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Greenspan: ‘Credit tsunami’ to have severe impact
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Associated Press
October 23, 2008
Former Federal Reserve Chairman Alan Greenspan told Congress in prepared testimony Thursday that the current global financial crisis is a “once in a century credit tsunami” that policymakers did not anticipate.
- A d v e r t i s e m e n t
Greenspan was to be the leadoff witness at a House hearing lawmakers called to question past key financial players about what they felt caused the most grave financial crisis since the 1930s. The witnesses were also expected to be asked how they thought the government would deliver the nation from the economic turmoil.
Greenspan was the chairman of the Federal Reserve for 18 1/2 years. In testimony prepared for the House Government Oversight and Reform Committee, he voiced shock over the present turn of events and called conditions deplorable.
He said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a “state of shocked disbelief.” And Greenspan also blamed the problems on heavy demand for securities backed by subprime mortgages by investors who did not worry that the boom in home prices might come to a crashing halt.
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October 23rd, 2008 at 9:35 am
he should know………….he played a major role in this fiasco.
October 23rd, 2008 at 9:36 am
Al is talking around the derivative’s bubble and the Glass-Steagall coup he was directly involved in… HANG HIM!
October 23rd, 2008 at 9:39 am
In a state “of shocked disbelief” or do you mean ” shock and uh “
October 23rd, 2008 at 9:41 am
And I am sure that Mr. Alan “Cut The Interest Rates, Taxes, and Encourage Lending” Greenspan had absolutely nothing to do with this dilemma. Honestly he is like all those Nazi bastards in B-grade movies who when caught by the good guys declares “mein hans ar klenn.”
All in all the Federal Reserve is one of the worst things ever created. That is why my name is WoodrowWilsonSucks. Woodrow Wilson is the dumb f--- that created the federal reserve and the income tax and is thus the worst president EVER!!!!! And for everyone who says Bush is the worst, rest assured he comes in a close second in my book.
October 23rd, 2008 at 9:43 am
If there were economists warning of the bad structure of the financial system, and who were voicing rather strongly their grim outlook of the future based on the then-current practices of financial institutions, then how is this man, who is a financial guru, shocked?
Are we supposed to believe that a man, who is perhaps brilliant at finances, could be shocked by anything in the financial world right now?
Yes, more theatre, and more psychological warfare waged on the public. Hitler wrote in Mein Kampf that to tell a little lie is not a problem, since people all tell little lies and they can identify with it. Telling a big lie is a different story. Most people will not believe the big lie because it’s in their nature to side along the lines of “it’s impossible, they wouldn’t do such a big lie.” It was shown, even in the 1920s and 1930s that if people are presented with evidence that reveals the lie, they still don’t fully grasp it or are willing to believe it.
So, this continues. Books will be written for our children and grandchildren to study that will write about this financial crisis and have no word of truth.
October 23rd, 2008 at 10:05 am
LIAR!! He was part OF IT. It’s all been planned for a LONG time.
Next step, martial law then complete integration into NAU.
October 23rd, 2008 at 10:15 am
Once again the main meat is left out of the ingredient list. DERIVATIVES! Once again the psycho’s blame the loaning to the uneducated public. Alan Greenspan is a bastard full weight because he legalized the derivative market. The fun has not started yet really ’cause soon the credit derivatives will come on stage for a curtain call and then everyone will be involved.
Nah, what we are dealing with here is psychotic behavior to baffle the general public in to thinking everything will be OK. The truth of the matter is we are being sucked in to a black hole of depression country by country. Hyperinflation is well on its way because everyone is trying to stay away from the dollar. Yet they just keep pumping in more dollars in the form of bailouts. The dollar is riding high but one must ask HOW? The USA is not producing anything and/or consuming products! Answer: Manipulation of the markets BIGSTYLE! By Whom? The Federal Reserve!!!
What did Alan Greenspan do for all those years….erm let me think???
October 23rd, 2008 at 10:18 am
$$$$$$$$$$$$$$$$$$$$$$$$$$$$WHY IS THIS GUY STILL WALKING AROUND AFREE MAN??? Please pray for ALEX to be PROTECTED, STRENGTHENED and PROSPERED…. Thanks SO much!
October 23rd, 2008 at 10:31 am
“Policy makers did not anticipate”? BULLs---!! This whole phony crisis was planned from the top to further consolidate power to fewer and fewer hands. f--- that old dickhead!
October 23rd, 2008 at 10:53 am
Liar Liar pants on fire nose as long as a telephone wire!
October 23rd, 2008 at 11:04 am
how can you not trust this man look at those honest eyes?
October 23rd, 2008 at 12:03 pm
Duh!!!!! Do ya really think so? It’s already having a severe impact!!! Oh that’s right we’re still debating whether or not if this is a recession. First things first. Anybody see the CNN news headline today–”Full name, DOB needed to book airline flights?” There they go. One by one each freedom.
October 23rd, 2008 at 12:05 pm
I think Greenspan should be tested for Altzheimers………..
October 23rd, 2008 at 12:14 pm
I can’t stand this bloke greenspan, he was instrumental in the collapse and the scumbag comes out like he doesn’t know why it’s happening. You time is coming greenspan.
http://www.illuminatiinvestigator.com.au
October 23rd, 2008 at 1:10 pm
#15, what is hilarious to me is that the money isnt even real!?!?!?!? Its just freakin paper???? It has absolutly no value, so that have nothing more than anyone else but numbers in a computer and a whole bunch of paper. Somehow they have brainwashed the entire public to believe it is of any value what so ever….
Its amazing how stupid the masses really are!
October 23rd, 2008 at 1:17 pm
He who has the gold, makes the rules.
The Rothschilds truly do control the gold market and in part the fiat money system.
Either way their well positioned.
October 23rd, 2008 at 1:24 pm
He should be in prison !
October 23rd, 2008 at 1:25 pm
He should e in prison !
October 23rd, 2008 at 1:26 pm
He should e in prison !
October 23rd, 2008 at 3:09 pm
I feel sorry for Ron Paul. He wasted much time and breath having to look that weasel eyed fool in the face! Greenspan is one in a long line of federal Reserve SOBs. It was a waste of time to listen to him then and it is a waste of time to pay any attention to him now! I’ll stop now before I lose it!#%^&*@+
October 23rd, 2008 at 3:39 pm
it’s a Crying shame, greed took away those freedoms and Good times some of us enjoyed. We let our kids and this next generation down. There Born into this world with such a Burden on them now. How can the Wealthy, look at those who made there millions for them, Look them in the eyes and tell them, they are now Laid-off? That will be the big thing. We use to wonder if it would rain or be sunny out each day, Now we worry if we’ll have a job to go to tomorrow with so much failing in this country. It’s time people make those who were in charge of this country, BUSH N Cheney should be made to answer for this and Yes, even for the Lies surrounding 9/11 which set this country and many familys being destroyed because of it, and lost someone whether it was in the buildings or effects from fall-out or those who served in this military for the self inflicted bombing in those Trade Center Buildings, and those who were on those planes. the Death toll is more than they are telling us,because there adding those who have died responding to those buildings,or cleaning up the mess Washington allowed to happen in this country! Our Own Military SHOULD N E V E R be allowed to police our own pople in this country, We’re just wanting answers to questions. We don’t need a cover up and using our own Military to protect them. Wake up before its too late. Greenspan should have all his assets taken away he accrued while in office, Much like Bush and Cheney once there found to have had involvement in 9/11!
October 23rd, 2008 at 4:54 pm
I’m not proud to say, and very well should’nt be, but I have been stealing food lately to help feed myself. I work hard, and pay most of my bills, but my employer continues to cut back my hours. I’m on the verge of being homeless. I sell my possesions routinely to get the extra money I need to stay afloat another month. I am not looking for pity, I just want to be able to stay self suffecient.People might be outraged that I shoplift food, but you can’t get assistance if you’re working a certain number of hours a week.The alternative would be to starve.I eat once a day.You might ask where I am, while I write this, I am at the public library, online looking for a better job, and when I leave, I am going to stop at the local supermarket,luckily today I have 5 bucks in my pocket to BUY my dinner.Who knows about tommorrow…
October 23rd, 2008 at 5:40 pm
What is happening economically has been happening for 300+ years… same players.. different times.. Green idiot knows this.. he is one of the players.
History of monetary imperialism
http://www.atimes.com/atimes/C.....6Cb01.html
October 23rd, 2008 at 6:59 pm
What pathetic wretches these banker scum are. What is it that spawns such impudence in these NWO cats? Look at the vacant, lifeless look in Greenspan’s eyes. To have been that high up in the ranks must mean he’s a reptillian. Let’s face it folks, David Icke is right. These aren’t human beings we’re dealing with here. Too much is happening now which is arrogantly smackin’ us right in the face. There’s something about the contamination that’s permeating through the whole society now that’s getting all too eery. It’s like there’s never been a time in this country’s history when there’s been more of an ‘us vs. them’ feel to it. Look at how removed Congress is from the people now. These people go to Washington and they seem to get infested with this black magic trance that’s voodooing America straight into hell and taking the world with it. We’re about to reap the whirlwind and just remember that love is the only reality and when we protect life and liberty with the fierceness that it requires than nothing and no one will harm the eternal spiritual warriors that we really are. Sic semper tyrannis!
October 23rd, 2008 at 7:49 pm
#24 you are in our prayers. I’m sorry.
greenspan=evil
October 23rd, 2008 at 8:44 pm
If all their errors were truly accidental, statistically speaking, some of them would be in our favor…
October 23rd, 2008 at 9:46 pm
I was watching this and those 3 clowns just don’t understand how angry people are and here they are just trying to save their own behinds. “Oh we didn’t know anything was going on, we were as shocked as anybody else was”.
The only thing missing on these 3 are shirts saying “I’d rather be at bilderberg” with a button saying “B.G. VIP” (B.G.=Bohemian Grove)
October 23rd, 2008 at 10:38 pm
Greenspan is a jackoff. He says this is a 100 year event like its a flood or something from the wrath of God.
They created this mess and try to come in as saviors saying they have “seen the errors of their ways”
ARREST THE FED
October 24th, 2008 at 5:24 am
This asshole knew dam well what he was doing/how the hell do you ship 4 or 5 million jobs over seas and think its just fine ??? We once made things in this country ,now all we do is swap money/ and the things we made lasted not like this s--- we get from CHINA,INDIA,MEXICO !!!! GOOD LUCK IF YOUR OUT OF WORK///your going to need it !!!!!!!!!!!!!!!!!!
October 24th, 2008 at 6:00 am
24, you are gonna be ok, um that is until the stores as we know them go broke. This is looting, the first steps after a tragedy. Our countrys tragedy is yet to come….btw, you are stealing Chinese food, be careful!
October 24th, 2008 at 9:35 am
Warning to all illuminati/fallen angel/elite/demon biters. Enoch was on to you was he not? My boss wishes to have a final word with you so mark your calendars and snuggle up to all that you have stolen because it will be of no comfort to you during this tribulation. PENTECOST 2012 all 144,000 of us will be waiting for you. love to all others and read ronald weinlands free online books.