Greenspan is a congenitally dishonest, ravening piece of shit who would ____ his mother in Grand Central Station if it furthered the interests of starving the poor and fattening the rich.
Well, let's think about this, you really can't blame Greenspan for this then. It doesn't sound like Greenspan who said this though. I'll guess the Tan Man.
But to be fair to the poor confused old man, Nobody Could Have Imagined that fostering demand for convoluted poorly regulated financial instruments would have led to a flood of crappy quality ones, wrapped up in a bow with a gold star from the ratings agencies.
it would seem most of the players (govt, financial world, regulators, Fed, etc) seem to be saying the exact same drivel.
it reminds me of those refridgerator magnates that have words written on them. You can rearrange the magnates to say cute stuff to your sweetie or whatever... but there are only so many words, and thus only so many permutations...
same thing here. There are like 100 magnates with words. All the "important" people just recycle them.
It can't be Doug Noland (who I have great respect for), because it doesn't have enough Capitalized Words and "Quoted Terms" and doesn't mention the Great Credit Bubble and Myriad Investment Bubbles and Acute Liquidity Crisis.
It can't be Larry Kudlow (who I don't have respect for), because even though it excuses the Wall Street firms, it isn't trying to tell the Greatest Story Never Told, because, well, this story's already been told.
And someone beat me to ruling out Cramer, definitely not enough hysterics.
So I'm voting with the rest of you and putting down Alan Greenspan, as a quote out of his upcoming book, "If I Had Created a Credit Bubble."
And to think Andrea Mitchell sleeps with him. Double yuck.
FFDIC
Yeah, you know, Cole Porter was married to a woman also.
Greenspan's long years of bachelorhood leaves me wondering...and Andrea Mitchell looks like a freakin' bull dyke if there ever was one. Nah, I'm sure McGreevey and Greenspan crossed paths in some anonymous zone in the past.
There's way too much convenience in their partnership for this to not be arranged. She is a perfect media outlet cheerleader to 'prepare' the media for the spin. But sex? I doubt with each other.
Let's truly examine what happened without moralizing. Markets and moralizing are a very bad mix. Whatever market we are dealing with be it real estate, mortgages, stocks, commodities... There are certain characteristics of every bubble, otherwise know as a "boom bust cycle" that exist. In this instance let's discuss the housing market, shall we?
In the late 90's real estate was cheap. Speculative capital poured into stocks, not housing. Stocks tanked in 2001 and by 2003, the Fed Funds rate was below the rate of inflation. True inflation mind you, not the BS stats we are fed by the government. As real estate was in a certain price range when rates were higher, the adjustment in rates adjusted the price to a new level which was justified (for a brief time) given lower borrowing costs. But a funny thing happened on the way to the bubble. AU or "automated underwriting" also appeared at the same time... Uh oh!!! More fuel to the already hot fire!!! Blind Fico faith and competition for business overcame prudence and common sense and a full scale boom clouded many people's minds. The memories of previous busts were forgotten as many of the players were mere children when the last similar event occurred with massive S&L failures in the late 80's and early 90's
So here we were with all these new tech gadgets approving anything with a 680 + credit score and a bunch of aggressive kids who neither knew or cared to know about previous housing busts, the last one being a distant memory, in a negative real interest rate environment. A negative real interest rate environment discourages saving and encourages borrowing.
Then along came 100% "stated income" loans asking few if any questions. Some went as low as a 580 credit score ... To the bonfire that was already too big a hi pressure hose shooting gas into the towering flames was brought in for the grand finale. KaBoom!!!
Now the aftermath...
Want to know the future? It isn't that the dumb, sub-prime borrowers learn to manage their finances and then qualify for A-paper loans or irresponsible, greedy lenders(whoever that is) get punished. Want to know what happens?
I bet you do...but I need to attend to other business.
No difference really, they both got away with murder. At least OJ may end up in jail. I hear AG may change the name of his book to, "If I did it...but I did."
You-know-who has been plugging his book everywhere else, why not be a guest on the Car Talk radio show? He was a member of their technical staff for years, thinly disguised as "Chairman of the Federal Lubrication Board, Alan Greasepan."
"A generation of financial manipulation under Greenspan have devasted working Americans, but it's even worse than that. Added are the effects of globalization, automation, outsourcing, the shift from manufacturing to services, deregulation, plus other harmful economic changes such as weaker unions."
A GreenSpa
I said it first.
ag
shut up, paulson.
St Greenspan's Rivisionist History Show?
Greenspan
Charles Nelson Reilly
I'm going to answer "Angelo Mozilo" to every one of these.
Bill Gross
"The Wall Street firms were under real pressure to supply asset-backed securities"
Yeah, pressure. 'Cause Vinnie would have kneecapped them if they didn't churn out more toxic waste... er, MBS.
I don't care who it is. I'm sure I hate him/her already.
Prince the Citi banker-not the rock star.
Noel Shitt
It's Greenspan. I didn't search Google.
Greenspan is a congenitally dishonest, ravening piece of shit who would ____ his mother in Grand Central Station if it furthered the interests of starving the poor and fattening the rich.
Jesus or Satan?
Fransisco Franco.
I hear more and more of him every day. Is he still in charge of the FED, or what?
Franco's not dead anymore? I gotta get out more.
Well, let's think about this, you really can't blame Greenspan for this then. It doesn't sound like Greenspan who said this though. I'll guess the Tan Man.
Cramer
Volcker, heh. C'mon AG was too simple an answer.
Gareth,
There aren't nearly enough exclamations in that statement for it to be Cramer.
b)
Francisco Franco?
Still laughing about it.
What about Fleckenstein?
quite a pitoresque statement. It must be the words of Leonardo da Vinci. Tell me - is the lady smiling or crying....
Best to all
Mahatma Ghandi
Satyajit Das?
Tanta, poor man has a book to sell, have mercy. You don't expect him to sell millions of copies by being banal do you?
--
Who else but now straight-talking Maestro.
Jas
Oscar Wilde said it on the 70th anniversary of the death of Lord Byron.
Apologies for Greed.
"But you can cash your bonus check and buy the penthouse before those damn things fail. . . ." Bud Foxx
Of course it's Greenie himself.
But to be fair to the poor confused old man, Nobody Could Have Imagined that fostering demand for convoluted poorly regulated financial instruments would have led to a flood of crappy quality ones, wrapped up in a bow with a gold star from the ratings agencies.
right? right?
AG, baby!
hey no fair-
you plug in the quote and the first google search returned is CR
Mr. "If I'd been in Charge, Things Would Have Been Different." Oh wait, he was in charge...
In the interst of being different, I would have to argue for either Senator Dodd or Senator Schumer. I can also see perhaps Barney Frank?
it does sound rather patsy towards the investors, so I'll go with Senator Schumer.
It was one of those kids from the "Are You Smarter Than A Fifth Grader?" show on Fox.
Billy, maybe?
One problem with this new game:
it would seem most of the players (govt, financial world, regulators, Fed, etc) seem to be saying the exact same drivel.
it reminds me of those refridgerator magnates that have words written on them. You can rearrange the magnates to say cute stuff to your sweetie or whatever... but there are only so many words, and thus only so many permutations...
same thing here. There are like 100 magnates with words. All the "important" people just recycle them.
subprime
contained
commercial paper
asset backed securities
regulation
free market
goldilocks.
and so on.
Spoiler.
It was too easy because I have read this piece.
"We think the worst is definitely behind us,"
Guess that one...
It's easier to figure out who it can't be.
It can't be Doug Noland (who I have great respect for), because it doesn't have enough Capitalized Words and "Quoted Terms" and doesn't mention the Great Credit Bubble and Myriad Investment Bubbles and Acute Liquidity Crisis.
It can't be Larry Kudlow (who I don't have respect for), because even though it excuses the Wall Street firms, it isn't trying to tell the Greatest Story Never Told, because, well, this story's already been told.
And someone beat me to ruling out Cramer, definitely not enough hysterics.
So I'm voting with the rest of you and putting down Alan Greenspan, as a quote out of his upcoming book, "If I Had Created a Credit Bubble."
Cliff Claven?
SPOILER - don't link if you don't wanna know:
Greenspan Sees `Rethinking' on CDOs After Losses (Update3) - Bloomberg.com
Overall it seems too clear to be Al, but the last two words "are evident" lead me to guess:
Al Greenspan.
Stewie ?
And to think Andrea Mitchell sleeps with him. Double yuck.
Conjure Bag?
Woody Allen. No, wait, the other guy.
General Patraeus
Simpson's movie?
But how come AG is now speaking more, and more clearly, than he ever did as Fed President?
Getting paid more now?
FFDIC, that was uncalled for. I just ate lunch.
I hereby declare myself the winner of the contest.
What did I win?
Can't be Greenhole, the speaker acknowledges that lending standards cratered. Greenhole still doesn't really understand that.
I'll say Christopher Cox, the esteemed chairman of the Securities and Exchange Commision.
Okay, I kid, we all know he isn't esteemed. And I do like Yearning to Learn's refrigerator magnet analogy.
And to think Andrea Mitchell sleeps with him. Double yuck.
FFDIC
Yeah, you know, Cole Porter was married to a woman also.
Greenspan's long years of bachelorhood leaves me wondering...and Andrea Mitchell looks like a freakin' bull dyke if there ever was one. Nah, I'm sure McGreevey and Greenspan crossed paths in some anonymous zone in the past.
There's way too much convenience in their partnership for this to not be arranged. She is a perfect media outlet cheerleader to 'prepare' the media for the spin. But sex? I doubt with each other.
Actually, I believe that Greenspan coined the phrase 'glory hole'.
I believe Russ Winter calls it the 'Milky Way'
Would you people get your minds out of the gutter.
The comments suggest Greenspan is moderating his enthusiasm for derivatives, which he has often praised for diversifying risk.--Bloomberg
Maybe keeping the toxic waste concentrated where it is produced would be better than to spread it all over.
Let's truly examine what happened without moralizing. Markets and moralizing are a very bad mix. Whatever market we are dealing with be it real estate, mortgages, stocks, commodities... There are certain characteristics of every bubble, otherwise know as a "boom bust cycle" that exist. In this instance let's discuss the housing market, shall we?
In the late 90's real estate was cheap. Speculative capital poured into stocks, not housing. Stocks tanked in 2001 and by 2003, the Fed Funds rate was below the rate of inflation. True inflation mind you, not the BS stats we are fed by the government. As real estate was in a certain price range when rates were higher, the adjustment in rates adjusted the price to a new level which was justified (for a brief time) given lower borrowing costs. But a funny thing happened on the way to the bubble. AU or "automated underwriting" also appeared at the same time... Uh oh!!! More fuel to the already hot fire!!! Blind Fico faith and competition for business overcame prudence and common sense and a full scale boom clouded many people's minds. The memories of previous busts were forgotten as many of the players were mere children when the last similar event occurred with massive S&L failures in the late 80's and early 90's
So here we were with all these new tech gadgets approving anything with a 680 + credit score and a bunch of aggressive kids who neither knew or cared to know about previous housing busts, the last one being a distant memory, in a negative real interest rate environment. A negative real interest rate environment discourages saving and encourages borrowing.
Then along came 100% "stated income" loans asking few if any questions. Some went as low as a 580 credit score ... To the bonfire that was already too big a hi pressure hose shooting gas into the towering flames was brought in for the grand finale. KaBoom!!!
Now the aftermath...
Want to know the future? It isn't that the dumb, sub-prime borrowers learn to manage their finances and then qualify for A-paper loans or irresponsible, greedy lenders(whoever that is) get punished. Want to know what happens?
I bet you do...but I need to attend to other business.
Stay tuned!!!
It was either:
a) O.J. Simpson or,
b) Alan Greenspan.
No difference really, they both got away with murder. At least OJ may end up in jail. I hear AG may change the name of his book to, "If I did it...but I did."
You-know-who has been plugging his book everywhere else, why not be a guest on the Car Talk radio show? He was a member of their technical staff for years, thinly disguised as "Chairman of the Federal Lubrication Board, Alan Greasepan."
Bill Gross
Dang-it you all I am not angry about rates being too high!
A bowl of petunias (oh no, not again)
Baltimore Chronicle & Sentinel
Greenspan's Dark Legacy Unmasked
"A generation of financial manipulation under Greenspan have devasted working Americans, but it's even worse than that. Added are the effects of globalization, automation, outsourcing, the shift from manufacturing to services, deregulation, plus other harmful economic changes such as weaker unions."
Greenspan's Dark Legacy Unmasked | BaltimoreChronicle.com
he deserves andrea mitchell.
Sounds like Countrywide Financial PR to me.
Gross, man.