He is SHOCKED! SHOCKED! Gambling was going on there. HAHAHAHA!! My laugh of the day.
us government is not helping homeowners refinance. the same crooks that got this started are still doing the same old things. 1500 and up added to their oringal loan and financed longer is not help. the us goverment is in the middle of the biggest hiest of taxpayer money that the world has ever seen. the homes could be purchased and given free of charge to the buyers much cheaper than this heist is costing us.
Okay, let's list all the ways the worldwide financial crisis had "victimized" these distressed homeowners who are in danger of foreclosure---
Number One. -- The homeowner signed a mortgage note and is now having difficulty making the payments required under the note.
Number Two.-- ..... Uh........
Hey, maybe the "distressed homeowners" are more the cause of the worldwide financial crisis than the victim of it.
Now explain again, please, exactly why I am supposed to have my tax dollars bail these people out.
the government is holding meetings and making statemenst to keep the panic alive. whay?
“an unabashed free-market advocate — in a “state of shocked disbelief.”
...The longtime Fed chief acknowledged under questioning that he had made a “mistake” in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions. Greenspan called it “a flaw in the model that I perceived is the critical functioning structure that defines how the world works.”
...Greenspan told the House Oversight Committee he was wrong in believing that banks would be more prudent in their lending practices because of the need to protect their stockholders.
...But he went on to assign the blame on soaring mortgage foreclosures on overeager investors
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Greenspan is scary. He’s scared that the “free market” acts freely. And he blames everyone, even himself, except the real culprits — the traders and officials at the very institutions that incentivize them with salaries, bonuses and options to inflate and invent weird instruments and increase risk.
I almost have sympathy for him, though. He always was a delusional libertarian cult-of-the-CEO type. But here he sounds actually dimwitted, stupid. It appears he cannot even imagine that the free market acted freely and in this “free” market market actors acted in their self-interest and profited greatly. He has some kind of fantasy abstraction of a “free market” that is not free and works to his imagination, where “distorted markets” are some kind of non-”free” event.
Waxman arguing about no regualation in the mortgage market is a jewel. Article shows that Bush will not follow Bernanke’s idea and force the banks to restructure loans, they will incentivize it with govt. “guarantees,” which only guarantees that banks will do nothing until they see whether they get this, yet another, taxpayer benefit.
A few years ago, I read a story in the paper that contrasted two thefts...
The first person pilfered approx $100,000 from her company over a number of years. She was caught. The financial part of her punishment was a garnishment of her wages until she paid everything back. However, since she was now a felon, it was expected that she would never dig out of this financial hole.
The second person stole hundreds of millions. He did his time for it in prison. He now commutes by helicopter.
The moral of the story? If you’re going to steal, steal a lot!
What does this have to do with this thread? Well, many people bought homes they knew they couldn’t afford while many more of us bought reasonable homes which we work to maintain. Those who overbought will now receive an “adjustment” to their mortgage to make them more affordable...
Kermit the Frog Greenspam?
is he still trying to curb the not existent inflation!
what an incompetent $7 Trillion ass...
he should have stuck to the saxophone.
all I wanna know is how much his wife made off the Stock Market while he was Fed Chairman!
"I believe that banking institutions are more dangerous to our liberties than standing armies." (Thomas Jefferson, US President; 1743 - 1826)