I was just reading an article about Allen Greenspan. Looks like he is taking it on the chin for all the problems we are having. He provided artificially low interest rates wile at the same time championing the derivitives. that allowed mortgage sellers to sell bad loans and then dump them off on the derivitive market. With no goverment over sight.
He some how believed that wallstreet could police its self. I read that part and said to my self " Are you friggin nuts!!!!" A bunch of greedy,live for the moment, money grubbers could never police them selfs. Never.
Basicly too low of interest rates allowed prices to soar past levels that would normally happen, wile mortgage sellers could write mortgages to people who wouldnt normally be able to qualify for those loans. No risk for them just dump them off on the derivatives market and spend your check.
How stupid can these smart people be? Looks like one of the dummies was the guy managing my 401K.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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