40 replies to this topic

[milbank]

Perhaps it's my personal bias against this adjustable rate mortgage as there are few uses for it, home ownership for IT to LT residency not being, in my opinion, one of them but, his promotion of these types of mortgages in front of congress and in other venues, I thought was foolish bordering on nuts. This is what really sticks in my craw about Greenspan. I knew when he started backing off of them, that game had "jumped the shark" and the beginning of a very bad end was about to begin and at that point I didn't even know the ugly details of the Collateralized Debt Obligations these mortgages were being packaged into. As far as being between a rock and a hard place, every Fed Chair since Volker has been the way we careen from one Ponzi Scheme into another, getting more extreme each time. Bernanke has the luck of being Chair at the "most interesting time" ever for that.

Edited by milbank, 30 November 2007 - 07:08 PM.