I have no love for Alan Greenspan, I think he not only knew what he was doing to our nation, but he now back tracking and doing the ultimate Cover My Ass Act in the entire history of the Federal Reserve.
Most of the financial people on Daily Kos are very aware of how we got here and why we got here, but this latest bullshit statement by Alan Greenspan, only proves what Robert Rubin, and the rest of those that helped dismantle all the Regulations, that protected Americans for hundreds of years, like the OCC Law of 1863 that Bush overturned to give the Federal Government the right to tell all the States, that they no longer had the right to uphold all the National Banks to protect their own citizens from predatory lending, let alone what Clinton, Rubin, and others signed onto when the 'exiled' Brooksley Born, for standing up to them, will not stand.
This new and improved 'Alan Greenspan' makes me actually want to go an vomit for our entire nation. We know the statements he made, about how....more below:
http://
He was what? So surprised that the markets would not faithfully and dutifully regulate themselves? OMFG. When they were all warned again, and again, and again?
When Phil Gramm in the dark of night on a late December evening, when he thought no one was watching overturned every single right for honest Americans who actually believed in the right to 'due process' and the 'rule of law' over their own property rights, so that the Banks would be allowed to sell our mortgages, 20 - 40 - 60 - 100 times, 1,000 times, with no paper work, without keeping track of the notes, so that Goldman Sachs, and JP Morgan, could make billions? And are still being allowed to make even more billions, as our own housing market is being held in a state of 'A Real Hostage Crisis'?
No one can sell their homes, and no one can move to where the new jobs might be, if they are, because they don't give a shit about that, do they? The Banks are no longer lending and refuse to, to let us all move to new houses, and sell our homes, because the Greenspan Bubble/and Bernanke Bubble, has caused deep, deep, deep gridlock. The totally fake HAMP program, which only helps the Banks, and the Illicit Foreclosure Mills, that have send out nation into a deep, deep downward spiral, of taking what little equity we had out of our homes, are in fact creating, a state of tanking all our property values in our nation.
NO ONE CAN SELL, BECAUSE OUR PROPERTY VALUES ARE WORTHLESS...No one can go to a new job in another state, because they cannot sell their worthless homes...they cannot sell their worthless homes, because the Banks are refusing to give them their 'original free notes' ..what is known as a free and clear title, and the title companies are not insuring those homes, because of the same fucking FRAUD. WHAT PART OF THAT DON'T WE GET? You want to refinance? That is the biggest lie of all, and no Banks are doing that, because they are being allowed to keep all the worthless properties off the books and the toxic debts they still own, so the Banks are just HOARDING, the same 'cash' that WE BAILED THEM OUT WITH...GOT IT YET? I do. Do you, will you ever get that? Are you under water? Can you move from your own home, and sell it to take another 'worthless' job in our nation? In some countries they call it the 'Stockholm Syndrome'.....in our nation, we call it stupidity, and not facing up the the total FRAUD.
Guest Post: Even Greenspan Admits that Moral Hazard and Fraud are the Main Problems → Washington’s Blog
Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble. Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched): Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn’t have failed with adequate capital, he said. "Rampant fraud" was also an issue, he said. Lack of Trust: "Fraud creates very considerable instability in competitive markets," Greenspan said. "If you cannot trust your counterparties, it would not work."
As leading economist Anna Schwartz, co-author of the leading book on the Great Depression with Milton Friedman, told the Wall Street journal in 2008: "The Fed ... has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that [uncertainty] that the balance sheets of financial firms are credible." So even though the Fed has flooded the credit markets with cash, spreads haven’t budged because banks don’t know who is still solvent and who is not. This uncertainty, says Ms. Schwartz, is "the basic problem in the credit market. Lending freezes up when lenders are uncertain that would-be borrowers have the resources to repay them. So to assume that the whole problem is inadequate liquidity bypasses the real issue.
"Nothing has changed since 2008 ... the problem is still exactly the same. The fraud committed by the giant banks – including mortgage fraud, encouraging appraisal fraud, fraud in representing the soundness of mortgages packaged together into mortgage backed securities, the rating of financial instruments, the numerous types of accounting fraud (repo 105s being just one example) – have continued. No big fish have been prosecuted. No wonder no one trusts anyone else. And the government has rewarded the looting by bailing out the bad actors again and again, either directly or through various backdoor schemes. ( And many economic writers believe that quantitative easing itself is just another bailout). Even Alan Greenspan is calling out fraud and moral hazard. As I noted in April, Greenspan has been a a die-hard neoclassical or "free market" economist: Alan Greenspan didn’t think regulators should even pay any attention to fraud: He didn’t believe that fraud was something that needed to be enforced or was something that regulators should worry about, and he assumed she [Brooksley Born] probably did. And of course she did. I’ve never met a financial regulator who didn’t feel that fraud was part of their mission, but that was her introduction to Alan Greenspan." Indeed, as Born pointed out last year, Greenspan told her: I don’t think there is any need for a law against fraud. However, Greenspan started changing his tune somewhat in April, and his remarks today reinforce his apparent change of philosophy (a change which is as dramatic as the recantation by Judge Richard Posner – one of the leading proponents over the course of many decades for removing the reach of the law from the economy – of his anti-regulatory stance).
http://www.nakedcapitalism.com/...
For literally the past few years, great Kossacks on this site, have been point out the obvious on this site, and why we are where we are today. I deeply admire the great truth tellers....
It took me many, many years to research so much to get where I got to this day in my life, and regardless of how much we continue to deny what has happened to our nation, at the heart of everything that has occurred to this date is this:
For this fucking asshat, Greenspan to come on now, and cover his ass, to say that it was and indeed have the amazing totally cover his own ass off, makes me think this: the shit is all coming down a lot faster than we can even realize it is, and again I repeat what he said:
Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble.
Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched): Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn’t have failed with adequate capital, he said. "Rampant fraud" was also an issue, he said.
Lack of Trust : "Fraud creates very considerable instability in competitive markets," Greenspan said. "If you cannot trust your counter parties, it would not work."
I noted already my source from this quote, but that is not my point at all...
For the past few years, I've been writing diaries about William K. Black who put 1000 fucking bankers in prison during the Savings and Loan Crisis, and I must say this about him: He has never back downed and never gave up, and neither did Elizabeth Warren, and neither did Simon Johnson, Joe Stiglitz or others.
And now what?
The guy that led us all into the Bubble of all Bubbles, that destroyed our nation, is now agreeing with the same people I've been talking about?
Oh, wow, all of a sudden Fraud is cool and the new trend? Fuck him. How many lives have been destroyed by former Federal Reserve Chairman Alan Greenspan, and now what, all of all sudden he's on the same side as William K. Black?
If you dare, take a look here folks:
http://greenspansbodycount.blogspot.com/
Like I said, Alan Greenspan's new and cool awareness is not fooling me or anyone....so let's take a look at two new videos, that are spelling out how it happened, and how little has changed?
Again, I will indeed promote the number one film that was given a huge standing ovation at the Cannes Film Festival this year, called 'Inside Job'................and that's because this film is what the Europeans got wayyyyyyyyyyyyyyyy before we got, and why it is not being hailed the same way in our nation.
It's the fucking truth of why we are in the state we are today, and now why our own so called progressive MSNBC Republican owned media, will not ever be allowed to interview the man that produced it, or be allowed to tell the truth:
It's called the 'Inside Job' and this is exactly what both parties do not want us to see, and understand:
The other video I want you to understand and see, is what bullshit, that Greenspan is giving out about Fraud...
Because nothing has changed....it's just the same old bullshit..
Do you see the point of my diary yet?
It all bullshit....
No one, let alone President Obama, talks about what is draining us all dry, and they are the same people that are hiding behind the masks of the complete and total take over both parties:
The Oligarchy party, the Military Industrial Complex/Oil Company party, the, Sell all our jobs overseas party, the above all:
TIME TO TAKE OVER THE FINAL SAFETY NET PARTY.
If you don't finally realize they are both working for the same side, then ask yourself these few last questions:
When President Obama was given the greatest, on a silver platter platform to restore the public trust...what did he do?
When President Obama was given the greatest, on a silver patter to lift up the Middle Class, what did he do?
When President Obama had every opportunity to repeal DADT, what did he do?
When President Obama had every opportunity to put in either a public option or Medicare for all, what did he do?
When President Obama had every opportunity, to call the corruption on Wall St/the Banks to restore a true hope for the Housing Markets, so that people were not held hostage in their own homes, who have lost most of the equity in their homes, and can not longer move to other jobs, what little there are, what did he do? HAMP...RIGHT.
When President Obama, had every opportunity to call FRAUD FOR WHAT IT IS AND STILL IS, what did he do? TO RESTORE THE PUBLIC TRUST...what did he do? Including saying fuck you, I'm putting Elizabeth Warren in CHARGE NOW. What did he do?
When President Obama, had every opportunity to choose the greatest minds in this nation, an entire new Economic Team, for new and hopeful ideas to solve the problems? What did he do?
Yes, I know you answer....it was all the Blue Dogs/Republicans Fault who have gone after him from day one...and I agree with much of that...but it much more than that..
Yes, I'm not a fool. I know how deals have to be made to make it work..I get that...
But still, I beg you all to realize this:
Our own party is in deep denial, because we think if we keep electing new and better Democrats, that is some how the answer. Obviously, it is not because we did elect them, and then we lost them.
Did you ever consider why we lost them? I have. I know why we lost them:
Our nation is in a deep, deep state of corruption, and until we face that real fact, nothing will ever change. I'm not a fool, I know it's always been that way, but it's gotten so out of control, that as others have said, what we needed was a 'New Deal' but guess what?
Our New Deal is now being torn from underneath us. So, this is my question to everyone on this site.......
Who in both parties, are going to demand that our jobs stop being sold overseas? Who in both parties, are going to demand that Wall Street and the Banks start lending again to those that built this nation? Who in our party is going to stand up for those that have paid the greatest price, those that have lost their homes and jobs, at the hands of the fucking crooks on Wall St./the Banks?
It does not appear to be President Obama, does it?
I keep saying the 'Rules of Engagement of Changed' but what I fear most is that our own party knows they have, and they don't really give a flying fuck about it.
The Republicans have been the Savage Hate Racist Hate Machine since Obama got in, but what is worse is this:
Where was President Obama, when we needed him most, when he got the greatest fucking silver platter on his plate since FDR, and he had the final chance to restore our New Deal Again, and he did not?
Go ahead apologists, give me your best......I know how we got here...we chose to 'Take Impeachment Off The Table' and look 'Forward Instead of Backward' but all that really did was 'Rubber Stamp the Weakness of our won Party, and worse than that.........
To disregard the two primary focuses of why we are allow both parties to bleed us dry: CORRUPTION FROM WAR AND WALL STREET/THE BANKS.
Give it all you got people..............flame to to death, I know the truth...deny it all you want...
Talk about the Tea Party, talk about Keith Olbermann, talk about the fake bullshit progressive MSNBC Wars..
but in the end....
not one of us on this site site has the guts to talk about what is really going on:
Our two party system died a long time ago, and the longer we refuse to face up to the two things that are draining our nation:
The total corruption of the Military Industrial Complex, and what Wall St./the Banks corruption has really done to our nation, then guess what?
Everything else you are talking about is bullshit.
So here is my last question to all of you...
What Senator and what Congressman is demanding that our jobs stop being sold overseas? What Senator or Congressman or President is holding Wall St/the Banks for holding us hostages in our own homes so we cannot move, to find other jobs in other states, because we can no longer sell our homes?
What Senator or Congressman is going after Wall St/the Banks for how they have sold us out, so we have lost every bit of equity in our homes, and the only fucking jobs our sons and daughters can get now is to GO TO WAR IN IRAN...
I Welcome that debate, I really do. Only, lets stop pretending otherwise...
Again, I want to remind you, that the fucking asshat of them all, that led us this point today said this:
Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble. Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched):
Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn’t have failed with adequate capital, he said. "Rampant fraud" was also an issue, he said. Lack of Trust...... "Fraud creates very considerable instability in competitive markets," Greenspan said. "If you cannot trust your counterparties, it would not work."
Noted above in my research....I've been doing this for soooooooooooooo long..
That is not the point...my point is this:
Why is Alan Greenspan all of a sudden agreeing with William K. Black.
I rest my case.
Thanks as always, I just wish, that my own President who I love so much, would just wake up and listen. I fear it is too late for that.
Ms. B.