To recap: Greenspan, in January 2008, joined Paulson & Co Hedge Fund and ensured the latter made the largest profits in one year from the subprime crash than ANY hedge fund had EVER made in any one year. $100Billions!!
Yet, read this Washington Post article from 2007 discussing the NUMEROUS times (and they are not exhaustive) it was brought to Greenspan’s attention from 2000 onwards that there were serious issues and he just ignored it all.
Washington Post –
By EDMUND L. ANDREWS
Published: December 18, 2007
WASHINGTON — Until the boom in subprime mortgages turned into a national nightmare this summer, the few people who tried to warn federal banking officials might as well have been talking to themselves.
Edward M. Gramlich, a Federal Reserve governor who died in September, warned nearly seven years ago that a fast-growing new breed of lenders was luring many people into risky mortgages they could not afford.
But when Mr. Gramlich privately urged Fed examiners to investigate mortgage lenders affiliated with national banks, he was rebuffed by Alan Greenspan, the Fed chairman.
And leaders of a housing advocacy group in California, meeting with Mr. Greenspan in 2004, warned that deception was increasing and unscrupulous practices were spreading.
John C. Gamboa and Robert L. Gnaizda of the Greenlining Institute implored Mr. Greenspan to use his bully pulpit and press for a voluntary code of conduct.
“He never gave us a good reason, but he didn’t want to do it,” Mr. Gnaizda said last week. “He just wasn’t interested.”
Mr. Greenspan, in an interview, vigorously defended his actions, saying the Fed was poorly equipped to investigate deceptive lending and that it was not to blame for the housing bubble and bust.
“I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk,” Mr. Greenspan wrote in his recent memoir, “The Age of Turbulence: Adventures in a New World.” “But I believed then, as now, that the benefits of broadened home ownership are worth the risk.”
Question: Worth the risk to who Alan? CERTAINLY worth it to the people on the inside like yourself who KNEW EXACTLY what was going to happen and then placed MASSIVE multi billion dollar hedges on the market to fall.
“The Federal Reserve could have stopped this problem dead in its tracks,” said Martin Eakes, chief executive of the center for Responsible lending, a NON PROFIT group based in North Carolina. “If the Fed had done its job, we would not have had the abusive lending and we would not have a foreclosure crisis in virtually every community across America.”
Mr. Greenspan also contended that the Federal Reserve’s accountants and bank examiners were ill-suited to the job of investigating fraud. (You don’t say? Well Alan that WOULD be the case when the Fed IS the fraud man! – scared to be audited huh? – who the HELL are you trying to kid here? Oh yes, I forgot, the sheep who never ask these questions)
Mr. Gramlich, a Democratic appointee to the Federal Reserve who had spent much of his career studying problems of poverty, saw both great benefits and great perils in the new industry.
What alarmed Mr. Gramlich was that many subprime loans were extremely complicated and loaded with hidden risks.
Borrowers were being qualified for loans based on low initial teaser rates, rather than the much higher rates they would have to pay after a year or two. Many of the loans came with big fees that were hidden in the overall interest rate. And many had prepayment penalties that effectively blocked people from getting cheaper loans for two years or longer.
“Why are the most risky loan products sold to the least sophisticated borrowers?” Mr. Gramlich asked in a speech he prepared last August for the Fed’s symposium in Jackson Hole, Wyo. “The question answers itself — the least sophisticated borrowers are probably duped into taking these products.”
THE ANSWER, Mr Gramlich, is SO OBVIOUS I have to think you are either a “shill” or you are IMMENSELY STUPID!
In 2000, Mr. Gramlich privately urged the Fed chairman to send examiners into the mortgage-lending affiliates of nationally chartered banks. Many of them, like Bank of America’s affiliate, had already come under fire from state regulators and consumer groups. Fed examiners, Mr. Gramlich argued, could clean up those practices from the inside.
Mr. Greenspan was against the idea. In an interview last week, he said he feared that Fed examiners would fail to spot deceptive practices and inadvertently give dubious lenders what amounted to a government seal of approval.
And there you have it – GREENSPAN BLOCKED EVERY SINGLE MOVE BY ANYONE TO STOP THE ROT BEFORE THE TSUNAMI HIT.
THEN Greenspan leaves the Federal Reserve, joins Paulson & Co and Paulson hit the JACKPOT because GREENSPAN KNEW EXACTLY what was going to happen because HE LET IT!!
In addition, foreign investors were pouring trillions of dollars into American securities. Much of that money, often described as the “global savings glut,” flowed directly into mortgage-backed securities that were used to finance subprime mortgages.
And WHO were these “foreign investors”???? People like the Royal Bank of Scotland for one and Pensions and Personal Investment companies which held OUR life savings!!
Ben S. Bernanke, who succeeded Mr. Greenspan as Fed chairman, is now scrambling to head off a recession. Last week, the Fed lowered its benchmark interest rate for the third time since August, and officials now worry that the subprime crisis has inflicted deep damage on credit markets that could in turn derail the entire economy.
Ho ho ho! And didn’t it do just EXACTLY that! With MORE to come!
Subprime crisis: Was Greenspan remiss?
Former Fed governor says Greenspan blocked proposal to crack down on subprime lending practices.
June 9 2007: 2:21 PM EDT
(CNNMoney.com) — Former Federal Reserve Governor Edward Gramlich claims that former Fed Chairman Alan Greenspan blocked a proposal to crack down on subprime lending practices back in 2000, according to The Wall Street Journal……………….
Under current Chairman Ben Bernanke, the Fed has begun reviewing its practices in overseeing holding-company units. On Thursday the Fed will hold a public meeting on regulating subprime lending.
“The crisis will happen again”
And this from the BBC:
The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC.
“The crisis will happen again but it will be different,” he told BBC Two’s The Love of Money series.
He added that he had predicted the crash would come as a reaction to a long period of prosperity.
But while it may take time and be a difficult process, the global economy would eventually “get through it”, Mr Greenspan added.
“They [financial crises] are all different, but they have one fundamental source,” he said.
Now let me, if I may, suggest that when Mr. Greenspan speaks of the crises all being different but having one fundamental source, he could not be more correct and well he knows it.
“Mr Greenspan, who when he ran the US central bank was hailed as a man who could move markets, also warned that the world’s financial institutions should have seen the looming crisis.”
He certainly could and did move markets but let me ask you this Mr. Greenspan: YOU were the Fed Chairman. Under YOUR guidance, the banks worked within the markets and if YOU did not flag a problem when YOU entirely manage and are responsible for U.S. Monetary policy (something the Fed do not wish to this day to be monitored or audited by Congress) then how would the financial institutions which are entirely subsidiary to you see the looming crisis? While, in fact, as we have proven, so many times people approached you with concerns and YOU ignored them!
The banks, meanwhile, have done fantastically well out of all of this so, in fact, it is clear as day that it would not even be in their interest to alert you or anyone else to what was transpiring. After all if you can make disgustingly healthy profits while riding the prosperity train KNOWING that you’re doing so on the back of a bubble that, when it pops your “losses” will then be socialised and the taxpayer will end up covering your losses then it’s simply win win win!
“….confronted with long period of prosperity to presume it will continue.”
Now let’s just stop and think about that one for a moment.
Let’s get down to real serious fundamentals here for it is the ONLY way one can see this picture for what it is.
WHO experienced this “prosperity”? Was it the world’s general population made up of approximately 6.5billion people? Most of whom live in squalor?
Now let’s keep our focus here. Mr. Greenspan suggests it is “human nature” as if the entire human race were on some sort of Disney “Prosperity Ride”.
Now, obviously, that isn’t the case. Take a good look around.
He must be speaking of a significantly smaller number of “human beings” who, he feels, are a good indicator of humanity in general I suppose right? According to Mr. Greenspan, “human beings” simply wish to capitalise off other human beings misery. Ask yourself: Do YOU recognise this “human” trait within yourself?
Then ask: How many people do you know who would say they recognise it within themselves?
Then let’s look at what happens when such “prosperity” crashes.
WHO is impacted by it? Ah yes, you and I and most of the 6.5billion people on the planet who never had truly prospered (in the terms Mr. Greenspan speaks of) in the first place.
So then, those who had benefitted truly from the “prosperity”, I guess, would then have lost massively as the financial crisis hit. But NO! The very people who benefitted from the “prosperity” were the very people who continued to prosper (even further) from the crash – as Mr. Soros (for just one solitary example) would say: “I’m having a wonderful crisis”.
Meanwhile, as we have covered, Mr. Greenspan himself benefitted very well thank you very much, on the back of the misery he created for millions during his term as Federal Reserve Chairman.
Then, AGAIN, Mr. Greenspan is very precise in what he says:
“..they (financial crises) are all different..” and of course, they will be. Good God that is simple to recognise why and so transparent AS to why:
1. Each crisis is, after the event, studied for it’s cause. That cause is then found and the issues then dealt with to ensure it cannot be repeated (exactly).
2. The next crisis HAS to be different simply because the issues of any previous crisis, if repeated, would be obvious. The question here is do we take the Alt-A and Option ARM’s as a new crisis? I would argue not but then perhaps that is because I am aware of them whereas the great majority of people have no idea what’s coming.
So “plugging the holes” is what ensures the next crisis must be “different” and as we can see in the CNN article, Bernanke has to be seen as “plugging those holes”.
All different but one fundamental source Mr. Greenspan. That fundamental source has been around for centuries now as you suggest but it is NOT “human nature”, it is just a specific form of human nature which is acquired by a very few but which YOU attempt to associate with the entire human race.
You’re good Alan. But you’re only as good as the people who don’t think allow you to be. To me, you’re nothing more than a corrupt piece of garbage – one of the few working for the fewer.
GEORGE SOROS & JOHN PAULSON (PAULSON & CO)
Listen carefully to SOROS. He comes “OUT of retirement” last year (you know why?) and he goes back into retirement now. He’s NEVER in retirement the little ****. He shorts entire currencies AND subprimes. How is he so successful at it? Because he’s an INSIDER ELITE and he’s TOLD what’s going to happen.
Don’t believe me? Then LISTEN to what he says re the question put to him at 1 minutes 45 seconds into the interview.
This little NWO/Elite “bitch” is stating quite openly that he knows what’s going to happen to the dollar and he’s going to capitalise off YOUR misery!! The POINT is that he SHOULDN’T know yet NO-ONE picks this up and says “Wait just a goddamned minute!!”
How STUPID are we?
Think about it. Stop and think hard about this and what it means: How can ONE individual KNOW the direction of an entire nation’s currency when the “Leaders” of the nation are trying to tell its population they have it under control? Furthermore, what does this say about Soros? That he is willing to use his Insider knowledge to capitalise on the misery of literally millions of people?
Free market capitalism would not allow such assuredness. Soros is arrogantly admitting to you that he has Insider knowledge of when and how big YOUR misery is going to be. It’s OUTRAGEOUS. This is NOT free market capitalism but simply managed or manipulated at the very top.
Now, sure, I’m not naive. We’ve always known that there is to an extent, Insider knowledge and trading but when such is found out, the people who are found guilty of such are locked up. This guy is TELLING you he’s doing it and he’s getting away with it scot free!
STILL don’t believe these bastards know exactly what they are doing to us and that they are ILLEGALLY INSIDER TRADING at the top of the tree?
Then take a look at this my friends:
Read it, take it all in, then make sure and breathe. This is what these bastards make PERSONALLY while their Hedge Funds (all secret to protect the actual people who invest in them) short OUR mortgage markets to the tune of tens and hundreds of $BILLIONS.
Now you’ve been introduced to Paulson & Co and what he made in 2007, have a read of this:
Paulson wins even BIGGER in 2008 because the subprime market SERIOUSLY crashed and caused this entire crisis.
Now, you say, what an extremely fortunate and intelligent bunch of men these are who make fortunes while YOU die! “They’re just good at what they do and are lucky I guess so you can’t put them in jail for that can you?”
Well you can! Why?
NEW YORK, Jan. 15 /PRNewswire/ — Paulson & Co. (Bloomberg: 573991Z US)Inc., a New York-based investment management firm, today announced itsretention of Dr. Alan Greenspan, former chairman of the Federal Reserve Board,
as a member of its advisory board. Dr. Greenspan will provide ongoing adviceto Paulson’s investment management team by sharing his perspective on issues affecting the financial markets.
Dr. Greenspan served as Chairman of the U.S. Federal Reserve Board for 18 years, from 1987 until 2006 over four presidential administrations — those of President Ronald Reagan, President George H.W. Bush, President William Clinton and President George W. Bush.
ALAN GREENSPAN: Presided over every aspect of the American monetary system (and to an extent worldwide) for 18 years. He understood the markets inside out. He knew what was wrong and what was right. What was going to balloon and what was going to bust. He dictated policy (for his owners that is). He walks into Paulson & Co in Jan 2008 and says “SHORT THE SUBPRIMES” and that is EXACTLY what Paulson did.
PURE INSIDER TRADING AT THE TOP OF THE TREE. THAT is why!! They are a Financial Mafia!! Will you please get this in your heads!
Need MORE proof? Then what about this little gem from Sept 2002:
“He said that while everyone was drinking the best wines in the world, they were confronted with “three interconnected traumas” by those speaking: The Middle East, The collapse of shares, and the prospect of a global economic depression.”
“As if an ever expanding war were not bad enough, the economic outlook presented to the gathered plutocrats, was even grimmer since it was not overlaid with the blustering confidence of the Washington war party. In contrast to the geopolitical experts, who all seemed intoxicated by the omnipotence of the U.S.military machine, the economic experts — including James Wolfensohn, President of the World Bank, Paul Volcker the former chairman of the Federal Reserve Board, and, of course Buffet himself — all emphasized the impotence of monetary and fiscal policy after the collapse of one of the great speculative bubbles of all time.
“To make matters worse, the assembled company generally agreed that America and Britain, would soon be threatened by the new bubbles in the property markets……..”
So, SIX FULL YEARS BEFORE THE CRASH these people KNEW! How? ………… THINK about it! It doesn’t NEED much thought!
Then, in May 2003:
“An influential Jewish European banker reveals that the ruling elite in Europe is now telling their minions that the West is on the brink of total financial meltdown; so the only way to save their precious investments is to bet on the new global crisis centered around the Middle East, which replaced the crisis evolving around the Cold War.”
While Alistair Darling and Gordon Brown are on record saying they had no clue even as late as 2008. Well Ken Clarke was there in 2003 at the Bilderberg meeting AND he’s a Steering Committee member! So you’re telling me that the little creep didn’t nudge either of the other two we were going to hit a big issue???
WHO ARE YOU TRYING TO KID IF YOU SAY YOU CAN’T SEE THIS SHIT!
Or do you think Walmart sell the same crystal balls?
CRIMES AGAINST HUMANITY FOLKS.
Make NO mistake. The ONLY reason these people are getting away with this is because it is our leaders who are getting richer along with them by being part of it. And THEY make the laws.
Those who are exposed such as Bernie Madoff are simply lambs to the slaughter. The ones who have been stupid or stepped on someone else’s toes.
Wake up to this coz this ISN’T BULLSHIT I’m talking here. This is, as they say, “In your face”
Enough people wake up and listen and we could hang these criminals, and the traitors who collaborate with them in our government, by the neck.
Apologies for the language but I do not take kindly to getting screwed!
Read and reflect on how they describe today’s reality.
After the Insiders have established the United Socialist States of America (in fact if not in name), the next step is the Great Merger of all nations of the world into a
dictatorial world government. This was the main reason behind the push to bring Red China into the United Nations. If you want to control the natural resources,
transportation, commerce and banking for the whole world, you must put everybody under the same roof.
The Insiders’ code word for the world superstate is “new world order,” a phrase often used by Richard Nixon. The Council on Foreign Relations states in its Study No. 7:
“The U.S. must strive to: A. BUILD A NEW INTERNATIONAL ORDER.” (Capitals in the original) Establishment spokesman James Reston (CFR) declared in his
internationally syndicated column for the New York Times of May 21, 1971: “Nixon would obviously like to preside over the creation of a new world order, and believes he has an opportunity to do so in the last 20 months of his first term.”
A world government has always been the object of the Communists. In 1915, in No. 40 of the Russian organ, The Socialist Democrat, Lenin proposed a “United States of the World.” The program of the Communist International of 1936 says that world dictatorship “can be established only by victory of socialism in different countries or groups of countries, after which the Proletariat Republics would unite on federal lines with those already in existence, and this system would expand … at length forming the world union of Soviet Socialist Republics.”
One of the most important groups promoting the “world union” is the United World Federalists, whose membership is heavily interlocked with that of the Council on
Foreign Relations. The UWF advocate turning the UN into a full-fledged world government which would include the Communist nations.
Richard Nixon is, of course, far too clever to actually join the UWF, but he has supported their legislative program since his early days in Congress. In the October
1948 issue of the UWF publication World Government News, on page 14, there appears the following announcement: “Richard Nixon: Introduced world government
resolution (HCR 68) 1947, and ABC (World Government) resolution 1948.”
World government has a strong emotional appeal for Americans, based on their universal desire for world peace. The Insiders have the Communists rattling their
sabers with one hand and dangling the olive branch with the other. Naturally everyone gravitates towards the olive branch, not realizing that the olive branch is controlled by another arm of the entity that is rattling the sabers.
In September of 1968, candidates for public office received a letter from the United World Federalists that stated:
“Our organization has been endorsed and commended by all U.S. presidents in the last 20 years and by the current nominees for the presidency. As examples we quote as follows:
Richard Nixon: ‘Your organization can perform an important service by continuing to emphasize that world peace can only come thru world law. Our goal is world peace. Our instrument for achieving peace will be law and justice. If we concentrate our energies toward these ends, I am hopeful that real progress can be made.’
Hubert Humphrey: ‘Every one of us is committed to brotherhood among all nations, but no one pursues these goals with more dignity and dedication than the United
There really was not a dime’s worth of difference. Voters were given the choice between CFR world government advocate Nixon and CFR world government advocate Humphrey. Only the rhetoric was changed to fool the public. A world government requires a world supreme court, and Mr. Nixon is on record in favor of a world supreme court. And a world government must have a world police force to enforce the laws of the World Superstate and keep the slaves from rebelling.
The Los Angeles Examiner of October 28, 1950, reported that Congressman Richard Nixon had introduced a “resolution calling for the establishment of a United Nations
police force. …”
Not surprisingly, the Insiders have their pet planners preparing to administrate their world dictatorship. Under an immense geodetic dome at Southern Illinois University
is a completely detailed map of the world which occupies the space of three football fields. Operating under grants from the Ford, Carnegie and Rockefeller foundations
(all extensively interlocked with the C.F.R.) a battery of scientists including everything from geographers, psychologists and behavioral scientists to natural
scientists, biologists, biochemists and agronomists are making plans to control people. These elite planners conduct exercises in what they call “the world game.” For
example: There are too many people in Country A and not enough people in Country B. How do you move people from Country A to Country B? We need so many males, so many females, so many of this occupation and so many of that occupation, so many of this age and so many of that age. How do you get these people from Country A and settle them in Country B in the shortest possible time?
Another example: We have an uprising in Country C (or as it would now be called, District C) How long does it take to send in “peace” forces to stop the insurgency?
The World Game people run exercises on global control. If you plan on running the world, you cannot go about it haphazardly. That is why the Insiders of the Ford,
Carnegie and Rockefeller foundations are making these plans. The real name of the game is 1984. We will have systematic population reduction, forced sterilization or
anything else which the planners deem necessary to establish absolute control in their humanitarian Utopia. But to enforce these plans, you must have an all-powerful world government. You can’t do this if individual nations have sovereignty. And before you can facilitate the Great Merger, you must first centralize control within each nation, destroy the local police and remove the guns from the hands of the citizenry. You must replace our once free Constitutional Republic with an all-powerful central
government. And that is exactly what is happening today with the Nixon Administration. Every action of any consequence, despite the smokescreen, has centralized more power in what is rapidly becoming an all-powerful central government.
What we are witnessing is the Communist tactic of pressure from above and pressure from below, described by Communist historian Jan Kozak as the device used by the Reds to capture control of Czecho-Slovakia. The pressure from above comes from secret, ostensibly respectable Comrades in the government and Establishment,
forming, with the radicalized mobs in the streets below, a giant pincer around middle- class society. The street rioters are pawns, shills, puppets, and dupes for an oligarchy of elitist conspirators working above to turn America’s limited government into an unlimited government with total control over our lives and property.
Now, by all means. Be my guest and decide that what you have just read has no bearing on what you see happening all around us today.
Entirely your prerogative.
But I am sure there will be many who simply suggest that the writer had some sort of crystal ball. If so, I’d love to find it in time for this week’s Lottery.