it was Greenspan who through some excessive deregulation prepared the monetary ground for the rise of the subprime mortgage companies: a lending market that specialises in high-risk mortgages and loans. 'Innovation', said Greenspan in April 2005, 'has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants'. It is almost touching to find out that Greenspan cares so much about immigrants.
greenspan quotesexcessive quotesderegulation quotesprepared quotesmonetary quotesground quotesrise quotessubprime quotesmortgage quotescompanies quoteslending quotesmarket quotesspecialises quoteshighrisk quotesmortgages quotesloans quotesinnovation quotesapril quotes2005 quoteshas quotesbrought quotesmultitude quotesproducts quotesloans quotesniche quotescredit quotesprograms quotesimmigrants quotestouching quotesfind quotescares quotesimmigrants quotes
The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes. These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place. Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever. Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars.
homeownership quotesrate quotesincreased quotes64 quotespercent quotes1994 quotespeak quotes2004 quotesalltime quoteshigh quotes692 quotespercent quotesreal quotesestate quotesleading quotesbusiness quotesamerica quotesspeculators quotesinvested quotesmoney quotesbusiness quotes2006 quotes22 quoteshomes quotespurchased quotes165 quotesmillion quotesunits quotesinvestment quotespurposes quotesadditional quotes14 quotes107 quotesvacation quoteshomes quotesfigures quotesled quotesamericans quoteseconomy quotesbooming quotesbooming quotesinterested quotesforeign quotesaffairs quotesdead quotesiraqis quotesgrave quotesreality quotesdawned quotesstruggling quotesworking quotesclass quotesimmigrants quotesfailing quotespay quotesback quotesplace quotesdue quotesrise quotesoil quotesprices quotesinterest quotesrates quotesmillions quotesdisadvantaged quotesfell quotestime quotesdrove quotesnewly quotessuburban quotesdream quoteshouses quoteskitty quotesmortgage quoteselementary quotesshort quotestime quoteshouses quotesrepossessed quotesafford quotesbuy quotesrepossessed quoteshouses quotespoor quotespeople quotesamerica quotespoorer quoteswolfowitzs quotestoppled quotessaddam quotesdragged quotesamerican quotesempire quotesamericans quotesset quotesfacilitate quoteswar quotespulled quotescapitalism quotesmonetary quotesbanking quotessystem quotesgreenspans quotespolicy quotesentire quotesruin quotesleaving quotesamericas quotesfinancial quotessystem quoteshole quotesstands quotestrillion quotesdollars quotes
Greenspan advised the American people to buy - he repeated the old mantra: 'spending is patriotic'. He also managed to convince them that if they did not have the money, that shouldn't stop them. They would 'pay later'. To a certain extent he was correct, we are all having to 'pay later'... we may even never stop paying.
Unlike old-fashioned Britain, where Tony Blair recruited Lord Levy to encourage his 'Friends of Israel' to donate their money to a party that was just about to launch a criminal war, in America Alan Greenspan provided his president with an astonishing economic boom. It seems that the prosperous conditions at home divert the attention from the disastrous war in Iraq. Greenspan is not an amateur economist, he knew what he was doing. He knew very well that as long as Americans were doing well, buying and selling homes, his President would be able to continue implementing the 'Wolfowitz doctrine' and PNAC philosophy, destroying the 'bad Arabs' in the name of 'democracy', 'liberalism', 'ethics', and even 'women's rights'.
unlike quotesoldfashioned quotesbritain quotestony quotesblair quotesrecruited quoteslord quoteslevy quotesencourage quotesfriends quotesisrael quotesdonate quotesmoney quotesparty quoteslaunch quotescriminal quoteswar quotesamerica quotesalan quotesgreenspan quotesprovided quotespresident quotesastonishing quoteseconomic quotesboom quotesprosperous quotesconditions quoteshome quotesdivert quotesattention quotesdisastrous quoteswar quotesiraq quotesamateur quoteseconomist quotesknew quoteslong quotesamericans quotesbuying quotesselling quoteshomes quotespresident quotescontinue quotesimplementing quoteswolfowitz quotesdoctrine quotespnac quotesphilosophy quotesdestroying quotesbad quotesarabs quotesdemocracy quotesliberalism quotesethics quoteswomens quotesrights quotes
A few years back, an American Jewish feminist academic sent me a request for an interview... The professor presented herself as a `gender scholar`, another postmodernist discipline that fails to inspire my intellect. However, I was curious to see what a person who happens to be academically qualified in being a woman might come up with.
years quotesback quotesamerican quotesjewish quotesfeminist quotesacademic quotesrequest quotesinterview quotesprofessor quotespresented quotes`gender quotesscholar` quotespostmodernist quotesdiscipline quotesfails quotesinspire quotesintellect quotescurious quotesperson quotesacademically quotesqualified quoteswoman quotes