AIG Is Going To Take Us Much Lower

[trendlover]

Quote from Landis82:

That is a rather simplistic assessment of an issue that is much more complicated than you appear to realize.

Greenspan had an incredibly excessive ideological belief that markets were "self-regulating" and did not suffer failure or distortion.

It's not just about low interest rates.
That would be extremely naive.

For example, the $477 billion dollar exposure to the CDS market that AIG is suffering from had everything to do with deregulation legislation from 2000 spear-headed by Phil Gramm, Dick Luger, and Pete Fitzgerald without even a committee hearing, or a recorded vote.

http://wonkroom.thinkprogress.org/2009/02/20/gramm-tour/

 

[ByLoSellHi]

Quote from Landis82:

That is a rather simplistic assessment of an issue that is much more complicated than you appear to realize.

Greenspan had an incredibly excessive ideological belief that markets were "self-regulating" and did not suffer failure or distortion.

It's not just about low interest rates.
That would be extremely naive.

For example, the $477 billion dollar exposure to the CDS market that AIG is suffering from had everything to do with deregulation legislation from 2000 spear-headed by Phil Gramm, Dick Luger, and Pete Fitzgerald without even a committee hearing, or a recorded vote.

Your point about Greenspan rings so true, and is so precise.

I can't help but think about how he was speaking when interviewed by David Faber for that CNBC special 'House of Cards.'

It is exactly that same belief, or dogma, that kept Greenspan absolutely hands-off as people with virtually no income were getting one million dollar, no doc, no verification, mortgages.

 

[midniteeuropa]

unbelievable, shouldn't there be any type of accountability? jail time or even a be-heading like the chinese do it ?

the gov't , the people and your children will be the ones take the heat for this.

 

[stock777]

clown must be an ET lurker

http://www.slate.com/id/2212480/entry/2212637/

 

[Rabbitone]

Quote from jsv416:

The only reason there isnt chaos in the streets right now is because the govt is propping everything up with borrowed money, multi-trillions of $ that WE DONT HAVE. This is going to end very badly, it may be a few years down the road, or maybe sooner, who knows, I am beginning to think this may be END GAME.....

Come on what’s a few trillion to politicians. Give me a break. And stop worrying so much. These are the good times. In a few years when the middle class is gone, jobs are non existent only then will the riots start (then we will remember how good it was today and only a few will recall what AIG did). And then a few years later when world war III starts there will be full employment in the war factories while we fight the Chinese and the world losses a billion or so people. But after the war, then inflation will take over from all of the savings during the war and we will be into our first Quadrillion budget. And by then no one will ever remember about the AIG’s and the trillions. And so they caused the problem. So what.....