Greenspan Rejects Selective Memories of Congress, Refuses to be Congressional 'Scapegoat' For Subprime Crisis!
- April 08, 2010 18:01:55
- Read all 69 opinions
Excerpt from Wall Street Journal, April 8, 2010:
”He noted that Fed officials issued subprime-lending guidelines in 1999, 2001 and 2004, including on proper documentation for loans. He argued that further regulatory tightening probably wouldn't have made much difference, and called for tougher capital standards to prevent future problems. As for derivatives such as credit-default swaps, he said the problem wasn't lack of regulation, but firms' poor judgment.
. . . .
Mr. Greenspan sought to lay blame for the crisis on international economic forces that were pouring money into the U.S. real-estate market, as well as on domestic political pressures to boost homeownership.
[Greenspan] singled out the congressionally chartered mortgage companies, Fannie Mae and Freddie Mac, which were major consumers of subprime mortgages. Republicans on the commission, particularly former Bush administration adviser Keith Hennessey, echoed that concern.
Mr. Greenspan suggested that Fed critics have lost sight of the political atmosphere that prevailed at the time.“There’s a lot of amnesia that’s emerging,” Greenspan said. “I sat through meeting after meeting in which the pressures on the Federal Reserve and all the other regulatory agencies – to enhance lending were remarkable.”
Barney Frank (D. Mass.), September 25, 2003, during hearings on regulating Fannie Mae and Freddie Mac: “I want to roll the dice a little longer in favor of subsidized housing.”
http://www.dailymarkets.com/economy/2010/01/05/barney-frank-w... :
“If you wonder why America is broke, look no further than the individual who wanted to roll the dice on sub-prime lending, that is the Democrat from The People’s Republic of Massachusetts, Barney Frank. In an interview this morning on CNBC, Frank as much admits that maybe sub-prime lending should have been more regulated. Wow! What balls!
America doesn’t need legislators who operate by looking in the rear view mirror. With the sole exception of Frank’s remark in support of auditing the Fed, he offers platitudes that can only be compared to a social misfit. In fact, as I watched this clip, I constantly envisioned Barney collecting tickets and serving soda at a local theatre . . . said with all due respect to ticket takers and soda jerks.
For Barney Frank to effectively absolve himself of the massive and corrupt bankrupting of Freddie Mac and Fannie Mae is a sin. For America not to hold him accountable is a greater sin.”
”He noted that Fed officials issued subprime-lending guidelines in 1999, 2001 and 2004, including on proper documentation for loans. He argued that further regulatory tightening probably wouldn't have made much difference, and called for tougher capital standards to prevent future problems. As for derivatives such as credit-default swaps, he said the problem wasn't lack of regulation, but firms' poor judgment.
. . . .
Mr. Greenspan sought to lay blame for the crisis on international economic forces that were pouring money into the U.S. real-estate market, as well as on domestic political pressures to boost homeownership.
[Greenspan] singled out the congressionally chartered mortgage companies, Fannie Mae and Freddie Mac, which were major consumers of subprime mortgages. Republicans on the commission, particularly former Bush administration adviser Keith Hennessey, echoed that concern.
Mr. Greenspan suggested that Fed critics have lost sight of the political atmosphere that prevailed at the time.“There’s a lot of amnesia that’s emerging,” Greenspan said. “I sat through meeting after meeting in which the pressures on the Federal Reserve and all the other regulatory agencies – to enhance lending were remarkable.”
Barney Frank (D. Mass.), September 25, 2003, during hearings on regulating Fannie Mae and Freddie Mac: “I want to roll the dice a little longer in favor of subsidized housing.”
http://www.dailymarkets.com/economy/2010/01/05/barney-frank-w... :
“If you wonder why America is broke, look no further than the individual who wanted to roll the dice on sub-prime lending, that is the Democrat from The People’s Republic of Massachusetts, Barney Frank. In an interview this morning on CNBC, Frank as much admits that maybe sub-prime lending should have been more regulated. Wow! What balls!
America doesn’t need legislators who operate by looking in the rear view mirror. With the sole exception of Frank’s remark in support of auditing the Fed, he offers platitudes that can only be compared to a social misfit. In fact, as I watched this clip, I constantly envisioned Barney collecting tickets and serving soda at a local theatre . . . said with all due respect to ticket takers and soda jerks.
For Barney Frank to effectively absolve himself of the massive and corrupt bankrupting of Freddie Mac and Fannie Mae is a sin. For America not to hold him accountable is a greater sin.”
Top Opinion
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Andrew ~ PWCM April 09, 2010 02:36:39
+5Barney Fwank should be delivered to outer space on the next shuttle, never to return
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Greenspan is a f*cking loser, is criminally incompetent and a horrific liar. WTF does he mean that regulations wouldn't have made any difference? It was a Republican piece of sh*t pile of legislation that's responsible for the Bush Depression we're in, and it actually accelerated the problem. Phil "you're all a bunch of whiners" Gramm wrote the CFMA of 2000 which specifically de-regulated credit default swaps. CDS's were gambling and insurance, no more, no less, and should have been fully regulated.
Wanna add responsibility/accountability to the Republican injury inflicted on our country? On September 8, 2005 the Committee on Banking, Housing and Urban Affairs (chaired by Republican Richard Shelby of Alabama) declared
"New types of OTC derivatives have gained increased market acceptance since enactment of the CFMA. For example, the significant growth in credit default swaps to manage credit risk has been greatly enhanced by the legal certainty provisions of the CFMA ." YGBFKM!!!!
You morons who love to try and lump all the blame on one stupid legislator like Frank expose two realities:...
Greenspan is a f*cking loser, is criminally incompetent and a horrific liar. WTF does he mean that regulations wouldn't have made any difference? It was a Republican piece of sh*t pile of legislation that's responsible for the Bush Depression we're in, and it actually accelerated the problem. Phil "you're all a bunch of whiners" Gramm wrote the CFMA of 2000 which specifically de-regulated credit default swaps. CDS's were gambling and insurance, no more, no less, and should have been fully regulated.
Wanna add responsibility/accountability to the Republican injury inflicted on our country? On September 8, 2005 the Committee on Banking, Housing and Urban Affairs (chaired by Republican Richard Shelby of Alabama) declared
YGBFKM!!!!
You morons who love to try and lump all the blame on one stupid legislator like Frank expose two realities: 1) you don't know jack about the subject; and, 2) the only thing that really drives your "engagement" in dialogue on this and other subjects is blind hate and xenophobia.
Pull your heads out of your @sses, read Michael Lewis' book "The Big Short", learn something factual about the Bush Depression we're in and then write on the subject.
http://ep.yimg.com/ca/I/demot...
Michael Lewis??? You have to be kidding - read Thomas Sowell's book "The Housing Boom and Bust" to understand what really happened. In the mean time wash out your mouth with soap and go sit in a corner with the Dunce Cap on - you aren't posting on this blog any more, you foul-mouthed cretin!
[Greenspan] singled out the congressionally chartered mortgage companies, Fannie Mae and Freddie Mac, which were major consumers of sub-prime mortgages. Republicans on the commission, particularly former Bush administration adviser Keith Hennessey, echoed that concern.
For Barney Frank to effectively absolve himself of the massive and corrupt bankrupting of Freddie Mac and Fannie Mae is a sin. For America not to hold him accountable is a greater sin.”
As stated the ENEMY from within, responsible for the financial crises is BARNEY FRANK!! This wasn't political, this wasn't an act of compassion for the "have nots", or was it out of love for America. Barney Frank, a QUEER, who sold his soul for greed, lust and his Lover! His Lover was Herb Moses (Fannie Mae Exec)! Barney Frank is a traitor to
Dolt.
Then they can create more laws to cause more havoc in the name of fixing things.
I would rather see Frank cleaning the floors, anywhere but the men's restroom. I do not want his hands close to anything I will place in my mouth.