I bought a house in the 90's in Pennsylvania. I had an adjustable rate FHA mortgage. Each year it came down or stayed the same percentage rate. I remember how strange I thought it was that the Fed was controlling the Economy and Stock market by reducing rates whenever they thought things were getting bad. Basically having a "vapor" controlled market, instead of the "FREE MARKET" that they kept saying they were for.
It was good for me at the time....I was in a house...and I was in the stock market( pretty big in stocks).
Well....5 years later I was moving....I sold my house for $500 more than I bought it.
I have since then lost all the money I had "made" in stock market. Much of my losses in the market had to do with another lending scam....which many don't talk about. The Margin Account.....run from this....it is a scam to steal your money. It forces you to sell in downturns. Downturns happen in the stock market. This all happened before the Internet Bubble......so I am not even counting the losses since then till the ones today.
Anyway here is a great article on Greenspan....read the WSJ one written by himself
http://online.wsj.com/article/SB123672965066989281.html
He basically spells out what happened.....but then tries to say he had nothing to do with it???
Look at his first part "two broad and competing explanations of the origins of this crisis. "
He then back pedals and says that the past was bad - but that the last couple of years caused the problem. And that it was other people's fault.
It was pretty lame.
....then read the one linked here: http://www.huffingtonpost.com/david-fiderer/how-dumb-does-alan-greens_b_174122.html
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