http://market-ticker.org/akcs-www?post=171691
So you have been robbed America,
The question is
Why have there been NO ARRESTS?
In a rather-stunning admission on Jekyll Island last weekend, Alan Greenspan "outed" what really happened.
Showing posts with label alan greenspan. Show all posts
Showing posts with label alan greenspan. Show all posts
Tuesday, November 9, 2010
Thursday, April 8, 2010
Only in America
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7564598/Fed-boss-Greenspan-says-no-one-saw-the-crisis-coming.-Really.html
Only in America. Only in America would it be possible to spawn a financial crisis so devastating that it would collapse the entire world economy.
Only in America could the man responsible for interest rates and banking regulation at the time, Alan Greenspan, incredulously insist, as he has again in testimony to the Financial Crisis Commission, that he had very little to do with it.
And only in America could you imagine the story of a one-eyed neurology intern with undiagnosed Asperger's Syndrome (no not Gordon Brown) who ended up making a fortune by applying the principles of "value investing" to subprime mortgage lending. Greenspan says no one saw it coming. Well, this man did.
Everyone has heard of Warren Buffett, the modern day master of "value investing", and most will recognise the name of John Paulson, the hedge fund manager who famously made billions riding the credit crunch storm.
But not many will know of Dr Mike Burry, a one time neurologist who according to a new book* by the former bond salesman Michael Lewis, predicted the crisis almost exactly and persuaded Wall Street to create the instruments that would allow him to capitalise on it.
Only in America. Only in America would it be possible to spawn a financial crisis so devastating that it would collapse the entire world economy.
Only in America could the man responsible for interest rates and banking regulation at the time, Alan Greenspan, incredulously insist, as he has again in testimony to the Financial Crisis Commission, that he had very little to do with it.
And only in America could you imagine the story of a one-eyed neurology intern with undiagnosed Asperger's Syndrome (no not Gordon Brown) who ended up making a fortune by applying the principles of "value investing" to subprime mortgage lending. Greenspan says no one saw it coming. Well, this man did.
Everyone has heard of Warren Buffett, the modern day master of "value investing", and most will recognise the name of John Paulson, the hedge fund manager who famously made billions riding the credit crunch storm.
But not many will know of Dr Mike Burry, a one time neurologist who according to a new book* by the former bond salesman Michael Lewis, predicted the crisis almost exactly and persuaded Wall Street to create the instruments that would allow him to capitalise on it.
Tuesday, April 6, 2010
US panel to delve deeper into causes of financial meltdown
http://www.independent.co.uk/news/business/news/us-panel-to-delve-deeper-into-causes-of-financial-meltdown-1937545.html
So actually we're wasting the money on the commission findings because they don't count anyway? Is that because Congress now finally fully understands the depth of this financial crisis and how it got to be that way and that's why they don't need to reference this report to make their decisions?
The men often painted as the biggest villains of the credit crisis will be hauled before a panel investigating the causes of the financial meltdown this week.
But as Alan Greenspan, the former chairman of the Federal Reserve, and Robert Rubin and Chuck Prince from the bailed-out bank Citigroup prepare to face questions, doubts are setting in that the inquiry commission will achieve more than sporadic moments of political theatre.
Even its leaders have taken to complaining that the commission is underfunded and overstretched for the task of rooting out all the causes of the crisis. And it now appears that Congress could pass a package of financial reforms by the summer, months before the commission puts out its report and recommendations for avoiding a repeat of the meltdown.
The second hearings of the Financial Crisis Inquiry Commission (FCIC) begin tomorrow with testimony from Mr Greenspan
So actually we're wasting the money on the commission findings because they don't count anyway? Is that because Congress now finally fully understands the depth of this financial crisis and how it got to be that way and that's why they don't need to reference this report to make their decisions?
The men often painted as the biggest villains of the credit crisis will be hauled before a panel investigating the causes of the financial meltdown this week.
But as Alan Greenspan, the former chairman of the Federal Reserve, and Robert Rubin and Chuck Prince from the bailed-out bank Citigroup prepare to face questions, doubts are setting in that the inquiry commission will achieve more than sporadic moments of political theatre.
Even its leaders have taken to complaining that the commission is underfunded and overstretched for the task of rooting out all the causes of the crisis. And it now appears that Congress could pass a package of financial reforms by the summer, months before the commission puts out its report and recommendations for avoiding a repeat of the meltdown.
The second hearings of the Financial Crisis Inquiry Commission (FCIC) begin tomorrow with testimony from Mr Greenspan
Friday, December 18, 2009
Karl's take on Greenspan
http://market-ticker.denninger.net/archives/1751-Greedspan-Stick-A-Sock-In-It.html
Check out the bold. How much a month does go out to social security?
And how many months will 50 billion take it?
In answer to a question about why rising debt is a concern, Greenspan said: “The critical issue that economists worry about” is the spiral that occurs with ever-rising debt and debt service, often followed by higher interest rate. As a consequence of that, “the debt service becomes explosive and that moves directly into the budget deficit,” he added.
Yeah yeah. If you read his testimony what you will find missing is any acknowledgment of exactly how it is that government gets the idea that it can run more than a trillion dollars in deficits in the first place!
I'll tell you how, since "Sir" Alan won't: You find a central banker that will kneel before Congress whenever the members drop their drawers by pumping so much liquidity into the system that real rates are in fact NEGATIVE, thereby LITERALLY paying people to borrow.
Of course the government has never met a free money handout it didn't like, and political will for restraint is ZERO when faced with such a circumstance.
The solution to this is really quite simple: Don't do that sort of stupid crap!
We continue to challenge Einstein's General Theory of Insanity - you know, one of my favorite definitions?
Doing the same thing over and over but expecting a different result.
The 900-lb Gorilla that stomped his first piece of china was found in the $290 billion debt limit increase - something that AP reported (perhaps accidentally):
Republicans - who helped supply votes to increase the debt ceiling just last year - unanimously opposed the legislation, which is required to issue new debt to pay for federal operations and deposit up to $50 billion into the Social Security trust funds.
Uh, Social Security wasn't supposed to go negative - that is, require actual general fund expenditures - for another 20 years!
But now it was - and that's a major problem. How much is Social Security and Medicare actually in the hole here? I don't know - but the fact that we're 20 years in front of where we should be in this regard is very ominous.
Check out the bold. How much a month does go out to social security?
And how many months will 50 billion take it?
In answer to a question about why rising debt is a concern, Greenspan said: “The critical issue that economists worry about” is the spiral that occurs with ever-rising debt and debt service, often followed by higher interest rate. As a consequence of that, “the debt service becomes explosive and that moves directly into the budget deficit,” he added.
Yeah yeah. If you read his testimony what you will find missing is any acknowledgment of exactly how it is that government gets the idea that it can run more than a trillion dollars in deficits in the first place!
I'll tell you how, since "Sir" Alan won't: You find a central banker that will kneel before Congress whenever the members drop their drawers by pumping so much liquidity into the system that real rates are in fact NEGATIVE, thereby LITERALLY paying people to borrow.
Of course the government has never met a free money handout it didn't like, and political will for restraint is ZERO when faced with such a circumstance.
The solution to this is really quite simple: Don't do that sort of stupid crap!
We continue to challenge Einstein's General Theory of Insanity - you know, one of my favorite definitions?
Doing the same thing over and over but expecting a different result.
The 900-lb Gorilla that stomped his first piece of china was found in the $290 billion debt limit increase - something that AP reported (perhaps accidentally):
Republicans - who helped supply votes to increase the debt ceiling just last year - unanimously opposed the legislation, which is required to issue new debt to pay for federal operations and deposit up to $50 billion into the Social Security trust funds.
Uh, Social Security wasn't supposed to go negative - that is, require actual general fund expenditures - for another 20 years!
But now it was - and that's a major problem. How much is Social Security and Medicare actually in the hole here? I don't know - but the fact that we're 20 years in front of where we should be in this regard is very ominous.
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