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greenspan still has excellent timing

  • #41
  • Sep 19, 2007 9:24am Sep 19, 2007 9:24am
Thanks for posting that,Phil.
  • #42
  • Sep 19, 2007 9:26am Sep 19, 2007 9:26am
Quoting smjones
ALAN GREENSPAN: Well, the real problem began because a very significant proportion of those loans were on terms which shouldn't have been made. In many cases, I think it was fraud and that, I say in the book, as you know, the only area where I think more regulation is required in this country is addressing fraud, because fraud is destructive of markets, but more importantly it's destructive of families.
I think that playing the fraud card is going to get old really fast. Millions of homeowners knowingly signed up for risky loans and by law, they saw schedules of how their payments would respond to varying interest rates. We've known for years now that we were in a housing bubble and that it, like the internet bubble, would pop. The only risk in a risky loan is the dumbass who signed the paperwork. Not the lender. Greenspan and his governors as well as other agencies stood idly by while the economy boomed. It was good for reelection and it softened the realization that the goverment blew a 1 trillion dollar surplus built up during the Clinton years (I'm a republican and it pains me to say that). Where was the FTC when these "predatory" lending practices were occuring. They only recently decided that there might be a problem. Ya think?

Just like trading, it's human nature to blame everyone but themselves for the dilemma we've created. Don't worry though, soon the democrats will rule (another painful statement) and they will take money from the disciplined and distribute it to the stupid.
  • #43
  • Edited 9:44am Sep 19, 2007 9:30am | Edited 9:44am
LOL, Great points Phil... I find it interesting that this is the only area Greenspan wants more regulation... That is a fairly safe thing to say, because who would not want a government to tightly regulate or enforce fraud laws?
  • #44
  • Sep 19, 2007 11:21am Sep 19, 2007 11:21am
Quoting philmcgrew

Just like trading, it's human nature to blame everyone but themselves for the dilemma we've created. Don't worry though, soon the democrats will rule (another painful statement) and they will take money from the disciplined and distribute it to the stupid.
Terriffic! As was the whole post. Of course the ultimate responsibility lies with those who borrowed more than they can pay back.
Let me ask you, Phil, only because you are well versed and I value your opinion: Do you think banks will start policing themselves and go back to practicing the requirements they used a decade or two ago? As far as the public, I'm sure they will continue to take whatever they can grab.

The X.O. of the submarine I served on had a plaque on his stateroom door that read:

The Stupid Shall Be Punished.
Lt. Commander Alexander, Executive Officer U.S.S. Robt. E Lee SSBN 601
  • #45
  • Sep 19, 2007 11:47am Sep 19, 2007 11:47am
Quoting billflet
Terriffic! As was the whole post. Of course the ultimate responsibility lies with those who borrowed more than they can pay back.
Let me ask you, Phil, only because you are well versed and I value your opinion: Do you think banks will start policing themselves and go back to practicing the requirements they used a decade or two ago? As far as the public, I'm sure they will continue to take whatever they can grab.

The X.O. of the submarine I served on had a plaque on his stateroom door that read:

The Stupid Shall Be Punished.
Lt. Commander Alexander, Executive Officer U.S.S. Robt. E Lee SSBN 601
I am very unqualified to render an opinon on banking practices but if you are referring to lending practices I think they've already began to tighten the standards for loan approvals. I wouldn't be surprised to see large builders offer their own financing in a last ditch effort to unload inventory. I think the FHA will also step in (they've already started talking about it) to guarantee some of these loans rather than let the economic cycle takes it's course.

I was on a submarine too! USS Chicago SSN-721. Thanks for serving your country. In my mind that gives you a first class ticket to gripe anytime you want.
  • #46
  • Sep 20, 2007 12:01pm Sep 20, 2007 12:01pm
Quoting philmcgrew
Here's his interview on The Daily Show. The guy actually has a sense of humor.
was disapointed with jon stewart on this one. he is a conspiracy freak or something, i didnt like his tone with the old man. reminded me of the time he freaked out on CNN. i do love the daily show for the writers though
Relax and be happy.
  • #47
  • Sep 20, 2007 12:15pm Sep 20, 2007 12:15pm
Quoting smjones
LOL, Great points Phil... I find it interesting that this is the only area Greenspan wants more regulation... That is a fairly safe thing to say, because who would not want a government to tightly regulate or enforce fraud laws?
in the 60mins interview, he said he did not want regulate the fraud. he actually said he was aware of the subprime fraud long ago (they did an investigation or something) but he did nothing about it because it would have taken too much effort.
Relax and be happy.
  • #48
  • Sep 20, 2007 12:25pm Sep 20, 2007 12:25pm
Quoting merlin
in the 60mins interview, he said he did not want regulate the fraud. he actually said he was aware of the subprime fraud long ago (they did an investigation or something) but he did nothing about it because it would have taken too much effort.
That is odd, because in the PBS interview he said just the opposite.

http://www.forexfactory.com/showpost...1&postcount=38
  • #49
  • Sep 20, 2007 12:26pm Sep 20, 2007 12:26pm
just goes to show if you talk long enough you will contradict yourself LOL

given greeny's history of being a timid regulator, i get the feeling he doesnt really give a damn about the fraud, its grey area crap anyway. one of the main reasons i loved greenspan so much is that he held huge regulation power, yet he hardly used it
Relax and be happy.
  • #50
  • Sep 20, 2007 12:27pm Sep 20, 2007 12:27pm
Quoting merlin
just goes to show if you talk long enough you will contradict yourself LOL
LOL He is making the rounds...
  • #51
  • Sep 20, 2007 6:55pm Sep 20, 2007 6:55pm
Man his book is beautiful. I just started it but I'm loving every chapter. He really takes you on the inside of a fed chairmans world. Anyone who hasn't picked it up yet should kick themselves in the shin.
  • #52
  • Sep 20, 2007 7:05pm Sep 20, 2007 7:05pm
Quoting JR97
Throughout history capitalism has lead to socialism and back again.

Really?? I guess I have some reading to catch up on. Can you suggest where this might be found?
  • #53
  • Sep 22, 2007 10:48am Sep 22, 2007 10:48am
Quoting Darkstar
He really takes you on the inside of a fed chairmans world.


mine is on order, im a bit late. we shall have a good chat when i am finished with it
Relax and be happy.
  • #54
  • Sep 22, 2007 11:11am Sep 22, 2007 11:11am
Quoting merlin


mine is on order, im a bit late. we shall have a good chat when i am finished with it
I ordered mine from Amazon on Thursday, cannot wait.
  • #55
  • Sep 22, 2007 1:11pm Sep 22, 2007 1:11pm
Quoting SunTrader
Really?? I guess I have some reading to catch up on. Can you suggest where this might be found?
Not off the top of my head. It was something one of my college professors lectured on once. It was a sociology class.
  • #56
  • Sep 30, 2007 8:17pm Sep 30, 2007 8:17pm
Quoting merlin


mine is on order, im a bit late. we shall have a good chat when i am finished with it
Good lord pokey! I finished that thing like a week ago, when are we gonna have this discussion!?!?!?
  • #57
  • Sep 30, 2007 9:19pm Sep 30, 2007 9:19pm
Quoting JR97
Not off the top of my head. It was something one of my college professors lectured on once. It was a sociology class.
A mind is a terrible thing to waste ......on college.
  • #58
  • Dec 28, 2007 12:51pm Dec 28, 2007 12:51pm
i finally found some time to sit down with this book over the holiday. all i can say is WOW! what an amazingly insightful book!! ive always been a big greenspan fan, but now my admiration for the man has doubled. id argue he is the WORLDS most influential figure of the last 30 years.

the insight this books gives you into the FOMC is simply stunning. their operations are a lot more "human" than i expected. i knew the fed paid attention to the markets, but i had no idea they were so concerned with trader sentiment and traders reactions to their policy. i came away with a much better sense of what the fed might be thinking currently and in the future. this knowledge is worth millions, i got a great deal on the book LOL.

the historical account alone is worth reading the book. everything from savings&loan, black monday, the dot bomb, its all in there, explained in detail from the perspective of a fed chief. there is quite a bit of politics covered, and although im not a fan of politics, the way the book puts politics in a financial light makes it very interesting. it really shows you how closely intertwined finance and politics are.

one of the most interesting comments made regarding currency trading is when greeny was amazed to see consistent monthly profits from JP Morgans forex operations. he said something like "consistent monthly gains like that are near impossible". what is this, greenspan is saying its impossible to make money trading forex??

btw, i had no idea that greenspan dated barbra walters. whats with greeny and his love for news ladies? LOL
Relax and be happy.
  • #59
  • Dec 28, 2007 3:37pm Dec 28, 2007 3:37pm
Was thinking I might get it as a Xmas gift. Instead one of my sisters gave me "The Truth (with jokes) by Al Franken.

Heading over to Amazon straight away.
  • #60
  • Dec 28, 2007 3:44pm Dec 28, 2007 3:44pm
I just reserved an audio version at my local library. Be great to listen to on the long commute.
In trading, there is no bullshit. You either make money or you don't.
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