Greenspan … Wrong On Regulation

Greenspan is a copout! /// He refuses to lay the problem where it has existed all along - Social Engineering as a precept of Government, Lawsuits by socialist-leaning government-funded organizations on banking institutions, Oversight mission creep from protecting the citizens to looking the other way in order to gain votes, and lastly ... the practice of packaging blocks of "JUNK" mortgages as securities that were able to be traded internationally asnegotiable instruments. /// Why were the Executives at FannieMae and FreddieMac (quasi-government loan guarantee organizations set up by Congress with the support of taxpayer money) able to be paid with bonus incentives in the hundred million dollar range in six years? /// Franklin Raines alone reportedly received 90 million dollars in six years on bonus incentives packaging federally backed mortgages (backed with taxpayer money) and sold to Wall Street. This was a quasi government position that was allowed to loosen the qualification rules on mortgages in order to create the paper (JUNK Mortgages) that has us in trouble at this moment.Image Credit: imageshack.us