** I don't recall hearing the outcries about lenders
loaning money to
people who couldn't afford it two years ago. Even
Greenspan was
cheering them on.**
Nope, factually the reverse:
Greenspan Urges Better Regulation of Fannie Mae and Freddie Mac
By
STEPHEN LABATON
![http://graphics8.nytimes.com/images/misc/spacer.gif]()
Published:
April 6, 2005
![]()
Fannie
Mae and Freddie
Mac, two of the nation's largest mortgage finance companies, Alan
Greenspan, the Federal Reserve's chairman, urged lawmakers today to impose
sharp limits on the $1.5 trillion holdings of the companies.
http://www.nytimes.com/2005/04/06/business/06cnd-fannie.html?ex=1270440000&en=ab36e1cc1d563190&ei=5090&partner=rssuserland
Legislation was subsequently reported out of the Senate
Banking Committee to create a super regulator for FNMA/FRE. But, Barney
Frank (who was having an affair with one of the top execs in FNMA) and Chris
Dodd (who received more contributions from anyone from FMNA including Obama)
and a coalition of Democrats blocked and prevented a vote on that
legislation. Republicans could not break the deadlock created by
Democrats and gave up.
-----Original Message-----
From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On
Behalf Of Code 2
Sent: Wednesday, October 08, 2008 11:42 AM
To: hbernst963@xxxxxxx
Subject: Re[2]: [RT] Time to end hedge funds?
I agree completely with your second paragraph, Howard,
but not the
first. All the players you mentioned were simply
reflecting the
public mood. The real blame goes to all of us who
greedily bought
subprime- and option-ARM-financed houses (sometimes more
than one)
speculating that rising prices would allow refinancing and
sweet
profits. It was all of us who drew equity from our
homes to buy new
Lincoln Navigators and speculate in the market. It
was all of us who
spent more than we earned, expecting the gravy train to
continue. The
regulators, lenders and Wall Street types just gave us
what we
demanded. Funny how human nature is to blame
everyone else for our
bad decisions.
I don't recall hearing the outcries about lenders loaning
money to
people who couldn't afford it two years ago. Even
Greenspan was
cheering them on.
Sometimes when you speculate, you lose. It's
unfortunate. Whatever
happened to "buyer beware"?
From: hbernst963@xxxxxxx <hbernst963@xxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx
Date: Wednesday, October 8, 2008, 6:35:40 AM
Subject: [RT] Time to end hedge funds?
There is a lot of blame to go around in this
crisis. To blame it on the
government is ridiculous, IMO. There are many
players in this- Wall Street
speculators, lax government supervision, mortgage
lenders giving money to people
who couldn't afford to pay for houses, etc.
What we are seeing is a normal long term cycle of credit
expansion and
collapse. See the depression of 1835-42, the Panics of
1873 and 1890 and of
course, 1929-1932.
Howard Bernstein
--
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