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Ranchers.net

aplusmnt wrote:
I guess I am having a hard time seeing exactly what a President did wrong here. What exactly would you have did as president that would have kept any of these swapping of paper transactions to happen.

,... you encourage people to borrow against their houses, you end up with the cluster---- of the current subprime mess.

It IS the Presidents fault. He hired cronies instead of competent people. He initiated a policy of fiscal irresponsibility. He is deliberately pushing the USA into bankruptcy.

Unfortunately to unravel what actually happened you have to go back aways,... It is a problem that has spanned at least three administrations,.. it could easily have been said,...
Had Clinton not appointed cronies instead of competent people.
William Clinton initiated a policy of fiscal irresponsibility deliberately pushing the USA toward bankruptcy.




The Washington Post (12/11/92) reported on Clinton's economic team in an article headlined "Clinton Appointees Form a Collage of Varying Economic Views." The piece claimed that Clinton's administration would be a "tent big enough to accomodate a wide variety of viewpoints.",...

How wide are the viewpoints represented? The article cites Lloyd Bentsen, an "old-time wheeler-dealer" who supports "tax incentives" for business; Rep. Leon Panetta and the Brookings Institution's Alice Rivlin, who are described as "deficit hawks"; and investment bankers Robert Rubin and Roger Altman, who are said to provide "real world imput."

"If you're in favor of any of these things, you're represented," says Reagan administration official William Seidman--referring to tax cuts for big business, cutting government programs or having economic policy set by investment bankers.

Robert Edward Rubin is the Chairman of Citigroup.He served as the 70th United States Secretary of the Treasury during both the first and second Clinton Administrations.,... He sparked controversy in 2001 when he contacted an acquaintance at the Treasury Department and asked if the department could convince bond-rating agencies not to downgrade the corporate debt of Enron, a debtor of Citigroup.
http://en.wikipedia.org/wiki/Robert_Rubin
Roger Altman is an investment banker and former United States Deputy Treasury Secretary under Bill Clinton. ,.. a general partner of Lehman Brothers,.. Mr. Altman joined the Blackstone Group as vice-chairman, head of merger and acquisition advisory and a member of the investment committee.,.. as the Deputy Secretary of the US Treasury, before resigning in 1994 because of a record-keeping scandal
,... Evercore Partners NYSE: EVR is a boutique investment bank and private equity investment firm located in New York. It was founded by Blackstone Group Austin Beutner and Roger Altman in 1996,...

http://en.wikipedia.org/wiki/Roger_Altman
http://www.fair.org/index.php?page=1210


Who Did It? The Subprime Crime

There is a considerable search on by Congress, the press, the politicians, etc., to tag someone or something as the villain who caused the current financial system problems, aka the subprime home mortgages mess. (They’re called subprime because the debtor has less than a prime credit rating.)

Among the suspects are financial institutions, mortgage brokers, securitizers’ rating agencies, and various types of defrauding individuals.

It is with some concern that I (L. William Seidman) am duty bound to report that the Resolution Trust Company (the RTC) and its first chairman (that’s me) must shoulder a good bit of the blame for the costly losses that have rather suddenly appeared.
http://www.bankdirector.com/issues/articles.pl?article_id=11916

Seidman began working in United States government as an economic advisor to President Gerald Ford from 1974 to 1976, and later in a related capacity to President Ronald Reagan from 1982-1984. In 1985, he became the chairman of the Federal Deposit Insurance Corporation and served until 1991, working extensively during the American savings and loan crisis to restore solvency to the failing savings and loan sector of American banking. He was the first chairman of the related agency, the Resolution Trust Corporation, which was created specifically to address issues arising from the savings and loan crisis, from 1989 until his retirement from active government in 1991.
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