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Do I hear pitchforks being sharpened?:
http://www.washingtonpost.com/wp-dyn...021302783.html
I've been sort of unconsciously compiling a list of the best evidence to show the collusion between politicians and wall street in creating the housing bubble. Spitzer's article is close to the top of that list but my favourite remains:
"I happened to listen to Alan Greenspan, during a question answer season in London few weeks ago, midnight California time, in which he said, "During early 1990s the money supply numbers stopped working [money supply was growing but banks were reluctant to lend]. We [Fed] put buckets of money out there [in the banks, similar to what the Fed is trying to do now] and it didn't work. It was only after Wall Street came up with more [or newer] CDO products ["innovations" in securitization of debt] and took debt off the banks' balance sheets that banks started to lend again and the economy began to respond."
From: http://www.safehaven.com/article-9034.htm
If the public is appalled by the economic consequences of an imploding debt bubble how will they feel when they realise that it was knowingly fostered?
http://www.washingtonpost.com/wp-dyn...021302783.html
I've been sort of unconsciously compiling a list of the best evidence to show the collusion between politicians and wall street in creating the housing bubble. Spitzer's article is close to the top of that list but my favourite remains:
"I happened to listen to Alan Greenspan, during a question answer season in London few weeks ago, midnight California time, in which he said, "During early 1990s the money supply numbers stopped working [money supply was growing but banks were reluctant to lend]. We [Fed] put buckets of money out there [in the banks, similar to what the Fed is trying to do now] and it didn't work. It was only after Wall Street came up with more [or newer] CDO products ["innovations" in securitization of debt] and took debt off the banks' balance sheets that banks started to lend again and the economy began to respond."
From: http://www.safehaven.com/article-9034.htm
If the public is appalled by the economic consequences of an imploding debt bubble how will they feel when they realise that it was knowingly fostered?
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