Alan Greenspan conveniently blames human nature and not the fed.

[hotwelder2010]

Greenspan was in way too long...him and his band of deregulating demons created a huge mess...they should be held accountable.

The public and every president thought that he was some kind of Messiah. No man should be held in that high esteem

[HoosierMF]

Greenspan is right. If you can't afford to buy something now then don't fucking buy it. That includes houses which for some reason people think is different.

If you get a mortgage you are enslaving yourself to a huge amount of debt and basically turn yourself into a zombie. You become your job because without it, you'll be totally fucked. If you lose your job or your partner dies then it's your own fault if you can't pay your debts.

[orbfile]

@HoosierMF The banks didn't care about the bad loans because of the lack of regulation Greenspan put into place. He helped kill the FED from the inside.

The banks wanted to give you a bad loan in the early 2000's, either with housing, or with plastic. That way, if you couldn't pay one month, then they could charge you a late fee.

[orbfile]

Then they trade that bad debt in a dark market called the OTC derivatives market. Sell it many times over, it's unregulated. If you have your mortgage at big bank, they might not even know who really has the deed to your house. It's been swapped in regulated markets for more than a decade.

[orbfile]

@HoosierMF ...and even if they didn't get their money from you or from an OTC derivative, then the government will bail them out. They didn't care how many loans or how low interest rates were, they knew they would get their money from somewhere,eventually. Thanks to the "no government" hands off approach this man put into place, many people lost their homes and their retirements. Thanks for trying Brooksley Born, but your warning was not heard over the media's fixation with Clinton's hummer.

[HoosierMF]

@orbfile You've just proven my point - there's no such thing as a "good loan". Those people didn't "lose" their homes. They never owned them in the first place. If you don't live within your means then you deserve everything that's coming to you. It's not like it's a big secret that the banks are only interested in money.

[1984socrates]

@HoosierMF greenspan is right? How on earth can you defend a guy like him?

Yeah you are right when you say that people shouldn;t buy a house that's way to expensive. . BUT

That's not really what happend, you see, These bankers lied about what they sold to people, They didn;t say you are buying garbish. They didn't play fair and these people trusted these bankers.

You just don;t want to see the whole picture do you? I bet you are a republikan!

[HoosierMF]

@1984socrates I'm not defending him. But you should never trust a banker and if you lose out it's your own fault. It's not like there aren't any risks involved is it? The real criminals are the governments across the world who allow bankers to do what they want and make taxpayers pay for their mistakes.

[1984socrates]

@HoosierMF you are right, but who runs the goverment? that's right, bankers!

They filled their pockets and then bush and probably also obama gave them a job in the white house.

The man you are looking at right now - alan greenspan - is one of the butholes that started this economic failure and pro deragulation .you said greenspan is right.. . .that's like, raping a women give her aids and then blaim the women that she should have had safe sex.

[HoosierMF]

@1984socrates So bankers put a gun to every politician's head and forced them all into corruption? Yeah, right. The "too big to fail" argument is pure bullshit. Pumping money into failed companies didn't work in Japan and it's not going to work now. All societies problems are caused by the GOVERNMENT and the brain-dead people who believe everything they are told. The bankers can only do what they do because governments let them do it.

[1984socrates]

@HoosierMF i never used the word "gun", Apart from that you should take the comparison not so literally. How about you watch the movie "inside job" first, before you reply again cause then you might understand what i mean, bankers own the goverment cause the are the goverment!

[HoosierMF]

@1984socrates I've seen the film and it doesn't have any answers. If you learned anything from Inside Job it should be the fact that this is a failed system so it wouldn't make any difference who you took out of it.

Greenspan IS right because people are too stupid to realize how the world is run. All they have to do is create another fake bubble and the greedy idiot public will do the rest.

[1984socrates]

@HoosierMF i quess we are basicly one the same line with just a small different in the details.

[HoosierMF]

@1984socrates Basically what I'm trying to say is that if the world economies started to grow again, no one would question why. Everyone will go back to their old reckless spending habits and it'll start all over again. No one complains about the bankers when the economy is good.

[1984socrates]

@HoosierMF true, money makes slaves out of them.

[MrTabby5000]

Oh as if he didnt know that before,duh.