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To: Arthur Wildfire! March

Greenspan Blasts Fannie, Freddie Fix - WSJ.comAug 14, 2008 ...
Alan Greenspan faults the US’s approach in fixing Fannie Mae and Freddie Mac, saying the credit crisis offered an ideal opportunity to ...

Brooksley Born Excoriates Alan Greenspan: “You Failed”

“At today’s Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure – to his face. Greenspan accords a certain degree of respect on Capitol Hill, despite Born’s accurate take on his many failures, and so this outburst was highly unusual – and gratifying.

Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency “failed to prevent housing bubble, failed to prevent the predatory lending scandal, failed to prevent the activities that would bring the financial system to the verge of collapse.”

“You failed to prevent many of our banks from consolidating and growing to a size that are now too big or too interconnected to fail,” Born added. She added that Greenspan’s views on deregulation, which he took as an article of faith, contributed to the Federal Reserve’s failure in delivering on its mandate.” [snip]

Brooksley Born

“..Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties’ regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, Treasury Secretaries Robert Rubin and Lawrence Summers.[4] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born’s concerns off-hand and focused on the possibility that CFTC regulation of swaps and other OTC derivative instruments would increase legal uncertainty of such instruments, potentially creating turmoil in the markets, and reducing the value of the instruments. Further concerns voiced were that the imposition of new regulatory costs would stifle innovation and push transactions offshore.[7]..”

Credit Default Swaps were huge in the meltdown.

5 posted on Wednesday, April 07, 2010 6:02:22 PM by Anti-Bubba182

40 posted on 04/08/2010 2:09:03 PM PDT by Arthur Wildfire! March (Weakening McCain strengthens our borders, weakens guest worker aka amnesty)
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Paulson: Russia and China plotted an economic meltdown

Blast from the past:
New York Times: Pressured to take more risk, Fannie hit a tipping point

Obama, ACORN (Association of Community Organizations for Reform Now) and the current financial mess
[Links and youtubes by ETL]

Five Million Illegals [had] Illegal Mortgages in U.S.A.!

HUD cries foul over illegal immigrant mortgage data
Oldexpat posted: Whether it is 1m or 5m is irrelevant. No bank should have been giving mortgages to someone who could be deported any day. Makes no sense. All I know is we have a friend foreclosing on almost one house a day in Orange Co. CA.

Rep Paul Kanjorski does seem to be a prime source:

YouTube - Glen Beck Feb.11 2009 ONE | Septmber, 2009
Financial ...Rep Paul Kanjorski: 11 Sep 2008 Electronic Run On the Banks Added to. Quicklist1:24 ... Tom Woods on Glenn Beck “Meltdown” 02/09/2009. 40976 views ...

41 posted on 04/09/2010 4:33:10 AM PDT by Arthur Wildfire! March (Weakening McCain strengthens our borders, weakens guest worker aka amnesty)
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