RSS FeedsVolcker Speaks on Economic Crisis - Bloomberg
September 15th, 2009
Live! From Columbia University in New York, NY: Economic Recovery Advisory Board Chairman Paul Volcker Speaks (Bloomberg News)
Duration : 0:7:21
Personal Internet Banking
Personal Internet Banking
September 15th, 2009
It is impossible to …
It is impossible to prevent globalization now. The world is to small with all our new technologies. If we were to go away from globalization ie: protectionism we wouldn’t be very free now would we?
Most of us have benefited from globalization. I live in Norway. We sell oil and fish. Our climate doesn’t allow us to grow oranges, so we import that. I like oranges, bananas, American movies, Chinese gadgets, cheap clothes etc
Globalization is good. We are all human and we can trade.
September 15th, 2009
Globalization …
Globalization enrich the world! We need a global market!
September 15th, 2009
Well, it’s nice to …
Well, it’s nice to see someone FINALLY admit that the CAUSE of this whole mess is GLOBALIZATION and the problems it has created!
September 15th, 2009
Well, it’s nice to …
Well, it’s nice to see someone FINALLY admit that the CAUSE of this whole mess is GLOBALIZATION and the problems it has created!
September 15th, 2009
it was outright …
it was outright fraud! i want people jailed dammit!
they violated all kinds of laws.
September 15th, 2009
yes but …
yes but fundamentally - who provided the leverage into the system? The FED and the GSEs : free market capatilsm works - gov’t backed debt and false interest rates don’t.
September 15th, 2009
Thank you Mr. …
Thank you Mr. Volcker for mentioning that those in charge “the unbriddled capitalists” or the Greedy who can not determine the difference between economic growth and greed.
Thank you also Mr. Volcker for mentioning how little trickles beyond personal servants.
One more thing. Financial instruments that hid bad numbers and untenable changes were all to the advantage of the companies who expertly sold the products, they were predictors who did not bargain in good faith. Swiss procecute, we c
September 15th, 2009
As someone who …
As someone who knows several people who were taken advantage of Mortgage companies who his the variable rate part of the agreement in small print that was never mentioned in closing meetings where only the title company was present , to pretend that the lenders where not the experts that contourted the laws to have a major theft is lieing or just out of touch with fair play. If a bar tender is responsible for a drunk who gets in an auto accident the why ///
September 15th, 2009
Furthermore, …
Furthermore, mortgage lenders such as ownit were disconnected from the risk of mortgage default due to the relative lack of underwriting requirements and were credited with originating billions of dollars in bad loans using predatory lending practices. So although I agree with you that the American mortgage consumer has a great deal of responsibility for the crisis I must disagree that Wall St. bears none of the blame.
September 15th, 2009
CDOs were also …
CDOs were also attractive because ratings agencies gave AAA or AA ratings on tranches of BB or lower rated bonds. The diversification effect used to calculate these ratings and the risk models within which they were used misrepresented the actual risks of CDOs and contributed to a mortgage system with underwriting requirements so low that a picture of a mariachi in front of an expensive home qualified as income.
September 15th, 2009
Engineers and the …
Engineers and the people that told them to design the financial instruments would not have done so without a buyer.Investors didn’t care because it was guaranteed by the US government. Wall Street had nothing to do with this crisis. Saying that people defaulted on their mortgage because someone bought a CDS to hedge in case they did,is like saying the Cardinals lost the superbowl because you bet on them. CDO’s were attractive because Fannie and Freddie guaranteed the MBS’s that made up the CDO’s
September 15th, 2009
I wish I could find …
I wish I could find Volcker’s entire presentation at Columbia. Any one know if this exists somewhere on the net?