Clinton Treas Sec Robert Rubin, & Fed Reserve heads Greenspan and Volker on Mortgage panel - good ?

[papau]

http://www.latimes.com/news/politics/la-na-campaign25mar25,0,4002448.story

Seems some DUers see this as Hillary evil - but as the solution will require persuasion of the financial industry rather than Fed intervention, I am at a loss to understand the hate of Hillaty on her proposal.

[kirby]

1. HORRIBLE IDEA!

Rubin is CEO of Citigroup - guess whose interests he will be looking out for
Greenspan got us into this mess with low rates to fund the war and devaluing the dollar.
Volcker - maybe.

[ChairmanAgnostic]

3. precisely.

greenspan has built a house of cards that is beginning to collapse. even worse, the mortgage for that house of cards was close to a trillion.

[TwilightGardener]

2. Volcker endorsed Obama.

[antigop]

4. Rubin has been through this before,.just not on this scale.he was treas sec'y when Long-Term Capital

had problems

http://query.nytimes.com/gst/fullpage.html?res=9407E5D91139F93AA1575AC0A96E958260&sec=&spon=&pagewanted=all

Secretary of the Treasury Robert E. Rubin sought to reassure investors yesterday that the near-collapse of Long-Term Capital would not lead to a broader financial crisis or to a severe decline in bank loans that would create a national credit shortage.

''I don't see why that should happen,'' Mr. Rubin said in response to a reporter's question. ''I think that the issues are indicative of the kinds of problems that the world and international community and financial authorities are dealing with as the world works itself through a very difficult time,'' he said.

Mr. Rubin is chairman of the President's Working Group on Financial Markets, which was established after the 1987 stock market crash. He said on Friday that he had asked the agencies in that group -- which include the Federal Reserve, the Treasury Department and the Securities and Exchange Commission -- to submit a report on hedge funds. The S.E.C. chairman, Arthur Levitt, speaking to reporters in New York yesterday, also indicated that his agency intended to investigate the circumstances surrounding Long-Term Capital's failure and the impact that it might have on investors in other hedge funds. He declined to comment further.

However, given his current position at Citi, I'm not convinced his input would be unbiased.

[ozone_man]

5. Volcker yes, the other two no.

Greenspan helped engineer the mess we're in and Rubin was Treasury secretary during the irrational exuberance that led to the stock market bubble.

Volcker was a responsible FED chairman. Let him chair a panel, if this is a good idea at all.

Really, we have to regulate the banking industry and Wall Street and place the FED under control of the U.S. Treasury.

[madrchsod]

6. they are the reason why we are in this mess.

why in god`s name would anyone think these guys could fix anything....hate hillary? no i`m just dumbstruck that she does`t understand these are the guys who created the collapse. there must be someone in the usa that understands what went wrong and has a reasonable well thought out plan to fix our economy .

if hillary wants to fix the system then she should call for the reinstatement of the Glass-Steagall Act the act her husband repealed

http://www.progressivehistorians.com/2007/11/bill-clintons-role-in-mortgage-crisis.html
Progressive Historians: History For Our Future

[Warpy]

7. Fox, guard henhouse!

These are the foremost economic experts out there. Unfortunately for most of us, those great experts have been consistently wrong for nearly three decades. That's why we're in this mess.

If any of those old boys answers the clue phone and orchestrates a deconcentration of wealth at the top, I will be both astonished and delighted.

I just don't expect them to.

[sbyte]

8. Who Else? What other economic thinkers to use?

What other person has a handle on the economy has been studying it for twenty or thirty years, has had successes in forecasting, and is illuminated enough to come up with solutions. Hummmm......

[AdHocSolver]

10. The solutions to our economic problems are quite understandable based on Economics 101 knowledge.

There are two types of economics experts.

Type one understands the economy and uses that knowledge to help the wealthy elite cover up their techniques of ripping off the public. Greenspan is a prime example of this type as he is the architect of the raid on the Social Security fund, the stock market bubble that made the Enron thievery possible, and the third scam, the subprime mortgage boom.

Type two economic expert doesn't understand anything about economics. They are the college professors, the academics who hang out at think tanks and financial corporations, whose main function is to spout drivel and nonsense as a cover for thievery and to confuse the public so that they would rather hear about Britney Spears than one more word about the economy.

To keep this short, I will mention the SINGLE MOST IMPORTANT ACTION to take to reduce the trade deficit, the Federal deficit, and the unemployment issues, as well as reduce inflation, get a handle on pollution and global climate change, return power to the people, and solve the health care crisis.

There are several steps to take to achieve these goals. They are all geared to achieve the main solution and that is to BRING MANUFACTURING JOBS BACK TO AMERICA.

If you make here what you buy, you don't run up a trillion dollar debt to other countries by importing everything you need to live your life. If Americans have family supporting jobs, they pay income taxes and then the government doesn't run up huge deficits. If the U.S. government has authority over manufacturing, it can mandate pollution controls over factories and efficiency standards for cars and appliances to limit pollution.

To grasp how you bring manufacturing back to America, you have to understand that the massive offshoring of jobs has NOTHING to do with "free trade". The term "free trade" is NOT free in the implied sense of "competitive". It is totally controlled trade by and for the exclusive benefit of the multinational corporations.

The agreements such as NAFTA, the WTO, the IMF, the World Bank, etc. are cartel agreements in which the corporations divide the spoils of their pillaging of planet earth. The people, YOU, derive NO benefit from these agreements and organizations. They don't save you any money because the corporations do NOT pass along any labor cost savings to you. In fact, the debt that this country has run up because we have to import nearly everything into this country is one of the MAIN reasons the value of the dollar is dropping, and the cost of everything is going up.

These agreements have to be rewritten to benefit the people or totally done away with. The medieval kings of Europe would be green with envy over the control that the corporations of today have over the minds and bodies of the modern serfs.

Forget the "experts". If you can't understand an article or a post about the economy, consider it just bovine manure and ignore it. This is not rocket science. If someone throws complex tables, complex graphs, or arcane buzzwords at you, they are trying to confuse you, they don't know what they are talking about, or both.

[sbyte]

14. reply, some comments

There are two types of economics experts.

Type one understands the economy and uses that knowledge to help the wealthy elite cover up their techniques of ripping off the public. Greenspan is a prime example of this type as he is the architect of the raid on the Social Security fund, the stock market bubble that made the Enron thievery possible, and the third scam, the subprime mortgage boom.

(I'm not a expert, but would like to add some comments.
Yes, Greenspan opened the door to a wall of money by allowing unregulated derivative's to blossom into a multi-trillion dollar bankers market. When the derivatives market ran out of bonds to hedge against they persuaded regulators to open up the mortgage market to risker loans. Then they the hedge funds derivative market would cover any debt that went bad. But now as the debts are going into default they have not the money to back it up. It was a fools game, ponzi scheme. )


Type two economic expert doesn't understand anything about economics. They are the college professors, the academics who hang out at think tanks and financial corporations, whose main function is to spout drivel and nonsense as a cover for thievery and to confuse the public so that they would rather hear about Britney Spears than one more word about the economy.

(ya )

To keep this short, I will mention the SINGLE MOST IMPORTANT ACTION to take to

reduce the trade deficit, (By putting up trade barriers, or tariffs? )

the Federal deficit,
(Cutting back on government programs and getting more people to work)

and the unemployment issues,
(Have the government create public works jobs that will benefit the common good, such as efficient power generation(non-oil, or coal:to dirty)

as well as reduce inflation,
(Increase the interest rate on loans except for the public works jobs program)

get a handle on pollution
(Try to evolve to a hydrogen based energy)

and global climate change, (....)

return power to the people, (more prosecution for corruption, and give people purpose and drive)

and solve the health care crisis. (Tort reform. Managed health care reform or elimination, go back how it worked before. Build more training facilities. Don't over treat just to avoid a lawsuit so there is more time to treat the under served.)

There are several steps to take to achieve these goals. They are all geared to achieve the main solution and that is to BRING MANUFACTURING JOBS BACK TO AMERICA.

[opusprime]

9. Rubin is just as corrupt as Paulson...

And there really is no difference between the 2.

Rubin has been calling for tax payer dollars to buy bad mortgage loans, in an effort to save ShittyBank, which is insolvent.

We need another trillion in new debt like we need another 4 years of Bush/Vader.

[truedelphi]

11. If you don't see this as a way to let the NASTIES get us in over our heads even further

Than I guess you don't understand what the Federal Reserve is was and always will be.

[Celebration]

12. Not good, bad

Greenspan the Ayn Rand freak? OMG, NO!! Rubin I actually used to like--but it turns out he is an idiot.

[Robert Oak]

13. Rubin, Greenspan bad

Firstly, Rubin is neck deep in this derivative do do and Greenspan caused much of this, so that's letting the foxes into the henhouse.

Rubin esp. has pushed so much policy that hurts the US middle class and makes him very rich along with Citigroup.


The rest of it sounded ok but neither of them are going after regulating the financial markets on derivatives and that is where one of the biggest problems lie.


As far as the hatred towards Clinton goes, those people will blast a hair out of place.

[edhopper]

15. Try this

If she convened a panel to get us out of Iraq, should she include, Pearle, Wolfiwitz, Rumsfeld and Cheney?
How about going to the people like Profs Robert Schiller and Nouriel Roubini and Paul Krugman who warned of these problems 5 years ago?

[sbyte]

16. good;, Roubini's has some traction on the road.

just read this one: http://www.rgemonitor.com/blog/roubini/

Mr. Roubini's 12-point outlook forecasts that housing prices will plummet 20% to 30% from their peak, subprime mortgage losses will exceed $300 billion and credit losses will spread outside the subprime arena to credit cards, auto loans and other areas.

~~~
He suggests loses to top One Trillion... Well here is some honest analysis.