According to the "United States housing bubble" Wiki, On October 15, 2008, Anthony Faiola, Ellen Nakashima and Jill Drew , wrote a lengthy article in the Washington Post titled, "What Went Wrong." In their investigation, the authors claim that Greenspan vehemently opposed any regulation of financial instruments known as derivatives. They further claim that Greenspan actively sought to undermine the office of the Commodity Futures Trading Commission, specifically under the leadership of Brooksley E. Born, when the Commission sought to initiate regulation of derivatives. Ultimately, it was the collapse of a specific kind of derivative, the Mortgage Backed Security, that triggered the economic crisis of 2008. On October 17, 2008, attorney Timothy D. Naegele, wrote an article in the American Banker entitled, "Greenspan's Fingerprints All Over Enduring Mess," which argues that Greenspan's actions and inactions triggered the economic crisis of 2008. The article discusses the economic tsunami that has been rolling worldwide with devastating effects; and the author asserts that Greenspan is the architect of the enormous economic "bubble" that burst globally. The author cites Giulio Tremonti, Italy's Minister of Economy and Finance, who said: "Greenspan was considered a master. Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most."
On June 2, 1987 President Reagan nominates Greenspan for chairman of the Federal Reserve Board, which he served for five terms until January 31, 2006. He served under the following presidents: 2 terms - Ronald Reagan - Republican 1 term - George H. W. Bush - Republican 2 terms - Bill Clinton - Democrat 2 terms -George W. Bush - Republican Therefore, the republican must assume 5/7 responsibility for the credit crisis, and the Democrats must assume 2/7 responsibility for the credit crisis. LOL http://en.wikipedia.org/wiki/United_States_housing_bubble http://en.wikipedia.org/wiki/Mortgage-backed_security Regards, LelandJ Pete Theisen wrote: > John wrote: > >> <Now its just a matter of getting people into the houses so the big >> banks can retire the old mortgages in default with new mortgages that are >> performing on the underlying real estate collateral.> >> > > Hi John! > > The people didn't have to even move. They could just refinance into one > of the "new mortgages" based on the bubble "value" of their home. And > they had to do that just to stay alive because all their neighbors were > doing it. Prices of everything else rose to absorb the new "money", most > of this going for food, fuel, health care and other everyday necessities. > > Same old house, big new debt. > _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
