HAHAHAHAHA <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/9VvGW98D3XA&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/9VvGW98D3XA&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
I guess they didn't 'think' writing hundreds of billions of credit default swaps was risky; gotta love Maurice Greenberg, no? The guy is like a cockroach; no one is even calling him out.
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.....
I had to pull this one up as well, CITI claims they turn "DREAMS into REALITIES" The only reality they have is nationalization. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/3TEbmZXjwRo&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/3TEbmZXjwRo&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
They have been propping up these markets for quite sometime now, if they didnt the markets would be trading 30-50% lower right now, the DOW and SPX would have 4 handles on them. They started propping up the markets after the dot com bubble bursted and greenspan avoided any recession by lowering rates to 1%, thats why the recession in 2001 was so minimal, had he not lowered the rates and created the well needed recession we needed maybe today we wouldnt be in this situation, you would think these harvard and yale graduates with master and doctorate degrees would know something about economic cycles and that once in a while its ALRIGHT to have a slowing economy. They havent a clue whats going to happen over the next decade, they think pushing interest rates to 0% and dropping trillions of dollars into the economy is going to fix this crisis, THEY NEED TO WAKE THE FU$K UP.
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.