Giving misleading articles that Obama is doing a good job! http://www.cnn.com/2010/POLITICS/04/04/us.economy/index.html?hpt=T2
I'm sure that's a very insightful libertarian article, but apparently I can't read it since i'm not a member!
Rubin and Greenspan face crisis inquiry By Francesco Guerrera in New York and Alan Rappeport in Washington Published: April 4 2010 22:07 | Last updated: April 4 2010 22:07 Robert Rubin, the former Treasury secretary who played a key role in financial deregulation during Bill Clinton’s presidency and who has kept a low profile since stepping down as a special adviser to Citigroup in January 2009, is to be questioned by the US financial crisis inquiry commission this week. The committee, created by Congress and given sweeping powers in May 2009, is also to question Chuck Prince, the former chief executive of Citi, as well as Alan Greenspan, former chairman of the Federal Reserve Board. The line-up suggests the committee is narrowing the scope of its investigation ahead of a final report to Congress in December. Phil Angelides, the commission’s chairman, said he would ask Mr Greenspan, who led the Fed between 1987 and 2006, why the central bank did not curb subprime lending before the housing bubble burst. Mr Angelides, a former California state treasurer, said: “The fact is that the Fed, as the main regulator, had the power to impose rules that would apply to everybody. “We need to peel the veil from these events so that the American people find out what really happened.” On Sunday, Mr Greenspan appeared to be clinging to his free market ideology, telling ABC News there remained “no alternative” to competitive markets in democratic societies and that regulators could not have foreseen the events that would follow the collapse of Lehman Brothers. Bill Thomas, vice-chairman of the FCIC and the former Republican chairman of the House’s ways and means committee, said he would ask Mr Greenspan: “what did you know, when did you know it and if you didn’t know it, why didn’t you know it?”. Mr Angelides and Mr Thomas said the questioning of Mr Prince and Mr Rubin, who have kept a low profile since leaving Citi, will focus on how a once-mighty financial giant lost more than $50bn and had to be bailed out by the US government. Mr Angelides said Mr Prince would be confronted with his famous assertion - in an interview with the Financial Times in July 2007 - that Citi was “still dancing” to the tune of the cheap credit-fuelled boom. None of Mr Rubin, Mr Prince nor Mr Greenspan could be reached for comment
do you agree or disagree that under Bush's policies the USA went deep into debt to communist China to pay for invading a country without the advertised WMDs? Obama's policies aside, it seems that you continue to mock facts. We are in the red (pun intended) mostly because of the decisions made under George... right? If not, please expand on your theories STOMP
I watched some of that interview and Greenspan basically said that anyone who saw the housing crisis coming got lucky. He said that maybe four or five people he knew of got that prediction right for what he called the "right" reasons. He is just another well educated douche who knows more about big business than we do. Most of us would probably just swallow a bullet if we knew the shit that goes on. Bush was an ass too. How anyone could actually pick sides between the major parties is beyond me. I tend to agree more with the stated goals of the Republicans but then neither party does jack about anything to fix this country long term. Our economy is getting better because we created a few hundred thousand jobs that are paid for with money we borrowed from China? Whoopty fucking doooooooo. Why didn't we borrow the 700 billion for Iraq from China and spend 500 billion of it nuking China? Then we would be up a couple of hundred billion. Screw Iraq, the best revenge on a shithole country like that is to let them live in peace in their caves....assuming they did anything that we should care about.
both parties are loaded with elected officials who get their reelection money from (and are then beholden to) the same corporate lobbyists... it's not the Republicans or Democrats who determine policy. If some Senator doesn't play ball someone else will accept their $$$ so as to purchase the face time on TV necessary to defeat them in the next election. Corporations don't have the long term best interests of the US citizens in mind, they want whats best for them. These same world wide entities own the media which focus on gossipy minutia rather then the root causes of our problems. STOMP
I believe every word of what you wrote, what always bothers me....... is what do these greedy bastards think is going to happen when the entire world is in one gigantic great depression? What will their money buy them then? We are so screwed.
A follow up on that hearing with Greenspan: http://www.nytimes.com/2010/04/08/business/08panel.html It looks to me like Geithner as head of the NY branch of the Fed was either criminal or incompetent. Rhetorical questions: How do big banks and insurance companies in his back yard fail? Why do we shine on his incompetence and let him be treasury secretary?
