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Re: Recession

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Message 21 of 44

rk9152:  Did he say anything about Barny Frank and the cause of that "wanton mortgage lending" being able to occur??

 

No, I don't think Greenspan is into peddling RWNJ conspiracies.

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Re: Recession

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Message 22 of 44

O.K. - you know more than Forbes, the Atlantic, and the Boston Globe. If you say so, I'll just have to take your word for it.

 

 

You can prove me wrong by showing me the law that requires lenders to lend money to borrowers that are not credit worthy.

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Re: Recession

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Message 23 of 44

@Olderscout66 wrote:

@Panjandrum wrote:

 

 

Alan Greenspan Oct 2008:

 

WASHINGTON — For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.

But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.

“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.

https://www.nytimes.com/2008/10/24/business/economy/24panel.html

 

 

 


So the most influential Fed Chairman in living memory says it was "wanton mortgage lending" by UNDER-regulated private lenders.

Still, the culprits made TRILLIONS screwing over the middle class, so their neoRepublican apologists will continue to tell their lofo base it was the GOVERNMENT who done the evil deed (so they can DO IT AGAIN)

 

Well, even we lofos understand that if the government permitted it, there must have been pols involved - and that brings us back to Barney Frank and the first post.


 

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Re: Recession

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Message 24 of 44

@Panjandrum wrote:

 

 

Alan Greenspan Oct 2008:

 

WASHINGTON — For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.

But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.

“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.

https://www.nytimes.com/2008/10/24/business/economy/24panel.html

 

Did he say anything about Barny Frank and the cause of that "wanton mortgage lending" being able to occur??


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Re: Recession

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Message 25 of 44

@Olderscout66 wrote:

@Snoopy48 wrote:

@rk9152 wrote:

On a regular basis the recession caused by the housing boom/bust is laid at the feet on President Bush, ignoring the real reason for it. And usually it includes claiming it was Republican support for rich bankers that gave us the sub-prime.

 

Let us consider:

http://archive.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints...

 

https://www.theatlantic.com/business/archive/2011/12/hey-barney-frank-the-government-did-cause-the-h...

 

https://www.forbes.com/sites/georgeleef/2014/01/10/one-bad-law-usually-leads-to-others-the-housing-b...


Why should we believe the opinions of these three hardcore conservative writers over the many others that agree that their claims are bogus? They do not necessarily reflect the views of the publishers. 


Nor can they survive even the most cursory analysis - they don't even describe the operation of Fanny Mae and Freddie Mac accurately, and completely misrepresent the Community Reinvestment Act of 1977.They even totally trashed the reality of jrbush's American Dream Downpayment Act of 2003.

 

The articles do nothing but attempt to pour some gravy on the Republicans' Zombie Lies concocted to conceal the way they destroyed the World financial system in blind pursuit of other people's money. They do this because their scam redistributed  AT LEAST TWO TRILLION DOLLARS of wealth from the middle class to the Banksters in the 1% AND THEY WANT TO DO IT AGAIN AS SOON AS POSSIBLE.

 


Very impressive - another poster who knows more about the topic than people with careers writing for Forbes, the Atlantic, and the Boston Globe.

 

The intelligence offered is buffered with such deep phrasing as "Zombie Lies".

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Re: Recession

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Message 26 of 44

@Panjandrum wrote:

 

 

Alan Greenspan Oct 2008:

 

WASHINGTON — For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.

But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.

“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.

https://www.nytimes.com/2008/10/24/business/economy/24panel.html

 

 

 


So the most influential Fed Chairman in living memory says it was "wanton mortgage lending" by UNDER-regulated private lenders.

Still, the culprits made TRILLIONS screwing over the middle class, so their neoRepublican apologists will continue to tell their lofo base it was the GOVERNMENT who done the evil deed (so they can DO IT AGAIN)

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Re: Recession

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Message 27 of 44

 

 

Alan Greenspan Oct 2008:

 

WASHINGTON — For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.

But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.

“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.

https://www.nytimes.com/2008/10/24/business/economy/24panel.html

 

 

 

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Re: Recession

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Message 28 of 44

@rk9152 wrote:

@rker321 wrote:

We need to remember that John Birchers have always had some funny notions as to what this country should be and how it should be governed.

We do have in this message board some glaring examples.


Who do you see as a Bircher - Forbes, Atlantic magazine, or the Boston Globe? Or are you just saying something without thinking?

 

Darling, I am a woman never bother to use my brain, but I do have other uses.


 

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Re: Recession

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Message 29 of 44

@Snoopy48 wrote:

@rk9152 wrote:

On a regular basis the recession caused by the housing boom/bust is laid at the feet on President Bush, ignoring the real reason for it. And usually it includes claiming it was Republican support for rich bankers that gave us the sub-prime.

 

Let us consider:

http://archive.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints...

 

https://www.theatlantic.com/business/archive/2011/12/hey-barney-frank-the-government-did-cause-the-h...

 

https://www.forbes.com/sites/georgeleef/2014/01/10/one-bad-law-usually-leads-to-others-the-housing-b...


Why should we believe the opinions of these three hardcore conservative writers over the many others that agree that their claims are bogus? They do not necessarily reflect the views of the publishers. 


Nor can they survive even the most cursory analysis - they don't even describe the operation of Fanny Mae and Freddie Mac accurately, and completely misrepresent the Community Reinvestment Act of 1977.They even totally trashed the reality of jrbush's American Dream Downpayment Act of 2003.

 

The articles do nothing but attempt to pour some gravy on the Republicans' Zombie Lies concocted to conceal the way they destroyed the World financial system in blind pursuit of other people's money. They do this because their scam redistributed  AT LEAST TWO TRILLION DOLLARS of wealth from the middle class to the Banksters in the 1% AND THEY WANT TO DO IT AGAIN AS SOON AS POSSIBLE.

 

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Re: Recession

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Message 30 of 44

@Snoopy48 wrote:

@rk9152 wrote:

On a regular basis the recession caused by the housing boom/bust is laid at the feet on President Bush, ignoring the real reason for it. And usually it includes claiming it was Republican support for rich bankers that gave us the sub-prime.

 

Let us consider:

http://archive.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints...

 

https://www.theatlantic.com/business/archive/2011/12/hey-barney-frank-the-government-did-cause-the-h...

 

https://www.forbes.com/sites/georgeleef/2014/01/10/one-bad-law-usually-leads-to-others-the-housing-b...


Why should we believe the opinions of these three hardcore conservative writers over the many others that agree that their claims are bogus? They do not necessarily reflect the views of the publishers. 


Fine - if their thinking doesn't make sense to you, feel free to disagree. You can even point out specifics that you don't agree with. Or you can just say "hardcore conservative" and let your thinking end there.

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