November 21, 2008

Classic Greenspan dress-down by Bernie Sanders, followed by Greenspan's admission of guilt




Ah, the good ol' days, when we only had a $4 trillion national debt...

But still, I loved this one with Sanders going off on "The Maestro".

History will be brutal.

I can't believe the damage that one man has done to this world.



40 comments:

Batman said...

Sounds like a Kenneth Lay sort of answer to that wonderful spanking.

sweet potato said...

Al-Queeferonio
For the gazilianth time:
Fed over night low rates were NOT responsible for Housing bubble
REAL 30 YEAR FIXED RATES OLNY DROPED FROM APPROX. 7.25 TO 5.25 AT ITS LOWEST.

Just like today.
Fed rates are crazy low, yet 30 year fixed rates are above 6%

One word by Greenspan = ‘conundrum’

I know, I know Realtwhores ran around exciting the sheeple with ‘rates are low buy now! Or you’ll be priced out forever’

If Fed rates cause housing prices to go up then why are they going down now with Fed rates at record lows?

The Sheeple who took on more debt then they can afford are really the only ones responsible!

It is the amount one can afford to pay each month that matters most.
A person that can afford $1,200 a month for housing
Can only afford $1,200 a month no matter if rates are at 29% or zero%.

Anonymous said...

Christ I thought it was Bill O'Riley with a mask on. Waxman is much more effective staying focused and cool.

Loved the part about "presuming the self-interest of banks...were best capable of protecting their own shareholders..."

IN OTHER WORDS, I had no idea that a boss would stuff his own pockets to the detriment of his employer if he could get away with it.

satan said...

I have Greenspans soul...

Only he would want it.

It's a POS.

vanilla ice said...

He was "shocked" by the downturn. All he had to do was look at a graph of housing volumes, or housing prices. All he had to do was compare rental earnings of a typical house to the price of that house.

Mr. Greenscam is a smart guy. But he's too smart for his own good. He has the ability to convince everyone including himself that bad is good, up is down, that greed and debt are investment and prudence.

Anonymous said...

this may seem like a hijack attempt but I think it is relevant because it shows that you cannot trust the MSM to fulling inform you. I am not talking about whacked out chenney flying jets remotely 9/11 stuff.

http://tinyurl.com/6dq3tu

probably old news to most of you.

further proof that the media is not doing its job, which we all have known for a while now.

Lost Cause said...

Greenspan was only doing his job. He is not the boss.

k.w. - Southern Ca. said...

I hope people can see - as made so clear by Mr. Sanders - that we're being fleeced by professional BS'rs like Greenspan, Paulson, Bernanke, etc...

It's time these people fall from their high gilded perches and someone else - with more reason and care for the national as a whole - take over.

Unfortunately, there is no proactive change for the better, only reactive (as we're seeing now in our sinking markets) in the form of natural economic forces that are now leveling the playing field.

These changes are long overdue, but unfortuantely, there will be alot of pain associated with the catastrophy we are now wittnessing in this country.

Tom Grey said...

Demonization of Greenspan is both objectively false but also counter-productive.

His stable money & full employment policies seemed to be working. He should have known better, but with Fannie Mae risk mistakes being leveraged into excessive housing investment and then massive stock market paper wealth ...

Barney Frank's opposing Bush's regulating of Fannie Mae in 2003 was a bigger mistake. Phil Gramm's opposition in 1999 (?) to including derivatives in regulation was also a bigger mistake -- and all the CEOs who used leverage they didn't understand are also to blame.

Tom Grey said...

Oh, there's also a bloodlust desire for punishment & humiliation that reminds me of ... let's see...
commies, that's right.
Communists taking the property of all landowners; in Russia thru the 20s (see Dr. Zhivago), in Slovakia thru the post-WW II takeover.

I like a LOT of this site, but the envy/ desire to punish others, besides taking back the money they haven't earned, isn't so good.

I *do* favor 90% or more 'unearned excess bonus' taxes on all financial firms now getting gov't cash, for those who made more than the US president, for instance.

Anonymous said...

What a failure our system has been - how did one incompetant old fool get so much power that he could destroy the economy almost single-handedly? If there is one lesson to be learned from this, it's that we need to abolish the Fed so this never happens again.

Guberville Smack said...

I was in on the 34-1/2 point over fix with the Bengals/Steelers. Good thing Marvin Lewis is underwater on his mortgage and kicked a completely senseless field goal to assure his team would lose right then and there with 6 minutes left in the game.
Another day, another conspiracy.
I will be making a fortune on inside information now that all the debt slaves in the NFL will be feeling the credit crunch.

Anonymous said...

You can't arrest someone for
mistake . If your a jerk and you had the wrong theory ,they don't arrest you for that . If you committed fraud or took unfair advantage of a situation ,or engaged in insider trading ,you could get arrested .

I believe that Greenspan had just plain old brain error ,maybe because of his age .

How anyone in a power position like Greenspan could not understand the excess money supply that was building is incompetent .
Greenspan said in some interviews that he missed that whole aspect ,and no doubt he missed that faulty lending and fraud was rampant . Greenspan has said in interviews that he could not stop the excess money supply ,that was looking for yields .

Greenspan kept the rate to low for to long and he could of put a serious dent in the speculation mania by raising the rates . He was way to slow to react .

I think that the lobbyist were the greatest contributors to the house of cards ,but no excuse on the Politicians part to give them their way and de-regulate .

Anonymous said...

Keith,

Put this video on your site, Peter Schiffs is schooling some folks, came out yesterday.

http://tinyurl.com/6d2jyz

Anonymous said...

Thanks for pointing this out Keith. I really wish you would focus more of your efforts on the Godfather of this planned implosion.

It hath been foretold:

Search: The Protocols of the Elders of Zion.

To the Sheeple: If you don't know that the Federal Reserve is a Zionist Thug organization I've got an overpriced Miami condo waiting for you.

Anonymous said...

What does it mean when the dollar becomes worthless? Like, an apple costs $50?
I don't understand.

BubbleGirl said...

WTF was our economy riding on housing? I mean, to think that everything seems to have been based on the hope/assumption that real estate would keep going up into the stratosphere, still boggles my mind. What effin geniuses those MBA schools and MIT were turning out, eh?

Guberville Smack said...

I think NINJA no doc loans and 0% down did much more damage to housing than the low interest rate. Nevertheless, Greenspan is the ugliest looking "Creature of the Jekyll Lagoon" reptile I have ever seen. Any children/ grandkids getting a bedtime story read by him at night will be scarred for life! He should be whipped in public just for being ugly.

Anonymous said...

I guess we have some newcomers who don't seem to get basic economics. Greenspan was directly responsible for the bubbles with his low interest rate policy. When money is cheap, banks loan without care.

Sweet potato, the fed's low rates applied to loans given to banks and lenders. They got the money for cheap and they loaned it out for a little bit more. Then they leveraged all of those loans.

Greenspan encouraged people to take out ARM loans and he kept interest rates low long after it was clear there was a bubble. This was a political calculation he was making.

Wind Farmer said...

I must say, I'm glad that Satan has joined the conversation.

I want to know who else you've made deals with. I want names and I want them now! Come out of the shadows.

Anonymous said...

Here are some classic photos from the Bohemian Grove shortly before Mr Greenslime was picked as Fed Chairman:

Bohemian Grove Holiday Photos (1984)

Anonymous said...

"...this may seem like a hijack attempt but I think it is relevant...probably old news to most of you..."

Just plain old is more like it.

Yes, Obama; what a tragedy. It's all his fault months from taking office.

Too bad he's smart enough to let the guy in charge twist in the wind.

How cynical of him. Almost as cynical as the sitting(on his thumbs) President.

cold pizza said...

Glad its over...Dow up 4% right now.
That could have been bad.
This correction and short lived panic was brought to you by Reaganomics.
But seriously Greedspam was just trying to string things along as best as he could. When a nation's labor force is busy selling junk to each other instead of producing usable products, and the bankers are busy trading the junk bond du jour (junk bonds, tech stocks, mortgages, swaps,...) then the economy is a joke just waiting to collapse like a house of cards.

Elder insider said...

Anonopussy said:
‘To the Sheeple: If you don't know that the Federal Reserve is a Zionist Thug organization I've got an overpriced Miami condo waiting for you.’

As a life long high ranking member of the inner circle of the elders, I want to share some ‘inside information’ only with you special Sashers.

Warning: the following information is highly classified and should not be shared with non Zionist.

Our Elder R&D wing with a budget 6-7 times the size of all of the worlds economies combined and an active participating scientist membership in the trillions (there are more Elder scientist then the population of China and India)

Have recently patented (under the secret Zionist patent community) a multi functioning device that will solve current financial crisis, the risk of meteorites hitting our milky way galaxy while at the same time control all the worlds TV and Radio channels, Both digital and analog.

Being that the old paper media which is already under our full control has been rebelling lately with all sorts of non Zionist garbage, we had to find a better way.

PS; From a Physical prospective a typical Elder or any Zionist can crush 17.3 golf balls before breakfast with both his/her hands tied behind their back

PPS: take your pills

pretty in pink said...

I think Greenspan is Sexy

vanilla ice said...

Tim Geithner for Treasury Secretary. The world is saved!

sweet potato said...

Anon said:
'Sweet potato, the fed's low rates applied to loans given to banks and lenders. They got the money for cheap and they loaned it out for a little bit more. Then they leveraged all of those loans.'

1) The person taking out the loan did not benefit from the low Fed rates; 30 year fixed rates did not go down that much.
2) Banks where giving out loans to everyone not because their rates where lower but because the Collateral (the property) was going up like crazy and the MBAs thought who cares if the person pays back the loan they can always sell the Collateral for even more money. They where giving out liar loans way after the Fed increased the rates
3) It is obvious that you still do not understand the cause of the housing bubble and you did not see it coming. Anyone who blames the Housing boom solely on low Fed rates doesn’t get it.
4) Why are things different now, aren’t the Fed rates at record lows?
5) Honestly: do you owe the bank more than your house is worth?

Anonymous said...

Tim Geithner - another New World Order Stooge:

"After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988."


Rothschild
|
Rockefeller
|
Kissinger
|
Geithner

Guberville Smack said...

"When money is cheap, banks loan without care".

But does this justify No Doc, Ninja, 0% down loans?
Or is this like blaming the sun for getting a sunburn?

"I think Greenspan is Sexy"

I would never argue with such a fine lady as yourself.

ATE-UP said...

ATE-UP SAID:

Pretty in Pink and Guberville Smack...TEE HEE!!!!!

Anonymous said...

Elder said:

"As a life long high ranking member of the inner circle of the elders, I want to share some ‘inside information’ only with you special Sashers."

I was waiting for some knee-jerk spin meister to post something to deflect reality and pacify the casual reader. It's typical and par for the course ... and expected.

Your deflections only show how uncomfortable you are on a subconscious level with what I posted. If you really thought there was nothing to it you wouldn't waste your time typing seven paragraphs to a 'pussy' like me - as you call it - and then tell me to take medication.

The subconscious manifests itself in mysterious ways. Are you the one that needs the meds? Are you a pussy? You brought it up, lol.

I don't need to call you names I only have actual reality on my side. You will find radical Zionists behind every facet of the Protocols of the Elders of Zion (unless you're blind).

It's o.k. to talk endlessly about 'Radical Islam' and 'Radical Christianity' and thankfully I'm noticing that it's slowly becoming the norm to talk about Radical Zionism.

Any reply to this post shows that you really do need meds.

US chick said...

Japan had like zero% interest rates without Greenspan for the past ten years and the housing market in Japan has been dead for about the same time

Europe did not have Greenspan or low interest rates and they had a way bigger housing bubble then we did.

hmmmm

and i also think Greenspan is a hottie

Anonymous said...

Oh the crooks want you to think that Greenspan was the cause so you take
you eyes off the lobbyist and corrupt Political system that de-regulated and committed fraud with fake securities . Greenspan made a big mistake with keeping the rates to low for to long ,but Greenspan is not in charge of the aspect of lenders and Wall Street
making crazy loans . In 2004 Greenspan went to Congress and alerted them about the loan making
(I saw the tape ).

Anonymous said...

"...You can't arrest someone for mistake..."

THE most common cover story/smokescreen of our modern age: incompetence allowed these people to rise to the pinnacle of power.

Certainly no malfeasance or malice aforethought involved.

They're just fukkups.

Peter said...

Greenspan when he dies should be placed next to his mentor and Idol Ayn Rand- whom he loved so much, for her radical conservative laissez fair ideas.

Greenspan was always a friend of the mega rich and corporate CEO's- and had little tolerance for the weak or those unable to be strong enough to compete in the brutal dog eat dog of capitalism he and Ayn Rand envisioned.

Today much of Ayn Rands puerile thoughts and books have been largely discredited as belong obsolete and unfit for a 21st century world- the same is true of Mr. Greenspan.

Paul E. Math said...

That Schiff video posted by anon is truly one of his best. Everyone needs to see it. I love the way Schiff is in the position of power, standing, while the rest of them are seated, looking small, shame-faced and impotent.

Elder, that's funny and all and I thank you for your post. But look what you did to the troll, you've encouraged him now.

Peter said...

Greenspan when he dies should be placed next to his mentor and Idol Ayn Rand- whom he loved so much, for her radical conservative laissez fair ideas.

Greenspan was always a friend of the mega rich and corporate CEO's- and had little tolerance for the weak or those unable to be strong enough to compete in the brutal dog eat dog of capitalism he and Ayn Rand envisioned.

Today much of Ayn Rands puerile thoughts and books have been largely discredited as belong obsolete and unfit for a 21st century world- the same is true of Mr. Greenspan.

Elder insider said...

Anonopussy said:
‘I don't need to call you names I only have actual reality on my side. You will find radical Zionists behind every facet of the Protocols of the Elders of Zion (unless you're blind).’

Let me tell you a bit about ‘actual reality’
My baby sister is an Elder and a radical Zionist.
When she was only 17 months old (notice the subconscious number 17) she already controlled all the businesses and corporations in her village, by the time she was19 months old she was already controlling the rotation of Pluto.

Now some more ‘reality’
The holy book ‘the protocols’ is the bible in my house it was written by the son of the immaculate hatching himself.
Non-beleivers will suffer for eternity.
Anyone doubting that the author was hatched out of an egg in the desert is a non-believer and will suffer the consequences
It is thee most trusted piece of information known to mankind.

PS; Face it; your furor committed suicide, he did not even have the courage to fight, very much like yourself a big pussy blaming others for your personal failures.

elder forgot his/her meds said...

Bwahahahaha .... I just knew that bringing up medication would strike a sore nerve with you, Elder. Don't ask how.

What happens to a young girl/guy like you when you stop taking your meds? Does 'the condition', and I don't even want to venture a guess, just run wild? Does it run in your family, lol?

Here's some advice Elder: put down your matzo balls and step away from the computer. Step away and go play outside. There, there ... feel better now?

WTF1920 said...

YEAH! Bernie Sanders lied the smackdown on that wrinkly douchebag!