A Brief Timeline of the Financial Crisis, Told by our Genius Leaders
Thursday, August 19, 2010 21:07
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As most of you know by now, I have a healthy dose of skepticism towards our leaders. Perhaps it’s because I have a good memory and understand the role they played to precipitate the current crisis. Our leaders have been so wrong it’s amazing. In fact, if you faded everything the Fed said on the economic front, you would be retired on a beach right now.
So in honor of our genius leaders, here are some infamous quotes from the financial crisis. I apologize to Helicopter Ben ahead of time: I can’t help it- you are such an easy target for derision.
“I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger… I don’t think we face a crisis; I don’t think that we have an impending disaster. …Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country.”- Barney Frank, 2003
(Barney Frank was, incidentally, one of the largest recipients of GSE donations. Coincidence I’m sure.)
“what we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.” – Alan Greenspan, 2003
“Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.” – Alan Grenspan 2004
2008- R.I.P. Bear Stearns, Lehman Brothers, AIG, Freddie Mac, Fannie Mae, GM
“When the music stops in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” – Chuck Prince, Citigroup, July, 9 2007
November 24, 2008: Citigroup halts dividend and accepts $20 billion dollar bailout from the government.
“At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”- Helicopter Ben Bernanke, March 28, 2007
“All the signs I look at show the housing market is at or near the bottom.”- Henry Paulson, April 20, 2007
“This is far and away the strongest global economy I’ve seen in my business lifetime.”- Henry Paulson, July 12, 2007
“It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”- Helicopter Ben Bernanke, October 15, 2007
March 14, 2008: Bear Stearns bailed out By Federal Reserve.
September 19th, 2008: Bernanke called the current problems the “most severe financial crisis” in the post-World War II era. Investment banks are seeing “tremendous runs on their cash,” Bernanke said. “Without action, they will fail soon.”
‘The worst is likely to be behind us . . . . ”- Henry Paulson, May 7, 2008
`
`We have no plans to insert money into either of those two institutions.” (Fannie Mae and Freddie Mac)- Henry Paulson, August 10th, 2008
`We have no plans to insert money into either of those two institutions.” (Fannie Mae and Freddie Mac)- Henry Paulson, August 10th, 2008
September 8th, 2008: Fannie Mae and Freddie Mac nationalized.
Wake Up America?
This is just too much. Why people believed these morons about a “green shoots” economic recovery when they were wrong time after time during the financial crisis is anybody’s guess. Bottom line: The economy has not recovered, unemployment is rising, taxpayers are getting screwed, and public confidence is collapsing. I’m warning you, prepare now for the coming storm.
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