Great Summary of how it all happened

Discussion in 'Wall St. News' started by Casey30, Sep 26, 2008.

  1. Casey30


  2. " Alan Greenspan "Blew It" on Mortgage Crisis
    Alan Greenspan's denial of the existence of a housing bubble and his refusal to
    do anything about shoddy subprime lending practices illustrates the folly of putting
    a dogmatic libertarian worshipper of Ayn Rand in charge of a key government regulatory agency.
    Edmund L. Andrews reports in today's 12/18/07 NYTimes that Greenspan ignored
    repeated warnings on the dangers of subprime mortgages from Federal Reserve
    governor Edward M. Gramlich nearly seven years ago, in 2001 from senior Treasury
    Department official, Sheila C. Bair, and from leaders of a housing advocacy group in
    California, John C. Gamboa and Robert L. Gnaizda who warned that deception was
    increasing and unscrupulous practices were spreading.
    "He never gave us a good reason, but he didn't want to do it (press lenders to adopt
    a voluntary code of conduct). He just wasn't interested." "
  3. IMO, 1913 was the year all this started.