And this was the 'must have' guy for Treasury Secretary when Obama took office.
Unbelievable that the economy of our nation is run by these clueless “experts.” We could get better results from a monkey with a dart board.
Ah, the big layoff and lock against hiring of December 1st, 2007. Are oil prices (freight fuel) way down now? Are foreign product prices down? I didn’t think so. Too bad. So sad. Starve the B.
"'Its embarrassing for the Fed,' said Justin Wolfers, an economics professor at the University of Pennsylvania. 'You see an awareness that the housing market is starting to crumble, and you see a lack of awareness of the connection between the housing market and financial markets.'"
--snip--
"The general consensus on the board, summarized by Mr. Geithner, was that problems in the housing market had few broader ramifications. 'We just dont see troubling signs yet of collateral damage, and we are not expecting much,' he said at the September meeting."
"Mr. Bernanke initially agreed, telling colleagues at his first meeting as chairman, in March, 'I think we are unlikely to see growth being derailed by the housing market.'"
"As the year rolled along, however, Mr. Bernanke increasingly took the view that his colleagues were too sanguine."
"'I dont have quite as much confidence as some people around the table that there will be no spillover effect,' he said."
All these economists seem blissfully unaware of what was feeding the housing bubble - subprime loans mandated from executive branch initiatives that started under Clinton and Cuomo.
I figured it out during the Clinton administration when Greenspan had a plunge protection operation which really protected Clinton. Mr. Freemarket and former Austrian School was into market manipulation for political reasons. We should also remember that good ole Greenspan presided over the Dot Com bubble that contributed to the Clinton aura of "success".
It's important to remember just how much of this stuff originated or was made much worse during the Clinton Regime--especially as we may get Her Heinous running as VP for Hussein.
When he signed the Gramm-Leach-Bliley Act, President Clinton said that it, "establishes the principles that, as we expand the powers of banks, we will expand the reach of the [Community Reinvestment] Act".