Greenspan defends legacy, jabs Hill

I find it difficult to believe Greenspan can defend anything that he did. Alan Greenspan broke U.S. law when he went to work for the German bank, Deutschebank immediately after leaving his position. He further broke U.S. law by going to work for PIMCO, the largest bond firm in the world, that used to be a U.S. bond company until the giant German insurer Allianz took them over, a move that Greenspan never did anything to prevent. Greenspan never did anything that was not detrimental to the U.S. or beneficial to Japan and Germany economically. He follows the pattern set by his predecessor Paul Volcker, who also should have been criminally charged for breaking U.S. law by going to work for a private Japanese equity firm - Fuji-Wolfensohn along with former World Bank head, Wolfensohn, that paid him millions of dollars to "represent Japanese companies in the U.S." Volcker was obviously representing Japanese and German companies in the U.S. while he was allowing Japan and Germany to massively undervalue their currencies vis a vis the U.S. dollar to attack the U.S. economically. Just as Greenspan must have been representing Japan and Germany and hurting the U.S. by working to allow a massive buildup of debt in the US and the continued massive acquistions of US treasuries by countries such as Japan instead of raising interest rates and issuing more dollars to cover the U.S. debt.

Greenspan warned of "irrational exhuberance" in the dot-com economy but continued to keep interest rates low, which makes credit cheap which encouraged borrowing for start up businesses that went nowhere. So yes Mr. Greenspan you do share some of the blame.

He's right. He's to blame, and Congress is to blame, and Bush is to blame, and Obama will finish the legacy of corruption, with a national bankruptcy. UNLESS, ..... the voters are expeditious in removing the special interest criminals, both lib dem and rino republican.

Can't this guy just go away? Doesn't he realize that he looks worse and worse everytime he opens his mouth?

Greenspan IGNORED what was coming.

He knew and if he had done his job we would NOT be in the mess we are today.

Greenspan knew about the Fannie and Freddie fiasco yet Barney Frank and Chris Dodd ran with their finest "charity".

All under the NINJA loans.

HUD also has blame to take as they funded ACORN with housing.

Americans will NOT be happy when the news about Fannie and Freddi comes out.

Obama and Holder have claimed that Fannie and Freddie is NOT under the Freedom of Information Act.

That alone is the biggest RED flag.

Fannie and Freddie's finances are NOT on Americans books.

WHY?

Dodd is NOT to be trusted in his play about the financial REFORM.

Anyone who believes him is dumber than a rock.

Investigate this travesty perpetrated on the taxpayers,.....THEN ....and only then listen to Dodds next scheme.

ewor: Apr. 7, 2010 - 12:30 PM EST

This monster is so guilty that he derserves a trail ASAP. He and Andrea should leave town or be jailed soon. Along with the other republican and blue dog deems that screwed this counrty for generations to come.

Thanks for the laugh. It never ceases to amaze me that even in the face of overwhelming evidence to the contrary, some dems just continue to parrot the lib's talking points regarding the meltdown of the mortgage industry. I assume that since the main focus of this story is the disasterous results of the mortgage crisis, you are blaming the republicans and blue-dog dems for the screw-up. The dems like to say that it was republicans who enacted deregulation legislation that allowed banks to get involved with shady housing loans. The dems like to forget that on November 12, 1999, Bill Clinton repealed the Glass Steagall Act, which for 55 years had prevented banks from getting into the so-called "investment banking" business ". The mortgage crisis may have never happened if Clinton had not repealed the law that prevented banks from getting in the risky investment banking business.

The Bush administration and congress tried to rein in Fannie Mae for years, but they were blocked in their efforts by people like Barney Frank, Chris "Countrywide" Dodd, Maxine Waters, Nancy Pelosi, the congressional black caucus and many other democrats that no one would ever describe as being a blue-dog. Those democrats assured us that Fannie Mae was in great shape. Well they lied.

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docbraden.blogspot.com

I remember when Greenspan warned of "irrational exuberance" in the markets. He was right about that, but, I think he was a bit lax on regulation. I want a full investigation of Fannie Mae and Freddie Mac.

Frank doesn't

Frank blames Greenspan and anyone else he can find as long as its NOT himself.

But his fingerprints are all over this fiasco.

Time after time, Frank insisted that Fannie Mae and Freddie Mac were in good shape.

Six years ago, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis".

When the White House warned of "systemic risk for our financial system' unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares, "The private sector got us into this mess."

Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train.

If Frank is looking for a someone to blame, he can find him in the nearest mirror.

Dodd was his partner in crime on the Senate side with Chuck Schumer and Maxine Waters in the mix.

Greenspan neglected his role in the "regulations" that were already in place.

NOW they want more.

More so they can ignore them also?

Greenspan said the selling of the soaring number of subprime mortgages in securities to investors was the trigger for the financial crisis.

He blamed affordable housing mandates set by federal officials on the government sponsored housing enterprises,

Fannie Mae and Freddie Mac,

and their subsequent large--scale purchase of securities backed by subprime mortgages, for the housing bubble that later burst, sending financial markets reeling.

Did Greenspan turn his head sideways while Barney Frank and Chris Dodd did this to our economy?

YES!

Greenspan helped create this mess. He can point his finger all he wants but a lot of this was his fault in my opinion.