{"id":525945,"date":"2010-04-13T12:16:15","date_gmt":"2010-04-13T16:16:15","guid":{"rendered":"http:\/\/www.szone.us\/f96\/greenspan-calls-out-congress-sub-prime-crisis-42217\/"},"modified":"2010-04-13T12:16:15","modified_gmt":"2010-04-13T16:16:15","slug":"greenspan-calls-out-congress-on-sub-prime-crisis","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/525945","title":{"rendered":"Greenspan calls out Congress on sub-prime crisis"},"content":{"rendered":"<div>04.13.10 06:20 AM posted by Drew McKissick<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.szone.us\/files\/u3\/Greenspan.jpg\" border=\"0\" alt=\"\" \/>So what caused the collapse of financial institutions and the economic crisis \/ recession?  Well, conservatives have maintained since the beginning that it was pretty much the logical outcome of lending money to people that can&#8217;t pay it back.  Which leads to the institutions those people are supposed to pay back losing money&#8230;which led us to bailouts, etc.., etc..<\/p>\n<p>But the real question is what caused the bad lending in the first place?  Well, a few days ago, former Fed Chairman Alan Greenspan went before Congress and pretty much laid the blame exactly where it belongs.  Which means it wasn&#8217;t appreciated and won&#8217;t be paid attention to, but&#8230;<\/p>\n<blockquote><p>&quot;While the roots of the crisis were global, it was securitized U.S. subprime mortgages that served as the crisis&#8217; immediate trigger,&quot; Mr. Greenspan explained. &quot;The surge in demand for mortgage-backed securities was heavily driven by Fannie Mae and Freddie Mac, which were pressed by the Department of Housing and Urban Development and the Congress to expand affordable housing commitments.&quot; Unfortunately, Fannie Mae and Freddie Mac weren&#8217;t the only government agencies to feel the pressure. Mr. Greenspan also noted, &quot;I sat through meeting after meeting in which the pressures on the Federal Reserve &#8211; and on, I might add, all of the other regulatory agencies &#8211; to enhance lending were remarkable.&quot;<\/p>\n<\/blockquote>\n<p>In other words, cheap housing policies. Don&#8217;t expect to hear too much about this in the &quot;mainstream media&quot; outlets.  Especially since we&#8217;re almost at the point where housing is to be declared a &quot;right&quot;&#8230;right along with health care. <a href=\"http:\/\/www.conservativeoutpost.com\/greenspan_calls_out_congress_subprime_crisis\" ><b> read more &amp;raquo;<\/b><\/a><\/p>\n<p><a href=\"http:\/\/www.conservativeoutpost.com\/greenspan_calls_out_congress_subprime_crisis\" >http:\/\/www.conservativeoutpost.com\/g&#8230;ubprime_crisis<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>04.13.10 06:20 AM posted by Drew McKissick So what caused the collapse of financial institutions and the economic crisis \/ recession? Well, conservatives have maintained since the beginning that it was pretty much the logical outcome of lending money to people that can&#8217;t pay it back. Which leads to the institutions those people are supposed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-525945","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=525945"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525945\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=525945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=525945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=525945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}