Greenspan kept low interest rates is a falsehood. This was his fiscal policy for the 21 years he spent as chairman of the fed and if you can't even get that right why should I consider any other criticisms relevant?
the executives are making too much money in bonuses to be bothered with self regulating, that's the problem. knowing they can just walk away with millions of dollars in their own pockets whether any of the investments pan out or not because they are never held accountable for losses. wonder how many would be shown the door if their pay-cheque/bonuses depended on results. given the last 5 yrs in the economy i am at a loss as to why these fuckers make millions in bonuses in the first place.
its disgusting how liberals are seeking to use this financial crisis (that they caused) in order to destroy capitalism and turn america into a communist/nazi state. the fact is the freer a market it is, the stronger it is, so it was over regulation and too much government red tape, along with greedy poor people who wanted a handout rather than to work hard (sounds like a typical democrat) you people caused this, not capitalism.
Do you know that these 2 systems are the absolute opposite??
So the system didn't failed because the major investment banks ran dry? Were they giving handouts? Or they were lending money to unsolvable SoBs...
In Canada you cannot get a loan if you don't have a minimum of 10% in cash.
College grad? If not, stfu and gtfo so the grown up can talk about complicated stuff without having a dumb faggot like you waving a nazi flag over this.
Admit it, you have no idea what is going on? You didn't go to school to be a banker, this stuff is all over your head?
But try and answer this, can you name a Country with a MORE open Free Market system that has been more successful then the United States? Just one example were no regulation or Government intervention has been a huge success?
What's disgusting is the level of sheer ignorance you are exuding from every utterance, from "communist/nazi state" (as if you think the two of those have anything in common) to "the banks failed because they were too closely regulated". Only a Republican could be this stupid. If you realized how stupid you were, you would probably kill yourself right now.
@tehant1liberal capitalism is great when you are producing something in competition with other companies lol. when when it is based on banks gambling with credit( I.E.- betting with no capital to back it up) that is not capitalism. these banks and investment firms produce "nothing", they bet on how much or little "other" countries produce. you talk about capitalism making a strong economy when your largest/richest corporations don't even do business in their own country lol.
The banks were actually deregulated by the Depository Institutions Deregulation and Monetary Control Act and the GrammLeachBliley Act.
And your combination of "communist" and "nazi" is terribly misled. Communism is radical left ideology, and Nazism is radical right ideology. You can't have the two together. You're a complete and total fool for thinking otherwise. You can't debate that.
Greenspan did exactly as he was told to do. He created a bubble that was meant to bust, pulling down the middle class, and damming the rest of humanity into debt!!!!
Alan Greenspan stopped Bruxley Born from investigating the credit default swaps and then got her to quit her job by stonewalling her in congress at the presidents office. check it out at pbs watch online video. These fuckers are crooks and th people coming to fill there spot just learned that there are no consequences to robbing the country blind. I would Hate to be in the US in the next fifty years.
Greenspan is a libertarian economist, he actually believed the free market could regulate itself, a system his master called Objectivism." Greenspan's decision alone on keeping interest rates so low for so long is the very reason we had a housing bubble and how the economic crisis gained so much strength. He is in the TOP 3 of the people who are MOST responsible for the economic crisis, he works for himself and the fed, he is a enemy to government and people, and should be punished severely.
Not Libertarian. The Austrian school economist pretty much disagreed with everything hes ever done. Being a fed chairmen, distorting the economy and being a libertarian at the same time is oxymoron.
Fed, a private organization prints money and assign major banks to lend them (to gov't etc.) so many times. The owners of Fed have other corporations w/c deals w/ these banks and such other corporations to w/c wealth were eventually funneled to, not to mention the wealth funneled to the people they promote to these banks and corporations. Now ordinary people are dislocated and their wealth is mopped up in a fire-sale.
95 percent of sub prime loans where being paid on time as of July 2007, dont believe the hype! Sub prime loans where created as a government plan to provide housing for those who otherwise could not get a loan, and the plan was working out great, less than 5 percent delinquency rate. Now the problem is that people will never again be able to get home loan without assets. Next time instead of blaming sub-prime loans blame financial engineering and excessive leverage.
@EGC69X Right! I'm tired of that stupid Republican mantra, trying to blame the whole collapse on one thing. And falsely at that. I just chewed out a coworker this morning over this. LOL
He's one of those who listens to all of Rush's show, every day. So I was pissing in the wind. But whatever.
the #1 problem with capitalism as it exists now in the US: everyone- executives, boards, politicians, banks, EVERYONE- is only concerned with SHORT TERM PROFIT. that's it. NOBODY gives a rat's ass about long-term effects. if the government doesn't take the role of regulating markets with an eye toward the LONG TERM, everyone- repubs, conservos, the stupid and rich included- is SCREWED. that's just common fucking sense.
the federal reserve was the REAL mistake, we should never have handed them the keys to america.. Until it is dissolved our country will always be in debt.
The great coverup which is about to hit the fan is JPMorgan's 'silver squeeze' scheme. The ratio of paper silver to physical silver is possibly as high as 100:1 ratio. The silver ETF is SLV. They have intentionally and illegally held down the price of silver. The outrageousness of the scam is SO severe that it may crash the COMEX. Obama's CFTC head is Gary 'Goldman Sachs' Gensler, who is supervising the scam.
idk who has more power the President that can serve for 8 years or the Fed dickhead that can serve for 21 years...there should be a age limit obviously hes lost the plot
The mafia have a way of making sure you pay back your loan and that's with a baseball bat and cement shoes. I think we need to bring back the baseball bat and the cement shoes as we determine what regulations need to be instituted for these banks, investment firms and insurance companies. The CEO's of these companies need the Sword of Damocles hovering over their heads when they make a decision; at the moment there is none.
Greenspan had some strange, disturbing comments about reflecting on his past mistakes. Basically, he said what good does it do to look back at your mistakes because they are over and done with. If somebody can't learn from their past mistakes, then they can't learn anything. The ego is enormous. It says, yeah, I might have faults, but I'm not at fault.
@dafttool: There's a difference between learning from your mistakes and running over and over them. Learning involves moving forward, regret does not. That's all he's saying.
@damianGray I have to disagree. He says that it isn't productive to go back because it's over & done with, & you can't fix something once it has already happened. But not looking back means you are unprepared for history repeating itself, putting you at risk of repeating previous errors. There was no hint of regret in his comments, in fact he kept pushing the blame away from himself.
The fact remains that the housing bubble, and the subsequent popping of it, were brought about by government intervention in the market. Intervention on the basis of trying to make owning a home some sort of 'right'. Anytime massive amounts of money are injected into a market, prices are going to soar, and probably to unsustainable heights. Just look what it has done to the cost of education, and is about to do to the cost of practicing medicine.
@franksnow79 This right-wing fairy tale of yours doesn't get any truer, no matter how many times you tell it. The fact of the matter is this: Private banks offered unsafe loans to people they damned well knew could not afford it with all the forethought of crack dealer selling to a junkie and they did it on nobody's authority but their own.
Meanwhile, countries with strong financial regulations weathered the ensuing collapse much better than the US.
Yep, the banks were just itching to make loans to those who couldn't pay them back, and hoping to drive all the brokerage firms out of business whilst losing a pantload of money to boot. Makes perfect sense. And if one assumes you mean the European social democracies weathering the storm, it only looks like it in comparison to the unsustainable welfare spending that really has 'em on the brink.
@franksnow79 Yes actually, they WERE itching to make those loans, that's why everything went tits up so fast. It's all a matter of public record, in spite of the delusional fantasy you keep spouting. And I meant any not-US country, like say Canada which has some of the strongest bank regulations amongst 1st world nations and for whom your economic near-holocaust was more of an irritating downturn. But keep believing your own bullshit, I'm sure it's quite cozy once you're neck deep in it.
@franksnow79 Yes actually, they WERE itching to make those loans, that's why everything went tits up so fast. It's all a matter of public record, in spite of the delusional fantasy you keep spouting. And I meant any not-US country, like say Canada which has some of the strongest bank regulations amongst 1st world nations and for whom your economic near-holocaust was more of an irritating downturn. But keep believing your own bullshit, I'm sure it's quite cozy once you're neck deep in it.
What a completely uneducated view of the economic collapse. That was truly pathetic. So Fannie Mae caused Lehman Brothers to collapse? J.P. Morgan, AIG, CitiBank, Goldman Sachs were all victims of the government subsidized home loans? So the entire global economy didn't nearly collapsed because of unregulated derivatives and an complete deregulation of the American economy? Go test your ignorance elsewhere.
@franksnow79 That "fact" is 100% incorrect. The housing bubble and the subsequent popping of it came about because of a lack of government intervention. I used to sell mortgages. I watched it happen.
explain how the government intervened in the housing sector.
What did the government do? force people to buy homes? or
force the banks to give out those loans to the people?
Government did nothing untill the big dogs realised the mess they got themselves in and then bailed them out saving thousands of jobs , regardless how controversial , it was necessary.
The government injected money into the housing market in order to promote the misguided idea that housing, along with education and medicine, is some sort of right. As always happens when artificial liquidity is injected into a market, prices soared. Eventually the bubble pops and there you go. The moochers getting housing they couldn't afford see it as another free service provided by govt and are more than glad to sign up. If the banks refuse to go along they face the wrath of Congress.
I wish Alan Greenspan would die already. The bastard has fucked up my grandchildren's fiscal life.
Maxpound 9 months ago
i think Greenspan is going senile
megeles 10 months ago
Nice try to back-peddle your way out of this situation Young Turks. Before this y'all never questioned Greenspans' methodology. Now I want to see you stand up to the Federal Reserve Bank's legality. Feelin' squirmy now? Will we see another video that is pure hindsight in a few more years.
WillyMcCoy50 1 year ago
I was waiting to hear greenspan talk but nooo this poobah babbles till I get bored and leave this comment
FELONIOUSLYDONE 1 year ago
The Greenspan-as-Magoo skit is, hands down, the funniest thing I have EVER seen on TYT!
VeritasTruthEmet 1 year ago
the old school anti-communists are still out there. you don't hear that much anymore.
CupisHomines 1 year ago
Cenk, since the primary function of the fed is to counterfeit money, do you really think that a criminal organization like that should be entrusted with 'regulating' anything? If you want to regulate something, regulate the Fed out of existence..That would be true 'financial reform'
elfornse 1 year ago
Colorado minors strike because of deplorable conditions and wages in 1914. The striker's and there families hold up in tents until an agreement is reached. An individual responds to the strike with our National Guard sworn to protect us and our liberties. They open fire killing 42. Among them women and children. It has become known as the Ludlow massacre. The individual was none other than the owner of Colorado Fuel and Iron company, John D. Rockefeller. Go figure!
Ricku571 1 year ago
So, Greenspan had nothing to do with lowering interest rates... hmmmm
luchpockets 1 year ago
can these guys please stop worrying about whos fault it is or covering their asses and just get this country back on track. i'm not sure i even care how it happened anymore i just want us to get out of this stronger than ever.
thuzan117 1 year ago
Mr Magoo. lol so true. I think Mr Magoo was in on the sub prime profits. He has to retire sometime.
Zooni2 1 year ago
put his head on a stick and haul his ass to jail
denjobi 1 year ago
I really can't stay mad at Greenspan though. I can't stay mad at him for the same reason I can't stay mad at my Shar Pei, the wrinkles.
Tatchko 1 year ago 2
Of course Greenspan is going to rewrite his story & failed religious belief in business & the market! The removal of the regulations that prevented disaster has been the religion of the business sector/right-wing/Libertarians. Sadly since we have a one business party system with two wings and no counter to such lunacy the right-wing got their way and the corporate Dems helped facilitate such insanity. We're screwed
Navywxman 1 year ago
Google Ayn Rand and Alan Greenspan's connection to her 'Objectivism' movement. It will pretty much explain his conceicnceless, detatced approach to life and his former job. He's a psychotic scumbag pile of shit.
Asymmatrix 1 year ago
fuck lighthouse
riven2099 1 year ago
REPENT YOU SINNERS! The end is near!
Earthquakes. Global Warming. World Atheism. Unending Wars. Economic Collapse. What Next?
tthemessenger 1 year ago
@tthemessenger You are so RIGHT! I will go off and worship Allah right away!
Violent2aShadow 1 year ago
@Violent2aShadow another sign that the end of the world is near, worldwide sarcasm and cynicism. You can lead a fool to water, but you can't make him drink.
tthemessenger 1 year ago
@tthemessenger Who should I repent to. And for what exactly?
Tatchko 1 year ago
@Tatchko He was blind, and now he can see.
tthemessenger 1 year ago
Funny thing is TYTV was wrongfully putting all this blame on Bernanke for this just a few months ago.
Well at least now they realize it was greenspan,....
Owner46 1 year ago
One thing all you liberals (and conservitives) must realize, is that the FED reserve itself was created FOR the top bankers BY the top bankers. You can't escape that truth. So please stop being sooo naive by thinking you can change a chairmen or elect a new president with new ideas or create more petty regulations and everything would be fine....it won't.
19TEC85 1 year ago
Mr. Greenspan is a world-class criminal. He's smart enough to know that appearing stupid is his ticket to the Teflon Suit.
audadvnc 1 year ago
Actually Fannie and Freddie lent out to poor people who had no business owning a home. No checks, Just walk in and get a loan. Just because you want to go after Wall Street doesn't mean you can ignore one of the largest parts of the housing bubble.
TheTruth006 1 year ago
Don't we already have centralized planning? What exactly do multinational corporations do?
yohaneuano4 1 year ago
One of the big issues I take w/ Cenk in this video is he doesn't even look at Greenspan's career. I was an econ major in college and Greenspan was a huge course of study. To say that Greenspan kept interest rates low is a out and out lie. He was a contractionary fiscal policy guy which meant compared to his peers, he kept interest rates high. When Cenk misses something this big it really makes me wonder how accurate the rest of his criticisms are cuz he missed the mark big time.
Russlem 1 year ago
@Russlem On the PBS show on the Economy ( I believe it was frontline) GreenSpan admitted he was totally flawed in his thinking about economics and his world view. Greed-span needs common sense you can't let people play and gamble with other peoples money & not have any RULES aka regulations...come on....everything needs rules and guidelines. BROOKSLEE WAS THE HERO...IF THEY WOULD HAVE LISTEN TO HER ABOUT Derivates!!
Tlexiktli2003 1 year ago
@Tlexiktli2003
Hind sight is 20/20 as they say. There are hundreds of financial reports from all kinds of experts claiming this way and that, all the media has to do is pick up the one that was right out of the lot and start passing the blame. The fact is the comment that Greenspan kept low interest rates is a falsehood. This was his fiscal policy for the 21 years he spent as chairman of the fed and if you can't even get that right why should I consider any other criticisms relevant?
Russlem 1 year ago
This has been flagged as spam show
@Tlexiktli2003
Hind sight is 20/20 as they say. There are hundreds of financial reports from all kinds of experts claiming this way and that, all the media has to do is pick up the one that was right out of the lot and start passing the blame. The fact is the comment that Greenspan kept low interest rates is a falsehood. This was his fiscal policy for the 21 years he spent as chairman of the fed and if you can't even get that right why should I consider any other criticisms relevant?
Russlem 1 year ago
the executives are making too much money in bonuses to be bothered with self regulating, that's the problem. knowing they can just walk away with millions of dollars in their own pockets whether any of the investments pan out or not because they are never held accountable for losses. wonder how many would be shown the door if their pay-cheque/bonuses depended on results. given the last 5 yrs in the economy i am at a loss as to why these fuckers make millions in bonuses in the first place.
regtracker 1 year ago
Of course we know u cant go back and change but it helps to let the people know that u admit u were wrong
Charmer4856 1 year ago
its disgusting how liberals are seeking to use this financial crisis (that they caused) in order to destroy capitalism and turn america into a communist/nazi state. the fact is the freer a market it is, the stronger it is, so it was over regulation and too much government red tape, along with greedy poor people who wanted a handout rather than to work hard (sounds like a typical democrat) you people caused this, not capitalism.
tehant1liberal 1 year ago
@tehant1liberal
''nazi/communist'' WTF!?!
Do you know that these 2 systems are the absolute opposite??
So the system didn't failed because the major investment banks ran dry? Were they giving handouts? Or they were lending money to unsolvable SoBs...
In Canada you cannot get a loan if you don't have a minimum of 10% in cash.
College grad? If not, stfu and gtfo so the grown up can talk about complicated stuff without having a dumb faggot like you waving a nazi flag over this.
tommysch 1 year ago
@tehant1liberal you are a real piece of shit
up2trix 1 year ago
@tehant1liberal
Admit it, you have no idea what is going on? You didn't go to school to be a banker, this stuff is all over your head?
But try and answer this, can you name a Country with a MORE open Free Market system that has been more successful then the United States? Just one example were no regulation or Government intervention has been a huge success?
blingbling65943 1 year ago
@tehant1liberal
What's disgusting is the level of sheer ignorance you are exuding from every utterance, from "communist/nazi state" (as if you think the two of those have anything in common) to "the banks failed because they were too closely regulated". Only a Republican could be this stupid. If you realized how stupid you were, you would probably kill yourself right now.
frellthat 1 year ago 3
@tehant1liberal capitalism is great when you are producing something in competition with other companies lol. when when it is based on banks gambling with credit( I.E.- betting with no capital to back it up) that is not capitalism. these banks and investment firms produce "nothing", they bet on how much or little "other" countries produce. you talk about capitalism making a strong economy when your largest/richest corporations don't even do business in their own country lol.
regtracker 1 year ago
@tehant1liberal
@tehant1liberal
The banks were actually deregulated by the Depository Institutions Deregulation and Monetary Control Act and the GrammLeachBliley Act.
And your combination of "communist" and "nazi" is terribly misled. Communism is radical left ideology, and Nazism is radical right ideology. You can't have the two together. You're a complete and total fool for thinking otherwise. You can't debate that.
hitheresunshine 1 year ago
Greenspan did exactly as he was told to do. He created a bubble that was meant to bust, pulling down the middle class, and damming the rest of humanity into debt!!!!
Job well done. You succeded!
TheReallitycheck 1 year ago
Alan Greenspan stopped Bruxley Born from investigating the credit default swaps and then got her to quit her job by stonewalling her in congress at the presidents office. check it out at pbs watch online video. These fuckers are crooks and th people coming to fill there spot just learned that there are no consequences to robbing the country blind. I would Hate to be in the US in the next fifty years.
drgoodvibesxxx 1 year ago
dude ... lol what a stupid question "Oops ..." lol
kangax 1 year ago
Greenspan is a libertarian economist, he actually believed the free market could regulate itself, a system his master called Objectivism." Greenspan's decision alone on keeping interest rates so low for so long is the very reason we had a housing bubble and how the economic crisis gained so much strength. He is in the TOP 3 of the people who are MOST responsible for the economic crisis, he works for himself and the fed, he is a enemy to government and people, and should be punished severely.
TheUSMetalhead 1 year ago
@TheUSMetalhead
Not Libertarian. The Austrian school economist pretty much disagreed with everything hes ever done. Being a fed chairmen, distorting the economy and being a libertarian at the same time is oxymoron.
19TEC85 1 year ago
Fed, a private organization prints money and assign major banks to lend them (to gov't etc.) so many times. The owners of Fed have other corporations w/c deals w/ these banks and such other corporations to w/c wealth were eventually funneled to, not to mention the wealth funneled to the people they promote to these banks and corporations. Now ordinary people are dislocated and their wealth is mopped up in a fire-sale.
jan9ice1 1 year ago 2
95 percent of sub prime loans where being paid on time as of July 2007, dont believe the hype! Sub prime loans where created as a government plan to provide housing for those who otherwise could not get a loan, and the plan was working out great, less than 5 percent delinquency rate. Now the problem is that people will never again be able to get home loan without assets. Next time instead of blaming sub-prime loans blame financial engineering and excessive leverage.
EGC69X 1 year ago
@EGC69X Right! I'm tired of that stupid Republican mantra, trying to blame the whole collapse on one thing. And falsely at that. I just chewed out a coworker this morning over this. LOL
He's one of those who listens to all of Rush's show, every day. So I was pissing in the wind. But whatever.
aaronsande 1 year ago
the #1 problem with capitalism as it exists now in the US: everyone- executives, boards, politicians, banks, EVERYONE- is only concerned with SHORT TERM PROFIT. that's it. NOBODY gives a rat's ass about long-term effects. if the government doesn't take the role of regulating markets with an eye toward the LONG TERM, everyone- repubs, conservos, the stupid and rich included- is SCREWED. that's just common fucking sense.
WikeddTung 1 year ago
If Imy analysis be wrong 30% of the time for our company I wouldn't have a job left. The board wouldn't even listen to me anymore to start with.
Reporter40 1 year ago
I didnt used to necessarily hate Lifehouse, but I do now
glamourknight 1 year ago
@glamourknight: Two questions... 1.) Why? And 2.) What does that have to do with this video?
damianGray 1 year ago
@glamourknight You're not "fallin even more in love with" them?
aaronsande 1 year ago
the federal reserve was the REAL mistake, we should never have handed them the keys to america.. Until it is dissolved our country will always be in debt.
fauxtwinny420 1 year ago 12
The great coverup which is about to hit the fan is JPMorgan's 'silver squeeze' scheme. The ratio of paper silver to physical silver is possibly as high as 100:1 ratio. The silver ETF is SLV. They have intentionally and illegally held down the price of silver. The outrageousness of the scam is SO severe that it may crash the COMEX. Obama's CFTC head is Gary 'Goldman Sachs' Gensler, who is supervising the scam.
RAMKING61 1 year ago
idk who has more power the President that can serve for 8 years or the Fed dickhead that can serve for 21 years...there should be a age limit obviously hes lost the plot
fu3ar25 1 year ago
The mafia have a way of making sure you pay back your loan and that's with a baseball bat and cement shoes. I think we need to bring back the baseball bat and the cement shoes as we determine what regulations need to be instituted for these banks, investment firms and insurance companies. The CEO's of these companies need the Sword of Damocles hovering over their heads when they make a decision; at the moment there is none.
pongman 1 year ago
Greenspan had some strange, disturbing comments about reflecting on his past mistakes. Basically, he said what good does it do to look back at your mistakes because they are over and done with. If somebody can't learn from their past mistakes, then they can't learn anything. The ego is enormous. It says, yeah, I might have faults, but I'm not at fault.
dafttool 1 year ago 6
@dafttool: There's a difference between learning from your mistakes and running over and over them. Learning involves moving forward, regret does not. That's all he's saying.
damianGray 1 year ago
@damianGray I have to disagree. He says that it isn't productive to go back because it's over & done with, & you can't fix something once it has already happened. But not looking back means you are unprepared for history repeating itself, putting you at risk of repeating previous errors. There was no hint of regret in his comments, in fact he kept pushing the blame away from himself.
dafttool 1 year ago
If China stops investing in America, wouldn't the value of the US dollar fall significantly?
TheFunkyDomination 1 year ago
The bank regulate themselves? That's rich
TheFunkyDomination 1 year ago
The fact remains that the housing bubble, and the subsequent popping of it, were brought about by government intervention in the market. Intervention on the basis of trying to make owning a home some sort of 'right'. Anytime massive amounts of money are injected into a market, prices are going to soar, and probably to unsustainable heights. Just look what it has done to the cost of education, and is about to do to the cost of practicing medicine.
franksnow79 1 year ago 3
@franksnow79 This right-wing fairy tale of yours doesn't get any truer, no matter how many times you tell it. The fact of the matter is this: Private banks offered unsafe loans to people they damned well knew could not afford it with all the forethought of crack dealer selling to a junkie and they did it on nobody's authority but their own.
Meanwhile, countries with strong financial regulations weathered the ensuing collapse much better than the US.
Those are incontravertable FACTS.
Capng123 1 year ago 2
Yep, the banks were just itching to make loans to those who couldn't pay them back, and hoping to drive all the brokerage firms out of business whilst losing a pantload of money to boot. Makes perfect sense. And if one assumes you mean the European social democracies weathering the storm, it only looks like it in comparison to the unsustainable welfare spending that really has 'em on the brink.
franksnow79 1 year ago
@franksnow79 Yes actually, they WERE itching to make those loans, that's why everything went tits up so fast. It's all a matter of public record, in spite of the delusional fantasy you keep spouting. And I meant any not-US country, like say Canada which has some of the strongest bank regulations amongst 1st world nations and for whom your economic near-holocaust was more of an irritating downturn. But keep believing your own bullshit, I'm sure it's quite cozy once you're neck deep in it.
Capng123 1 year ago
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@franksnow79 Yes actually, they WERE itching to make those loans, that's why everything went tits up so fast. It's all a matter of public record, in spite of the delusional fantasy you keep spouting. And I meant any not-US country, like say Canada which has some of the strongest bank regulations amongst 1st world nations and for whom your economic near-holocaust was more of an irritating downturn. But keep believing your own bullshit, I'm sure it's quite cozy once you're neck deep in it.
Capng123 1 year ago
What a completely uneducated view of the economic collapse. That was truly pathetic. So Fannie Mae caused Lehman Brothers to collapse? J.P. Morgan, AIG, CitiBank, Goldman Sachs were all victims of the government subsidized home loans? So the entire global economy didn't nearly collapsed because of unregulated derivatives and an complete deregulation of the American economy? Go test your ignorance elsewhere.
marley54fd 1 year ago
@franksnow79 That "fact" is 100% incorrect. The housing bubble and the subsequent popping of it came about because of a lack of government intervention. I used to sell mortgages. I watched it happen.
LDV089 1 year ago
@franksnow79
ok smartass
explain how the government intervened in the housing sector.
What did the government do? force people to buy homes? or
force the banks to give out those loans to the people?
Government did nothing untill the big dogs realised the mess they got themselves in and then bailed them out saving thousands of jobs , regardless how controversial , it was necessary.
selfsenter 1 year ago
The government injected money into the housing market in order to promote the misguided idea that housing, along with education and medicine, is some sort of right. As always happens when artificial liquidity is injected into a market, prices soared. Eventually the bubble pops and there you go. The moochers getting housing they couldn't afford see it as another free service provided by govt and are more than glad to sign up. If the banks refuse to go along they face the wrath of Congress.
franksnow79 1 year ago
He should never of replaced the great Paul Volcker
stevenv1992 1 year ago
Fellow Tubelers,
All is hype, until tested.
It be it!
4u2b1ib12 1 year ago
Off with their heads...
musicman9982007 1 year ago