Oct 20 2009, PBS frontline the warning.

Quote from vhehn:

it had to destroy what was left of greenspans credibility. it is not very comforting that summers and geitner are still in positions of power in the obama administration.
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Agreed! Brooksley Born in my new hero. She knew, told them, and the good old boys club gave her the boot.
The show gave some really good insight in to just how long they knew, and how deep the corruption went. And not a damn thing has changed.
 
Quote from truehawk:

Unbelievable.

Greenspan did not believe in regulating against fraud? Un$ucking believeable.

And is sounds like the banks were up to their necks in CDSs already at the end of the Regean/Bush administrations.

They did not want to have the CFTC require that the transactions be registered even at that point because it would have become clear that they did not have the reserves to back their bets back in 1994.

Without regulation and enforcement the bad will always drive out the good, because the bad DESIGNED to look better than real can, and is cheaper.
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http://www.nytimes.com/2008/10/09/b...gewanted=2&_r=1&em&adxnnlx=1256126420-/xvPtEZ EU3yuC2jpcPe5Q

From that article page 2.


In his testimony at the time, Mr. Greenspan was reassuring. “Risks in financial markets, including derivatives markets, are being regulated by private parties,” he said.

“There is nothing involved in federal regulation per se which makes it superior to market regulation.”

Mr. Greenspan warned that derivatives could amplify crises because they tied together the fortunes of many seemingly independent institutions. “The very efficiency that is involved here means that if a crisis were to occur, that that crisis is transmitted at a far faster pace and with some greater virulence,” he said.

But he called that possibility “extremely remote,” adding that “risk is part of life.”
 
Obviously I missed it. Did anyone record this by chance? If so, can ya upload for the rest of us lazy bums? :D

BTW Greenspan is a jackass of n-th degree and his successor is an also-ran. History will eventually deal with them.
 
Quote from saliva:

Obviously I missed it. Did anyone record this by chance? If so, can ya upload for the rest of us lazy bums? :D

BTW Greenspan is a jackass of n-th degree and his successor is an also-ran. History will eventually deal with them.
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bernanke greenspan larry summers and geithner - jews

well, at least their not as bad as the people who pushed us into the iraq war, wolfowitz and perle

oh wait - they're jews too
 
Quote from trendlover:

I have respect for that. All the people who follow him (Geithner, Summers) know this now. Something will change in OTC derivitives.
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Well, any jackass can make the change after the fact. The point is to change it before the damage is done. And, yes, Greenspan and Bernanke in this regard are collectively the biggest jackass of our time.
 
Quote from saliva:

Well, any jackass can make the change after the fact. The point is to change it before the damage is done. And, yes, Greenspan and Bernanke in this regard are collectively the biggest jackass of our time.
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they're not the biggest jackasses of our time, they're the most clever thieves of ALL time

just ask yourself - did they or their buddies get hurt?

the people who created this debacle jsut gave themselves record bonusses, and the taxpayer just got enslaved to the tune of over a trillion
 
Quote from saliva:

Well, any jackass can make the change after the fact. The point is to change it before the damage is done. And, yes, Greenspan and Bernanke in this regard are collectively the biggest jackass of our time.
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I have respect that he can admit he is wrong. Not respect that he understand now "after the fact"
So many people see Greenspan like a god before, so if he admit he is wrong, more people will believe that.
 
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