"Give it your best shot" - Glenn Hubbard (from Inside Job)

[BigBeaudeLindeau]

Glenn Hubbard = evil Kip from Napoleon Dynamite

[JPoleet]

This guy is a disgrace to the schools that he graduated from, and a disgrace to the learning institutions in which he plagues. SCUMBAG! Who would want to learn from this guy?

[oaktubs]

This guy is the economic advisor to Mitt Romney's campaign. Vote Ron Paul

[909830]

These fuckers are lying right in our faces. And how dare we ask them those questions. Hopefully when the dust settles they'll be in prison.

[rmleider]

This guy is now a Romney advisor.

[Dryenwc3]

Feb. 3 (Bloomberg) -- Glenn Hubbard, dean of Columbia University's Graduate School of Business and an economic adviser for Republican presidential candidate Mitt Romney, talks about Romney's proposals to spur economic growth. Hubbard speaks with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

ww .bloomberg. com/video/85699412/

[McGriff99]

This interview needs to be worked into an RP campaign ad. If Romney wins and this guy gets back to the White House, or god forbid is named Treasury Secretary, I am dumping 25% of my assets into gold and silver then waiting for a nice short position on the S&P.

[eatmyshorts2007]

lets cut this little wieners dick off and give it a AAA rating and sell it on ebay then bet against it

[xRepzac]

@eatmyshorts2007 LOL

[ICHECBasher]

Can't imagine he graduated "summa cum laude" (best of his class).

Unless the academics are corrupt as well....

Come to a business school, pay thousands of dollars for enrollment and if the teacher tells you that regulation is evil, you'll obey him without questioning the theory!!

[WELLBRAN]

Why is this person not in Jail?

[k3rc4]

when I was watching this movie last week, a thought of splitting his head with something sharp came to my mind (honestly). How can you be so corrupt? And what kind of education do you get at this guy's school - con artist bachelor's?

[Cristo39]

LOL u mad bro?

[JSBPisgah]

This douche is Mitt Romney's economic advisor.

[flipsyboy]

Wow, what a poisonous little prick.

[DiegoMeraviglia80]

Scumbag....should be shot.

[dstruck0622]

wow, what a prick.

[EMSWolf911]

hahahha what a douche nozzle!

[PNACATTACKdotCOM]

IDENTIFYING SINGS OF LYING:

First he smiles, then he is blinking, then suddenly time is 'somehow' rapidly ending :D

Are your hand sweating also - or did the punch came so fast you did not had time to react? :) Didn't you noticed THAT THE BEST SHOT came already? :)

[PNACATTACKdotCOM]

'THE EMPEROR HAVE NO CLOTHES ON!'

Guy got pissed off when he was revealed :)

You can run - but you can't hide!

- Watch those Romney-like Apaches from 'ISRAEL'! :D

[Renegen1]

What a blow hard.

[torr59622]

What an absolute scumbag dork. Every time I see this I get aggravated. He got called on the carpet for something HE KNOWS HE DID WRONG....yet he gets mad. Sickening and maddening.

[rafitongomellado]

Ejemplo práctico de como quedar en evidencia/ Practical example of how being in evidence.

[huhkain]

Boy I respect this guy!

[cdltpx]

Ron Paul is running in the R caucus in order to vote in the caucus vote AKA primary you have to be registered as a R since this will be a R primary. If you are now registered otherwise you have time to change your party affiliation it takes 5 min if you google your registry of voters for your state answer the questions and you are now set to participate. Or you can go to your parish or county seat locate the office and change it there. End the puppet show restore America NoW Ron Paul 2012

[bweazel]

Rot in hell, you corrupt piece of shit.

[cromicus]

Do the martians have two sexes, like we do?

[SakaScotii]

@cromicus Trolls do.

[smolenskiii]

He should be in Jail with all his buddies ... this man runied America .. and is a public disgrace .. how he can live with himself after all he has done to ruin america, and still he keeps his Job.. when will the revolt happen in America to get rid of these people... has it started? recently at Wall street , follow your brothers ..seek the truth . be brave ask questions .. find the others

[payasyouglow]

at 0:46 you can tell he's thinking "I should NOT have said that."

[chenalos]

He gave him the movies best shot.

[MrBigEnchilada]

lol watch what mishtkin has to say in the movie he had to do rofl......

[celioishikawa]

"give it your best shot"

Later: "and the Oscar go to... Inside Job!"

LOL

Best shot ever!

[aT0000my]

Is this crook still employed by Columbia?

[YouFightLikeACow]

@aT0000my Yeah he is.

[Tonyo1221]

arrogant piece of shit . . . satisfying to see him reduced to the lying two faced piece of scum that he is.

[trav02852]

What a petulant twat.

[JeezusShuttlesworth]

LMAO he definitely regretted what he had said

[blackcath20]

Wow. Just... wow.

[darthorpheus]

"this is not a deposition sir.....I was polite enough to give you time, foolishly I now see.."

ROFL! The balls on this one!

[torr5962]

Shows you that smart, driven academic professors are all just human enough to know that they sold a piece of their soul for cash. He is well aware of his conflicts of interest with regard to his work, which is why hes angry and arrogant. Disgraceful.

[JOAMdude]

This movie is ok but it largely ignores the responsibility of the federal reserve in the housing bubble bursting. This process was made possible only by artificially low interest rates provided to big banks from the FED. Plus it uses Strauss-Kahn as a veritable critic of bad banking practice. Not saying its trash, but dont jump to conclusions and keep in mind that the burden should not be placed solely on private bankers while the rest of the crooks escape out the window.

[BLACKIESBOY]

@JOAMdude

Actually... No, I'm pretty sure it mentions that.

Thing is, the FED may not have done the things it did if the companies involved in the crisis didn't continue pushing and corrupting and bribing in order to make them look the other way.

The Fed failed to do it's job because these people were allowed to involve money in the politics of economy and in other politics.

[lemniscater]

I've got to give GH credit for being interviewed. Almost everyone else declined. However, the guy is being "economical" with the truth, evading questions and squirming uncomfortably - refusing to be honest or accountable. At the "give it your best shot" moment, I would have said "no thanks, as you're just wasting my time and refusing to be honest". What a shameful excuse for a Dean.

[JDtheman2004]

The problem is that someone hired this man to work for them after knowingly that hes part of the economic downfall?

[Cruzzzzz1988]

@JDtheman2004

no the problem is that education has been corrupted. this guy is the dean of Columbia Business School and he wrote papers (supposedly academical) to promote CDO en subprime shizzle, while he knew they were bad. But he got paid by a bank to write them. He has never mentioned that.

[PakaloloSwami]

Glenn Hubbard is a piece of shit. He is in part responsible for the economic destruction we've been going through the last few years. Lying greedy piece of shit.

[burf69]

I dunno...whatever he did or did not do aside I kind of feel for the guy. I'd probably get pissed off too if someone was grilling me with a condescending douche-bag tone of voice like the interviewer has.

[spacecowboy95]

@burf69 Wow dude... You're a fucking idiot.

[egwulf]

@burf69 If you have assisted in creating an economical fraud in which millions lost their life savingfs and job the least you can do is to answer questions...I you are confronted with your crimes there is no reason to be angry..be angry at yourself

[youcancallmebetty]

"you have 3 more minutes" why not 4, or 2? i mean wtf economics dude, didn't anyone ever teach you how to stonewall?

[flyingcastle1]

This man teaches the next generation in a top US Business school. No shame at all after all the wrong doing... Other guys in the movie just remained silent, refused to comment, or be interviewed....

[PhantomAct]

I guess this movie showed us the real "Axis of Evil" -- Osama is probably pissed off he's no longer top spot.

[crablord]

Even his little mannerisms piss me the fuck off. He's so fucking uppity.

[geiko187]

What a motherfucker. 

[goma3]

I was absolutely appalled that business school professors like Mr. Hubbard do not see a conflict of interest in getting paid $100,000 to write a favorable academic paper about a finance strategy being used by the same company writing the check, knowing full well that the papers will be used to influence policy makers, etc.

If an engineering prof. wrote a paper promoting the usage of fossil fuels in detriment of others and was paid $100,000 by Exxon you can be sure there would be repercussions.

[KLSeba]

@SAIDON92

Why wait so long? Let's burn him now....

[aharidop]

any one this defensive has to be guilty. it is a shame that columbia hasn't given this self serving guy his walking papers. this is the model for future economists, hide yr business, snipe at straightforward questions???

[Beckett125]

I like how in the movie they never talk about any particular case of "deregulation". I kinda throw the word around but no details about what deregulation actually happened. They never talk about repealing the Glass-Steagle Act, or that Barney Frank was going to stop the Fed from lending to banks if those banks didn't sell subprime loans to people who couldn't afford houses. I guess they had an agendy these filmmakers....

[basehead617]

@Beckett125 i guess you didnt watch it because they have a specific section in the film on repealing the Glass-Stagle act - and note Phil Gramm's involvement in doing so..

[Beckett125]

@basehead617 thats fascinating, even through I did watch it, and they never mentioned Barney Frank or JaneT Reno threatening to sue banks because they thought banks were being racist for not loaning to people (of predominantly color) who did not meet 20% etc. If your bank has to meet quotas, it will do so by any means nessecary, or else those banks will go out of business. BTW financial firms have been bundling 30 yr fix rate mortgages for 100 years, it was subprime, not mortgages, that did it

[goma3]

@Beckett125

So you're saying that investment banks created CDOs using subprime mortgages and raked in hundreds of $bn in profit because they were forced by Congress? Wow, that's amazing.

And another thing you might have not noticed is that the moviemakers show that the relaxation of credit standards for mortgages was imposed by the Clinton administration and continued by Bush until the collapse. You are bringing Republican rhetoric to a FRAUD that had extensive bipartisan support. All guilty.

[Beckett125]

@goma3 No. Bush did a terrible job, Greenspan predicted the crisis however. Your right about Summers, and I said I didn't want Glass-Steagle repealed. Banks have always been trading derivatives and CDOs and MBSs and CDSs. CDSs are a primary way of mitigating risk (if you haven't learned finance). Don't you understand that when your going to be forced out of business if you don't make loans to risky customers (quotas) you make those loans? Financial firms have been bundling mortgages for 100 year

[goma3]

@Beckett125

I'm not saying CDO didn't exist before, it's just that investment banks realized they could package ALL mortgages regardless of the risk and pass on the losses to investors. CDSs were mostly sold by AIG, which is BTW the biggest cowboy company I have seen, those guys really didn't plan for anything and they all belong in jail. The problem here was the push from both government and banks to relax the credit standards. It was not a solo move from the government at all.

[Beckett125]

@goma3 all that happened was subprime exploded. How is it that in 2002 subprime was 5% of lending and by 2004 it was 38%? Subprime has always been around, but there was no incentive to use it because banks weren't being threatened with prosecution if they didn't extend lending to risky customers. The imaginary idea of affordable housing caused this crisis. I'm not saying the banks and firms aren't at fault, they clearly are, and should have collapsed, but they didn't initiate it.

[Beckett125]

@goma3 this is all thats happening right now: demogoguery beats data. Always. Credit has always been relaxed. The federal reserves interbank interest rate has about 1% for 20 years. Volcker is the only one to increase above 6% to steer inflation (thank god). The government never saw it coming, and continued to defend Fannie Mae even as those mortgages went bad.

[Beckett125]

@goma3 And I absolutely agree with you. By no means do I think that the banks don't deserve to go to jail. Fuld, Blankfein, just like Madoff. All I'm saying is theres a connection to pressures from the government to that equation. The key is subprime. If it was regular 20% down, 30 yr mortgage, AIG, Citibank, and Lehmans would not have failed. It was the inability for people to pay mortgages, because they should've never had one. Banks don't just give out subprime, its a bad investment.

[6U4RD1AN]

@Beckett125 Except when they then sell later the mortage and dont have to cope with the consecuences of it. Did you even see the fucking documentary?

[Beckett125]

@6U4RD1AN If you were forced to sell shit mortgages (government quotas), and you knew they would go bad, you would sell as many as them as fast as possible to mitigate the risk of losing money, its the same idea as CDSs, they're not evil, they're risk management

[6U4RD1AN]

@Beckett125 They forced them how? At gunpoint? They were just selling them like crazy, (just look at the size of the hole), didn´t told their investors how bad inversion they were, lied in the ratings, took steps to give the backlash to others: AIG, european banks, anyone but them. Its a fraud, its criminal.

[Beckett125]

@6U4RD1AN At gunpoint, yes: "In 1995 the regulators created rew rules that sought to establish objective criteria for determining whether a bank was meeting CRA (community reinvestment act) standards. Banks had to show that they had made a requisite number of loans to low- and moderate-income (LMI) borrowers. The regulations required the use of "innovative and flexible" lending practices to address credit needs of LMI borrowers and neighborhoods" - New York Times... quotas.

[6U4RD1AN]

@Beckett125 You...you gotta be kidding me, CRA? seriously?, aside of being the common opinion that thats not true, Paul Krugman and even the fed "dixit", its a joke, how a MINIMUN makes that banks make subprime mortgages "en masse", and sold them, to make more, and more, and more, hell most of them were not even made by CRA regulated lenders. someone is liying you, and you are all too willing to buy that. Just recognize that unregulated market has failed, again. And made some people very rich.

[Beckett125]

@6U4RD1AN Oh so wait the NY Times is lying to me? Thats a liberal publication that really dislikes Wall St, or maybe you have no idea what your talking about. Oh CDSs I know a financial term! Dude a CDS mitigates, shit they're used to insure against a country's debt (Like Japan). Oh you trust Paul Krugman, wow the prophet right? The guy who pretty who has never been right about anything, the guy who thinks welfare makes people prosperous, really?

[Beckett125]

@6U4RD1AN Theres no point in arguing with you, you won't admit a single issue is true, your fighting tooth and nail because you think your government wouldn't do this to its country, but they did. And they didn't have to be bailed out, do you understand why they were bailed out? Deflation. Deflation caused the great depression, when the financial sector collapses we have deflation, except in the process, QE1 and QE2 which were used to save companies, has caued mammoth inflation.

[Beckett125]

@6U4RD1AN I'm not trying to insult you, I never called you an idiot, I'm frustrated because you say things like looking at CRA is a joke without offer evidence to support that (again "CRA is one of the most powerful banking regulations to the FRB and FOMC" - Ben Bernanke). You've been condescending whe theres no reason for that to happen. I'm not a bank apologist, again they need to go to jail, but we need to look at all the angles. Low income ppl couldn't pay because interest rates went up

[Beckett125]

@6U4RD1AN At gunpoint, yes: "In 1995 the regulators created rew rules that sought to establish objective criteria for determining whether a bank was meeting CRA (community reinvestment act) standards. Banks had to show that they had made a requisite number of loans to low- and moderate-income (LMI) borrowers. The regulations required the use of "innovative and flexible" lending practices to address credit needs of LMI borrowers and neighborhoods" - New York Times... quotas.

[Beckett125]

@6U4RD1AN Yes they sold CDSs like crazy, to ensure that if people stopped paying their mortgages (causing CDOs to stop paying out and MBSs to become worthless) they would make their money back. That was the trigger. To deny the trigger was people not paying their mortgages is kinda crazy. All a MBSs is a right to collect on someones mortgage payments, thats all. Banks became insolvent because people couldn't pay up. First because subprime borrowers had interest rates increases

[Beckett125]

@6U4RD1AN Um yes, at gunpoint. Do you know what Barney Frank's job is? His job is to shut down banks if they don't follow his rules. Go look read the Community Reinvestmen Act. It basically outlined how the governmnt can get banks to extend mortgages to people who can't afford them. The idea of "affordable housing". Barney Frank and Chris Dodd couldn't make housing more affordable, so they instead made it easier to get housing thru forcing banks to make quotas.

[6U4RD1AN]

@Beckett125 My idea is that just like they said in the documentary, they were giving mortgages to anyone and then selling them to others, then the investment banks sold them again to investors, other banks...They were not forced, only that when one started to do that everyone must to remain competitive, so here is when the lack of regulation, and the awful supervision fails.

[Beckett125]

@6U4RD1AN What occurer on Wall St was not capitalism, there is nothing free market capitalistic about using government regulation to stop competition among banks and force a bailout to save your ass. Its called crony capitalism, the revolving door, the insider to politician. After referencing Krugman, thought you'd be happy to know that Krugman loves Dodd Frank bill, even tho Chris Dodd got $115,000 from citibank and Barney Frank got $250,000 from fannie mae, but I doubt your a reasonable person

[Beckett125]

@6U4RD1AN wrong about CRA - "As the powers of banks expand so will CRA" - Bill Clinton, "CRA is one of the most significant regulations in terms of dealing with banks" - Ben Bernanke, "Gramm-Leach-Bliley will see the largest expansion of CRA in history" - Chuck Schumer. A 2000 report by the Federal Reserve Board of Governors found the areas most affected by CRA had the highest default rates. "With CRA and the Fed theres no limit to the power to enforce affordable housing" - Barney Frank... oops

[6U4RD1AN]

@Beckett125 Slugs like this tell us how great is the unregulated market, funny thing, unregulated market have bring the US the greatest guvernamental intervention in history.

[Beckett125]

@6U4RD1AN As long as the Federal Reserve decides to introduce new capital at low interest rates there will be business cycles (i.e. bubbles), this theory is called te Austrian Business Cycle. Like I said, banks have been selling mortgages to firms for 100 years. You argue for regulation but you never point out what regulation. What don't you understand about quotas? If the government says "I will put you out of business unless you sell loans to poor people" are you not going to do it?

[6U4RD1AN]

@Beckett125 Tobin tax would be a nice start.

[Beckett125]

@6U4RD1AN Low income ppl can't pay, Fannie Mae who holds the largest portfolio of subprime CRA loans goes bankrupt. Foreclosures start happening in 2006, but banks don't start to feel it until early 2008. Thats because the largest mass of mortgages were still prime mortgages but people started to refuse to pay them because their houses were going underwater because the subprime borrowers were foreclosing. January 2008, recession hits. Larry Summers advises congress to pass 1st stimulus package

[Beckett125]

@6U4RD1AN Unregulated on purpose, in fact, as that article I quoted read "regulators supervised banks into making quotas" you just fail to admit that Chris Dodd and Barney Frank in fact were entirely responsible for allowing banks into making subprime. All banks did was respond by saying "well we have to make subprime to provide credit for the poor, and we're going to go bankrupt if we do, so lets sell the mortgages off". I guess its difficult to see Barney Frank would do something like that?

[Beckett125]

@6U4RD1AN your arguing very contradictory points. First you say banks are evil, then you say we had to bail them out. Then you say it will happen again...What? Thats illogical. Why would you say, they need to be bailed out, and then say you fear it will happen again...Its going to happen again, obviously, and if we had simple allowed the market to correct, the banks and firms would've gone bankrupt, and no one in the financial system would ever be thinking about making risky decisions.

[Beckett125]

@6U4RD1AN and a provision under Gramm-Leach-Bliley states "under G-L-B, banks that would seek a merger are required to meet the provisions under existing CRA regulations" Krugman, wrong again

[Beckett125]

@6U4RD1AN The DOJ accused banks of being racist several times under Reno and imposed strict quotas so that banks had to make loans to those who couldn't afford them (minorites primarily). The recession was not caused by banking, it was caused by housing. As soon as the Fed raised interest rates in 06, the dominos began to fall. People couldn't make payments, so MBSs went bad, and then when that happened CDSs had to be paid off. If housing had not gone down, the recession would've never happened

[6U4RD1AN]

@Beckett125 True but the banks made it way, way worse than it would have been otherwise, the cheap money was what fueled the housing bubble, and the inversion banks spreaded it everywhere not only in the housing industry. It has happened before and is bound to happen again.

[Beckett125]

@6U4RD1AN You fail to recognize the power the federal government had over the banking industry. All Phil Gramme did was make it so banks could merge, evil, yes, but thats it. Its not like we just threw all this regulation out, it still existed. Barney Frank in 2003 said it was great what the banks were doing in selling these mortgages to poor people. Banks didn't want to make those loans, because they would go bankrupt if they did, so they sold them ASAP to get them off the balance sheet

[6U4RD1AN]

@Beckett125 You are joking right? that doesnt even make logical sense, if they were so against subprime why they did many more that their share?. Dude thats is just a pure outhright lie.

[Beckett125]

@6U4RD1AN Explain how thats a lie, thats exactly what they did, just on a faster scale, and yes it will happen again because of business cycles

[6U4RD1AN]

@Beckett125 Because doesn´t make sense, it´s not logical, if as you claim they were being forced, they should have tried to keep the amount of subprime at minimum and thats not the case, so its not true. Is very simple.

[Beckett125]

@6U4RD1AN Barney Frank says "sell subprime" banks go "okay, but we have to get rid of it". They sell it to Fannie Mae & Freddie Mac (whom are government insured and thus will be covered if they default) and the banks go "oh now we can make money". Yes the banks did bad things, obviously, I don't argue against that, all I'm saying is, if the banks hadn't been pressured, it wouldn't of happened. It didn't happen in the 80s, or 90s, even with junk bonds which are subprime, nothing 

[Beckett125]

@6U4RD1AN Look they wanted to give homes to LMI people okay, whether you blame Bush (which I do) or Barney Frank (which I do) or the banks (which I do). the idea of affordable housing did it. 93% of subprime borrowers were low to moderate incom borrowers, which is what CRA is used for. I'm not blaming the whole thing on CRA, that is a straw man argument if you think that, I'm blame G-L-B as well. In 2006 the FHA said it had the highest default rate in 10 years from subprime and it just cascaded

[Beckett125]

@6U4RD1AN I've often said on this video that the banks and financial firms' senoir employees should have gone to jail. But congress should be held accountable as well. Banking is most highly regulated industry in the United States, and everyone talks of deregulation as if that caused it. Yes, we should have never repealed Glass-Steagle, however, if there had not been quotas imposed, banks would be lending regular 30yr fixed rate mortgages, which they have, for 100 years.

[Beckett125]

@6U4RD1AN Yeah I saw the fucking document, and let me guess, you saw it, having no idea what actually happened and now you have all the reason in the world in feeling secure in hating corporations and whatever else. I loved the enviromental spin at the beginning: "oh Iceland was so beautiful". Perhaps the most biased "documentary" I've ever seen. Oh and remember George Soros, yeah, he made his money destroying currencies or France, England, Indonesia. Hes wanted by the French.

[6U4RD1AN]

@Beckett125 Its not like I´m the first person to point out just that, that you just dont seem to have really watched the documentary. I dont hate corporations, but I hate the so blind incompetent and greedy, and now is happening again so close in time in Portugal and soon in Spain, I have all the right in the world of hating what amount to a a bunch of scammers.

[Beckett125]

@6U4RD1AN No, again I watched it, enjoyed it, and then rejected because it (mistakenly, I guess) blamed the recession on Wall St. If your an economist, you know that the recession was started because of housing, not wall st. Again, in january of 2008, before the financal crisis, Larry Summers testified for a small stimulus package which Bush 2 intiated. Why january 2008? Because the recession started in late 2007. No one will. We could've let the banks failed, and we still be in the same mess

[6U4RD1AN]

@Beckett125 If you are an economist no, many economist and goverments, like Germany no less, have blamed the ultraliberal anglosaxon economic policies (US and the UK). But dont worry, since nothing have been done this will most probably will happen again.

[Beckett125]

@6U4RD1AN Once again I've covered this, Fed's business cycles causes booms and bust. Oh wait, so expansive bureacratic governments have blamed free market principals for the recession? WOW... dude read a book, please. Read anything, you have added nothing to the discussion except for points that the film made. As I have said before, the film was great I just wish they had covered the relaxation of lending by Barney Frank. Is it that difficult to comprehend?

[6U4RD1AN]

@Beckett125 You haven´t covered anything except, blaming Barney Frank for all (seriously), blaming CRA ( this is a joke), blaming people who can´t pay mortgages (yeah some people not able to pay caused a global crash, ha), and when I point out that GOVERMENTS dont agree you get so defensive that start to insult, great arguments, and keep not bothering to answer any of my arguments.

[Beckett125]

@6U4RD1AN Once again I really liked the documentary, but your wrong. In 2004 banking regulators in the SEC came to testify before the banking committee and warned Barney Frank of the unregulated mass of subprime, but Barney Frank didn't want any of it. In fact he was quoted as saying "Well housing is very stable, banks shouldn't stop lending, in fact they should lend more"

[Beckett125]

@6U4RD1AN You can't even explain how a financial crisis caused the recession, can you? Cause it didn't. I guess you would believe wall st did it because in high school your textbook said wall st caused the great depression. But the great depression wasn't caused by wall st, it was caused by currency deflation by the Fed, who raised reserve rates to 40%. In fact if it was wall st's fault, why did Countrywide go down? Why did WaMu go? Because of mortgages. People stopped paying their mortgages

[6U4RD1AN]

@Beckett125 And were those mortgages where being sold? and from where the banks got the money to make more mortgages? and who selled them converted in CDOs?, and who covered their possible losses with CDSs?, the housing bubble was only the start, it was wall st. the one who multiplied it, its so obvious unless you chose not to acept it. They had to be bailed out!, they were broke!

[Beckett125]

@6U4RD1AN The largest holder of subprime was Fannie Mae and if you think CRA is understated then what about this "I'm going to continue to roll the dice on Fannie Mae loans. With these new regulations in the CRA we can keep them loaning out the money. We just want people to own homes" - Barney Frank, 2005. I'm not saying he wanted to collapse the financial sector, thats crazy, I'm just saying it had a role, okay?

[Beckett125]

@6U4RD1AN Yeah thats right they didn't have to cope with it, so why the fuck did we bail them out? If you think we did it because "financial industry" is so significant to the economy, its not. In terms of "finance" all you need in "finance" to have a healthy economy is a banking system that works. Now you blame the recession on Wall St, when even though I have repeatedly said They need to go to jail, I did it not cause it. Because not paying your mortgage did it, not wall st

[6U4RD1AN]

@Beckett125 Thats why AIG broke, seriously dude if you dont get why the financial speculation made it worse at this point you are in denial, oh, and by the way you have not answered not even one of the questions I made, you only repeat one thing like gosspel, wall street didnt did it!, sure its a compelling argument.

[Beckett125]

@6U4RD1AN I never said financial speculation didn't make it worse, it absolutely did. I pretty much agree with everything you're saying (I already said they should all be in jail), and didn't blame Barney Frank for all of it, thats insane. All I'm saying is, CRA had a role, why can't you agree with that? Fannie Mae was the largest holder of CRA loans, and it had the highest default rate. People couldn't pay their mortgages in 2006 when this all started because the rates on the ARMs went up

[Beckett125]

@goma3 You know banks don't just go "I'm going to sell shit mortgages to customers. Someone had to say "sell these shit mortgages" or more like "just sell mortgages. The over whelming number of subprime were sold to people of poverty. If eligibility standards had been enforced that would have never happened. You have to realize the amount of regulation that exists between banks and the government. That eligilibility would have not been relaxed if the government officials who regulated it

[ihatethisvideo]

@Beckett125

Yes they do sell shit mortgages if they're going to make money. End of story.

[Beckett125]

@ihatethisvideo false. "subprime" i.e. less than BBB (default rate of 50% or higher, by Moody's rating agency) only composed 4% of mortgages sold between banks and insurane companies, in 2002. By 2004, the rate was 38%. If what your saying is true (and there are several regulations against subprime that exist in the power of the Federal Reserve and banking committees) then this crisis would have happened in the 1980s or he 1970s. The firms that bought subprime thought they we're mortgages (AAA)

[6U4RD1AN]

@ihatethisvideo No, dude Beckett days that they were being forced.

[Beckett125]

@goma3 hadn't wanted to relax it. In 2004 the oversignt agency that conducts regulation of banks and mortgage said "there is fucked up shit going" But the congressional banking committee didn't want to hear it. Why? Because the banking was run by Chris Dodd (a bank shill with extended connections to Wall St) and Barney (who threatened to sue banks if they didn't lend to risky investments, i.e the poor). Thats all I'm saying. I liked the movie, but they didn't go into that.

[Beckett125]

@goma3 It went like this. Regulator calls bank. "Hey gotta sell more mortgages to the poor or were shutting you down". Bank says "fuck, I can't sell good mortgages to my customers because they're risky investments, so what'll do it, I'll sell these risky mortgages for an upfront payment from a financial firm" (as was done historically). Bank makes money. Financial firm goes to rating agency. Agency says "fuck I don't have data on subprime, but I have data on 30yr fixed mortgages, so its AAA..."

[Beckett125]

@basehead617 you wanna talk corruption and rhetoric? Chris Dodd - AIG contributed $212,000 to his campaign in 2008. Citibank contributed $156,000. Sound like corruption? He wrote the consume protection bill, which just made it so the people running the economy are Eilzabeth Warren and Ben Bernanke. Didn't see it coming, won't see it coming again. Once again, the firms were absolutely corrupt, but your politicians are just as bad.

[sedonadeb]

Hey Glenn: you're right, that interview was not a deposition. But there are 65 million homeowners who will gladly arrange one for you, or else will place your head on a pike.

[Szlomon]

I've just watched the movie. It's very good. The clip here gives a good taste of the "Accountability" chapter of the movie, where some American economists are grilled for their role in the economic collapse. Mr Hubbard is clearly upset at the bluntness of the questions asked. Another victim of this movie is Mr Campbell, the Chairman of Harvard's economics department. His helplessness in trying to deny conflict of interest in the economics profession is something to behold.

[beautifulopusoflove]

what a piece of shit

[JohnZ622]

@beautifulopusoflove LMAO

[AlastairSnaresbrook]

Yes. I agree with you, beautifiulopusoflove. This poor excuse for an economist is certainly "a piece of shit".

The problem is that since the 80s all sorts of people that you wouldn't have thought of have been seriously "on the make". Political leaders, academics and many others who are supposed to have the public's best interests at heart aren't happy with being merely wealthy. They NEED to be stinking rich and don't give a f**k if Joe Soap gets shafted as a result.