Wheresmyamerica’s Weblog

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Greenspan drills Bush in my America.

Greenspan
Just a little weekend surprise. I wasn’t going to write this weekend, been busy on a script, but this is too good. After driving down interest rates to impossibly low levels and thus imploding our real estate market for the long term, Greenspan has decided to come clean about what really fueled some of the idiotic financial and more importantly foreign policy decisions during his tenure, focusing on the Iraq war. Because I am attempting to be brief I will highlight what he claims to be the driving force behind some of the most significant policy decisions made by the Bush administration. Unbelievably, but predictably, it can be summed up in one word, OIL. More here.

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September 16, 2007 Posted by | America, Breaking News, Bush, Greenspan, Iraq, Oil, political, Republican, Rich, Scandal, War | , , , | Leave a comment

Where did my home value go in my America?

Greenspan
I know that part of my America was stolen with questionable policies by the FOMC. The following quote seems quite remarkable given the timing and the current state of my America’s real estate market.

“Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants. With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending… fostering constructive innovation that is both responsive to market demand and beneficial to consumers.” (emphasis added)

-Remarks by Chairman Alan Greenspan on Consumer Finance
At the Federal Reserve System’s Fourth Annual Community Affairs Research
Conference, Washington, D.C. April 8, 2005

Update 8/30/07- Poor Miami

August 24, 2007 Posted by | America, FOMC, Greenspan, Money, Real Estate, Rich, Society | Leave a comment