Thursday, July 26, 2007

The Subprime Mess (Off-topic)

Three months ago in "Allen Greenspan, Worth Civils and the Wall Street Energy Roundup"

We made this statement:

If I could ask Mr. Civils one question, with his sources, resources and insight, it would be: what does he make of Allen Greenspan's Feb. 23, 2004 speech at the National Credit Union Association in which, as Chairman of the Fed., Greenspan said:

"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. "


"Indeed, recent research within the Federal Reserve suggests that many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages..."

This one has stumped me for three years.

Thanks for the blogroll Worth.

Investing isn't brain surgery.
I have no idea what Bear Stearns et al were thinking and I'm as mystified as ever as to the purpose of Greenspan's comments.

Maybe Congress can get me an answer