Rich ‘virtually no one ‘ Toscano

[salo_t]

I think most people in the business knew that the outcome was going to be pretty ugly but with everyone making big money hand over fist who was going to be the one to stand up and try to stop the money train? Really it was the RE industry that was carrying the US economy during those years so you know the government wasn’t going to intervene. I imagine the Bush administration was hoping to be out of office by the time the shit hit the fan.

When you here talk like “no one saw this coming” its mainly geared towards regular working people that really have no clue what is going on in the financial world, a way to try and save face after screwing us over.

[DWCAP]

I think DaveLJ had a great point about this. It is easy to see it all in hindsight, and it is easy to see from the outside. But, in the heat of the momment, in 2001-2005 (when this shit really went bad) it wasnt easy to see. Atleast from the inside that is.
Weither it is stupid or not we tend to measure ourselves against those we compete against. It was a very long series of very small steps in the wrong direction. Banks that didnt play the game didnt make as much money. If they didnt make as much money as the other guys then the stocks fell, boards got unhappy, CEO’s get replaced, tallent gets “adjusted” until they started to play the game. Then, as everyone is playing the game it isnt as profitable as it once was, so the most agressive “producers” tweek it alittle again until the profits return. Then everyone else has to play catchup, and away we go.
That is what they mean that they didnt see it. They were not going from 0-60 in 4.5 seconds. They Were going from 0-60 in 4.5 years, and using about 50 gears to do it. It doesnt matter though, because it only matters if we hit 60, and we did and the car fell apart. It all went real slow, gradual, and if they had stopped in 2003 or so, it wouldnt be this bad. But nobody stopped because nobody was incharge of the whistle. So that is why everyone is to blame.

[DWCAP]

I think DaveLJ had a great point about this. It is easy to see it all in hindsight, and it is easy to see from the outside. But, in the heat of the momment, in 2001-2005 (when this shit really went bad) it wasnt easy to see. Atleast from the inside that is.
Weither it is stupid or not we tend to measure ourselves against those we compete against. It was a very long series of very small steps in the wrong direction. Banks that didnt play the game didnt make as much money. If they didnt make as much money as the other guys then the stocks fell, boards got unhappy, CEO’s get replaced, tallent gets “adjusted” until they started to play the game. Then, as everyone is playing the game it isnt as profitable as it once was, so the most agressive “producers” tweek it alittle again until the profits return. Then everyone else has to play catchup, and away we go.
That is what they mean that they didnt see it. They were not going from 0-60 in 4.5 seconds. They Were going from 0-60 in 4.5 years, and using about 50 gears to do it. It doesnt matter though, because it only matters if we hit 60, and we did and the car fell apart. It all went real slow, gradual, and if they had stopped in 2003 or so, it wouldnt be this bad. But nobody stopped because nobody was incharge of the whistle. So that is why everyone is to blame.

[DWCAP]

I think DaveLJ had a great point about this. It is easy to see it all in hindsight, and it is easy to see from the outside. But, in the heat of the momment, in 2001-2005 (when this shit really went bad) it wasnt easy to see. Atleast from the inside that is.
Weither it is stupid or not we tend to measure ourselves against those we compete against. It was a very long series of very small steps in the wrong direction. Banks that didnt play the game didnt make as much money. If they didnt make as much money as the other guys then the stocks fell, boards got unhappy, CEO’s get replaced, tallent gets “adjusted” until they started to play the game. Then, as everyone is playing the game it isnt as profitable as it once was, so the most agressive “producers” tweek it alittle again until the profits return. Then everyone else has to play catchup, and away we go.
That is what they mean that they didnt see it. They were not going from 0-60 in 4.5 seconds. They Were going from 0-60 in 4.5 years, and using about 50 gears to do it. It doesnt matter though, because it only matters if we hit 60, and we did and the car fell apart. It all went real slow, gradual, and if they had stopped in 2003 or so, it wouldnt be this bad. But nobody stopped because nobody was incharge of the whistle. So that is why everyone is to blame.

[DWCAP]

I think DaveLJ had a great point about this. It is easy to see it all in hindsight, and it is easy to see from the outside. But, in the heat of the momment, in 2001-2005 (when this shit really went bad) it wasnt easy to see. Atleast from the inside that is.
Weither it is stupid or not we tend to measure ourselves against those we compete against. It was a very long series of very small steps in the wrong direction. Banks that didnt play the game didnt make as much money. If they didnt make as much money as the other guys then the stocks fell, boards got unhappy, CEO’s get replaced, tallent gets “adjusted” until they started to play the game. Then, as everyone is playing the game it isnt as profitable as it once was, so the most agressive “producers” tweek it alittle again until the profits return. Then everyone else has to play catchup, and away we go.
That is what they mean that they didnt see it. They were not going from 0-60 in 4.5 seconds. They Were going from 0-60 in 4.5 years, and using about 50 gears to do it. It doesnt matter though, because it only matters if we hit 60, and we did and the car fell apart. It all went real slow, gradual, and if they had stopped in 2003 or so, it wouldnt be this bad. But nobody stopped because nobody was incharge of the whistle. So that is why everyone is to blame.

[DWCAP]

I think DaveLJ had a great point about this. It is easy to see it all in hindsight, and it is easy to see from the outside. But, in the heat of the momment, in 2001-2005 (when this shit really went bad) it wasnt easy to see. Atleast from the inside that is.
Weither it is stupid or not we tend to measure ourselves against those we compete against. It was a very long series of very small steps in the wrong direction. Banks that didnt play the game didnt make as much money. If they didnt make as much money as the other guys then the stocks fell, boards got unhappy, CEO’s get replaced, tallent gets “adjusted” until they started to play the game. Then, as everyone is playing the game it isnt as profitable as it once was, so the most agressive “producers” tweek it alittle again until the profits return. Then everyone else has to play catchup, and away we go.
That is what they mean that they didnt see it. They were not going from 0-60 in 4.5 seconds. They Were going from 0-60 in 4.5 years, and using about 50 gears to do it. It doesnt matter though, because it only matters if we hit 60, and we did and the car fell apart. It all went real slow, gradual, and if they had stopped in 2003 or so, it wouldnt be this bad. But nobody stopped because nobody was incharge of the whistle. So that is why everyone is to blame.

[Arraya]

But nobody stopped because nobody was incharge of the whistle.

I think this is the key. Here is a directive of the Federal Reserve.

Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]

Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:[24]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections.

Methinks the private bank that we give the privilege of coining our currency and “holding the whistle” should have that privilege taken away. They are the monetary policy makers. And Greenscam did make a false statement in 2004-whether knowingly or not needs to be addressed.

[Arraya]

But nobody stopped because nobody was incharge of the whistle.

I think this is the key. Here is a directive of the Federal Reserve.

Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]

Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:[24]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections.

Methinks the private bank that we give the privilege of coining our currency and “holding the whistle” should have that privilege taken away. They are the monetary policy makers. And Greenscam did make a false statement in 2004-whether knowingly or not needs to be addressed.

[Arraya]

But nobody stopped because nobody was incharge of the whistle.

I think this is the key. Here is a directive of the Federal Reserve.

Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]

Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:[24]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections.

Methinks the private bank that we give the privilege of coining our currency and “holding the whistle” should have that privilege taken away. They are the monetary policy makers. And Greenscam did make a false statement in 2004-whether knowingly or not needs to be addressed.

[Arraya]

But nobody stopped because nobody was incharge of the whistle.

I think this is the key. Here is a directive of the Federal Reserve.

Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]

Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:[24]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections.

Methinks the private bank that we give the privilege of coining our currency and “holding the whistle” should have that privilege taken away. They are the monetary policy makers. And Greenscam did make a false statement in 2004-whether knowingly or not needs to be addressed.

[Arraya]

But nobody stopped because nobody was incharge of the whistle.

I think this is the key. Here is a directive of the Federal Reserve.

Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]

Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:[24]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections.

Methinks the private bank that we give the privilege of coining our currency and “holding the whistle” should have that privilege taken away. They are the monetary policy makers. And Greenscam did make a false statement in 2004-whether knowingly or not needs to be addressed.

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