{"id":35100,"date":"2010-04-07T01:01:01","date_gmt":"2011-05-19T01:10:17","guid":{"rendered":""},"modified":"2011-05-19T01:10:17","modified_gmt":"2011-05-19T01:10:17","slug":"greenspan_subprime_mortgages_were_the_trigger_to_this_crisis","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/","title":{"rendered":"Greenspan: Subprime Mortgages Were the Trigger to This Crisis"},"content":{"rendered":"<section>\n<p>RUSH: I wonder, Alan Greenspan, has he figured out that he\u2019s got no place in the future in this regime? Because there are hearings going on, the super blue-ribbon panel looking into the housing <img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125115.Par.89380.ImageFile.jpg\" width=\"340\" height=\"230\" class=\"alignright\"\/>boom, and he told \u2019em the truth this morning. &#8216;Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing out that Congress pushed the US central bank to make sure lending to poorer Americans kept rising in the 2000s.\u2019 In other words, Greenspan told these investigators today, (paraphrasing) &#8216;Look, Congress,\u2019 meaning Barney Frank and Chris Dodd, &#8216;and a whole bunch of others, told us to keep the subprime loan process going. In fact, they told us to ratchet it up.\u2019 Greenspan actually told the truth about this whole problem. You know what happens to people inside Washington who tell the truth about the regime. This is not good. <\/p>\n<p>He said, &#8216;If the Fed as a regulator had tried to thwart what everyone perceived as a fairly broad consensus that the trend was in the right direction, homeownership was rising and that was an unmitigated good, then Congress would have clamped down on us. There\u2019s a presumption that the Federal Reserve\u2019s an independent agency, and it is up to a point, but we are a creature of the Congress and if &#8230; we had said we\u2019re running into a bubble and we need to retrench, the Congress would say &#8216;we haven\u2019t a clue what you\u2019re talking about.&#8221; He\u2019s saying Congress doesn\u2019t listen to us anyway. They do what they\u2019re going to do. So there it is, what we all know, he just laid this at the feet of Barney Frank and Chris Dodd. <\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>RUSH: Here\u2019s Greenspan, even more, this on Capitol Hill this morning at the Financial Crisis Inquiry Commission.<\/p>\n<p>GREENSPAN: While the roots of the crisis were global, it was securitized US subprime mortgages that served as the crisis\u2019 immediate trigger. 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. The enormity of these purchases was not revealed until Fannie Mae in September 2009 reclassified a large part of its prime mortgages securities portfolio as subprime.<\/p>\n<p>RUSH: I don\u2019t hear JP Morgan mentioned there; I don\u2019t hear Chase; I don\u2019t hear Goldman Sachs mentioned; I don\u2019t hear AIG mentioned. He told the truth. It was securitized US subprime mortgages that served as the crisis\u2019 immediate trigger, the surge in demand for mortgage-backed securities 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, meaning loan money to people you knew couldn\u2019t pay it back so we could brag about how many people in our country have homes. I can\u2019t believe he told the truth up there. It must mean that he\u2019s got plans that don\u2019t involve Washington. <\/p>\n<p>By the way, this mining disaster, have you people in the media, Mr. Harwood, have you ever heard of Senator Jay Rockefeller, have you heard of Senator Robert Byrd? Hell, I\u2019m surprised the mine\u2019s not named after him. Everything else in the state is. It\u2019s because this guy donated to Republicans that this happened? That\u2019s what they\u2019re trying to say. Anyway, let\u2019s take a brief time-out here, folks. I have some discussion on the value-added tax. It\u2019s coming, and a lot of people don\u2019t know what it is, and the Heritage Foundation Morning Bell, their blog today has a pretty good explanation that can supplement what I know about it. <\/p>\n<p>Barack Obama, let\u2019s see, was asked two easy questions this week: &#8216;Are we overtaxed?\u2019 And he gave a 17-minute, 2,500-word rambling answer that never answered the question. And then he was asked, &#8216;Who was your favorite White Sox player when you were a kid.\u2019 We got two dishonest, insincere, confused non-answers. We learned a lot about Barack Obama from two simple questions and his two convoluted answers. One, he\u2019s boring. Two, he\u2019s a phony and he can\u2019t be trusted, but we knew that he can\u2019t be trusted. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: I wonder, Alan Greenspan, has he figured out that he\u2019s got no place in the future in this regime? Because there are hearings going on, the super blue-ribbon panel looking into the housing boom, and he told \u2019em the truth this morning. &#8216;Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Greenspan: Subprime Mortgages Were the Trigger to This Crisis - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Greenspan: Subprime Mortgages Were the Trigger to This Crisis - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: I wonder, Alan Greenspan, has he figured out that he\u2019s got no place in the future in this regime? Because there are hearings going on, the super blue-ribbon panel looking into the housing boom, and he told \u2019em the truth this morning. &#8216;Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125115.Par.89380.ImageFile.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/admin.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/admin.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125115.Par.89380.ImageFile.jpg\",\"contentUrl\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125115.Par.89380.ImageFile.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/#webpage\",\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/\",\"name\":\"Greenspan: Subprime Mortgages Were the Trigger to This Crisis - The Rush Limbaugh Show\",\"isPartOf\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/#primaryimage\"},\"datePublished\":\"2011-05-19T01:10:17+00:00\",\"dateModified\":\"2011-05-19T01:10:17+00:00\",\"author\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rushlimbaugh.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Greenspan: Subprime Mortgages Were the Trigger to This Crisis\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Greenspan: Subprime Mortgages Were the Trigger to This Crisis - The Rush Limbaugh Show","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/07\/greenspan_subprime_mortgages_were_the_trigger_to_this_crisis\/","twitter_card":"summary","twitter_title":"Greenspan: Subprime Mortgages Were the Trigger to This Crisis - The Rush Limbaugh Show","twitter_description":"RUSH: I wonder, Alan Greenspan, has he figured out that he\u2019s got no place in the future in this regime? 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