To: The Wall Street Journal
Re: “The Fed Didn’t Cause the Housing Bubble”
By: Alan Greenspan, former Chairman of the Federal Reserve
Dated: Wednesday, March 11, 2009
Ladies and Gentlemen:
In his article on your opinion page, “The Fed Didn’t Cause the Housing Bubble,” Alan Greenspan attributes the housing bubble to lower interest rates between 2002 and 2005. That’s amazing to me.
My company served as lead financial advisor to the Federal Housing Administration between 1994 and 1997. I watched both the Administration and the Federal Reserve aggressively implement the policies that engineered the housing bubble. These are described at my website and in my on-line book,Dillon Read & the Aristocracy of Stock Profits (http://www.dunwalke.com).
One story, for example, is the following:
“In 1995, a senior Clinton Administration official shared with me the Administration’s targets for Fannie Mae and Freddie Mac mortgage volumes in low- and moderate-income communities. We had recently reviewed the Administration’s plans to increase government mortgage guarantees — most of these mortgages would also be pooled and sold as securities to investors. Even in 1995, I could see that these plans would create unserviceable debt loads in communities struggling with the falling incomes expected from globalization. Homeowners would default on mortgages while losses on mortgage-backed securities would drain retirement savings from 401(k)s and pension plans. Taxpayers would ultimately be hit with a large bill . . . but insiders would make a bundle. I looked at the official and said that the Administration was planning on issuing more mortgages than there were houses or residents. “Shut up, this is none of your business,” the official snapped back.”
From: “Sub-Prime Mortgage Woes Are No Accident” /sub-prime-mortgage-woes-are-no-accident/)
One of the dirty little secrets behind the housing bubble is the long standing partnership of narcotics trafficking and mortgage fraud and the use of the two in combination to target and destroy minority and poor communities with highly profitable economic warfare. This model is global. It is operating in counties throughout the world as well as in US communities.
Of all the actions that the Federal Reserve took to engineer this housing bubble, the one that I would note is Mr. Greenspan’s efforts to pacify Congresswoman Waters regarding allegations of government sponsored narcotics trafficking at a time when open Congressional hearings would have contributed to an important discussion of the operations engaging in mortgage fraud in minority communities. See, “Financial Coup d’Etat,” Chapter 16, Dillon Read & the Aristocracy of Stock Profits which was written in 2005 and published in April 2006, drawing from an article I first published in May 1999.
“On December 18, 1997, the CIA Inspector General delivered Volume I of their report to the Senate Select Committee on Intelligence regarding charges that the CIA was complicit in narcotics trafficking in South Central Los Angeles. Washington, D.C. ’s response was compatible with attracting the continued flow of an estimated $500 billion–$1 trillion a year of money laundering into the U.S. financial system. Federal Reserve Chairman Alan Greenspan in January 1998 visited Los Angeles with Congresswoman Maxine Waters — who had been a vocal critic of the government’s involvement in narcotics trafficking — with news reports that he had pledged billions to come to her district. In February Al Gore announced that Water’s district in Los Angeles had been awarded Empowerment Zone status by HUD (under Secretary Cuomo’s leadership) and made eligible for $300 million in federal grants and tax benefits.”
Alan Greenspan is a liar. The Federal Reserve and its long standing partner, the US Treasury, engineered the housing bubble, including the fraudulent inducement of America as part of a financial coup d’etat. Our bankruptcy was not an accident. It was engineered at the highest levels.
Your publication of Greenspan’s breezy and bogus history of the housing bubble insults your readership.
Best Regards,
Catherine Austin Fitts
Assistant Secretary of Housing – Federal Housing Commissioner, Bush I
ok. so the US government is corrupt, its politicians professional liars and your country is bankrupt, how do you advise the world gets out of this mess? Follow the Chinese model?
Catherine,
Excellent. Keep up the great work! I’ll be digging and facebooking your letter for wider exposure and readership. I’m so bored with petty establishment pawns trying to exonerate those who, at least in more honest days, would have met with a fate no less than the gallows!
Best,
Dalmazio
You are very stupid if you think it is the Jews! Who is the largest and richest expatriate community in the WORLD?
The Chinese. Now, who stands to benefit the most from the crisis – The CHINESE
NOW, WHERE HAVE ALL THE WORLD’S FACTORIES, AND ECONOMIC LIFE BLOOD GONE TO?
CHINA. ASK YOUR SELF – WHO BENEFITS?
Catherine says more in five hundred words than everybody else says in several thousand. Write your friends, copy the link, and spread the word. And the last time I checked, Bush (both of them), Clinton, Obama, Gore…none of them are Jewish, and the major property owner in Manhattan is the Episcopal parish of Trinity Wall Street, not a synagogue or a bank. Greed and duplicity, like generosity and kindness, are not the unique heritage of any ethnic group. The anti-Semitic balderdash on this page by cowards who are afraid sign their names is worthy of the tradition of the Klan. If you write things like this on the web take off the hood and sign you name.
Mike Linton
Murfreesboro, Tennessee
“On December 18, 1997, the CIA Inspector General delivered Volume I of their report to the Senate Select Committee on Intelligence regarding charges that the CIA was complicit in narcotics trafficking in South Central Los Angeles.” That is some revelation! But, it isn’t true and there is zero, zip, nada evidence to suggest such that report ever existed. There is no record and the media has nothing on it, other than among the paranoid conspiracy crowd, which is hardly credible. While I was active as a narcotics agent I was often amused at the accusations about my agency by people who “knew for a fact that…(insert rumor)” when they didn’t know squat, they were running off at the mouth. People in the DEA, the CIA, DOD, etc., are not mindless, robotic, zealots absent any sort of moral code, they are people of good character, recruited because of a clean record, good maturity, intelligence and education. So, in order to believe this crackpot story about the CIA being complicit in the narco trade you have to believe all these decent, mostly God fearing, 100% patriotic Americans, would sell out to the dark side and risk their careers, their good names and even prison sentences for what? Where’s their payoff? It’s absurd and only an ignorant paranoid nutcase on the fringe of sanity would even go there. If I for an instant ever though anyone in my agency or an allied agency was doing something this despicable and evil I would have busted them personally and it would have been front page news. But, this never happened in my 20 years of dedicated public service as an undercover agent and front line soldier fighting drug dealers and drug cartels and working real drug conspiracies on a daily basis. I would think that if anyone would have knowledge of the CIA being involved in something like what has been alleged I would know…and I never saw any evidence of that at anytime and I saw one hell of a lot more secret stuff than any of you will ever know about.
It’s the Jews, STUPID !!!
The khazar Central banking cabal has engineered EVERY major finacial crisis, MANY if not all wars. Hell, in the ’30’s Canada was adamant about it’s evidence that Lincoln’s killer was not a looney radical but an assassin hired by the Rothschilds to get rid of yet another bothersome Goy who wanted to get rid of the Central Bank, (again), in the United States of Israel. Although this news doesn’t surprise me, it’s damn refreshing to find someone not only wise enough to see it, but courageous enough to say it publicly.
If you watch the talking heads on the toob, regarding the finacial mess, not ONE even HINTS at it being fractionalized banking and the FEDRES that engineered it all. When you begin seeing more and more of our buy out bux ending up in Israel along whith the peckerwoods that stole it, (where they’re SAFE from extradition back to Goyim nations and their loot is safe in banks even more secretive than Switzerland EVER was), maybe the sheeple will realize it.