Will Rogers: FDR explained “the banking crisis so clearly that even the bankers understood it.”

Will Rogers: FDR explained “the banking crisis so clearly that even the bankers understood it.”

h/t Matt Stoller

That’s from an amazing podcast between Congressman Brad Miller and Dylan Ratigan, part of the Huffington Post/Dylan Ratigan series this week “No Way to Live”.  The Huffington Post is looking at how housing is crashing muni revenues, and on an unexpected trend of landlord-less tenants.
Below is a passage on how Rep. Miller saw the role of financial blogs.

DYLAN: Your thoughts – we mentioned Josh but there’s a whole string of folks who are both, I think, very well intentioned in terms of the most basic principles of fairness and equity in this country going back hundreds of years and also those who work more in the communications universe, the financial blogs and all the rest of it.  How important is everybody from Chris Whalen to Josh Rosner, to Zero Hedge and Naked Capitalism and the like?

REP. MILLER: Well, I read most of those.  Zero Hedge strikes me as – well, I read Naked Capitalism and of course I talk to Josh and I’ve dealt with Chris Whalen and the others and I usually get Chris Whalen and kind of filtered through Josh.  What I found when I first started working on this, there was some expertise available specifically on mortgages among consumer groups.  When the financial crisis hit, I couldn’t find anybody who could tell me anything because everyone who really knew what had happened in the financial system in the last 20 years hadn’t learned about it in school, they had been in the financial system.  So, I couldn’t find anybody who wasn’t part of the financial system to give me any expertise to work from.  I mean I was sitting at my home computer in September of 2008 reading a Wikipedia about credit default flops, and I’m one of the more conscientious members of the —

DYLAN: Right, you have a – you’ve got a historical investment in American housing finance.

REP. MILLER: So, if that’s how at sea I was, I mean I can tell you that nobody in Congress knew all that was going on, really had a clue what was going on and that was quite intentional.  They didn’t want us to have a clue.  I think we have now developed forces of expertise.  We have identified experts, economists, people like Josh, really a good number of folks.  The financial – the economics blogosphere as you mentioned has really come alive.  They know who the experts are.  It is possible to get help with something now that I can tell you two and a half years ago was just not available to anybody involved in politics who actually had a reform agenda.

Check out the podcast here…

~

4closureFraud.org

Comments
3 Responses to “Will Rogers: FDR explained “the banking crisis so clearly that even the bankers understood it.””
  1. OK..so I read the interview in full….I understood what was being said at the time I was reading it…but when I finished the article my mind was spinning faster than before.
    Rep. Miller explains when the financial crisis hit….’.he couldn’t find anybody who could ( maybe he meant would ) tell him anything because everyone WHO REALLY KNEW what happened in the financial system in the last 20 years, had been in the financial system.’ Well..just look around Washington today…go in any department/division of the government and you will see X-bankers from Wall Street to Banks…many that went from high banking to the government. one big happy family. That is why our government does not make a move to indict anyone. The foreclosure issue is an opaque silent issue with the government and does not want the homeowners to know… that there are connections that run deep.
    President Obama is so concerned with other countries and their own problems of government corruption and living conditions… yet.. just what has he done for the massive foreclosure mess leaving millions homeless with no jobs…NOTHING… no concern what so ever. His programs were planned to fail for the homeowners…It has not bothered him to see a ‘ BIG COUNTRY FAIL’ yet the trillions given to the very culprit’s that caused the financial crisis were given money on a golden platter…cause they were …’ TO BIG TO FAIL’… So Rep. Miller is right…he was left alone to seek and search just as millions have done over these past few years or longer.,,,only no one would listen to the homeowner who found fraud and their house was no longer their home. Sad…how our government has failed the citizens of America.
    Another issue that spins my mind is…’ Banks trapped people into debt by lending money the banks did not have,,,,the money lent was not the banks money.’ So as in my daughter’s mortgage closing…money was wired to the Title Co and put in escrow. The Promissory Note was sent in the over night mail to the Investor(s) or Entity…that I over heard. The Mortgage was given to the Title Co to record in county records with instructions to return recorded Mortgage to the Title Co…NOT THE BANK…Up to this point we did not know the bank was not the ‘funder’…All this was found out after the closing. Now if the Note was sent in over nite mail to the actual funder and the recorded Mortgage was sent to the actual funder..what documents did the bank have to sell the debt soon after closing? And how could the bank put themselves on the Note and Mortgage as payee/lender? Privacy Act papers were attached to the closing documents one stating the money was wired to the Title Co. So not having a cent invested..how were they, the bank, the payee/lender? The bank was the server so….something so simple done in a complicated way.

  2. l vent says:

    I would like to thank ALL OF THE BANKERS for selling me MY HOME for a NOMINAL FEE and letting me participate in the FREE MARKET CAPITAL SYSTEM. Thank You very much for the GREAT DEAL on MY HOME, THAT IS THE AMERICAN WAY NOW ISN’T IT? Every AMERICAN should be able to GAIN and SHARE the WEALTH FROM FREE MARKET CAPITALISM, NOT JUST THE RICHEST 1%. THE POT NEEDS TO STOP CALLING THE KETTLE BLACK AND FORCING FRAUDCLOSURES. THE JIG IS UP. OUR HOMES ARE PAID FOR FREE AND CLEAR. WHAT A GREAT COUNTRY.

  3. l vent says:

    The reason these lending institutions did the risky lending is because THE GOVERNMENT TOLD THEM TO DO IT. REMEMBER, EVERYONE GETS TO OWN A HO– USE WHETHER THEY CAN AFFORD IT OR NOT. All risk analytics and predatory lending aside all I took from this was things are getting worse economically and Dyaln and Rep. Miller are looking for ways to paper over the crimes by these to big to fail lending institutions and they want to try and FIND WAYS TO FORCE HOMEOWNERS into PAYING FOR HOMES WE ALREADY PAID FOR. Yes they mentioned the 600 Trillion in derivatives the bankers and investors made off of all of us and they are still trying to cover-up and say that we are broke as nation. WE ARE NOT A BROKE NATION, WE ARE THE RICHEST NATION IN THE WORLD DUE IN PART TO THE CORRUPTION AND SPECULATING IN THE RIGGED MARKETS ON OUR MORTGAGES. They figure ilf they TELL A LIE OFTEN ENOUGH WE WILL EVENTUALLY ALL BELIEVE IT IS TRUE. IT IS A NAZI BRAINWASHING TACTIC. No one is asking WHERE ALL THE STOLEN MONEY WENT. They are ALL still trying to whitewash over the fact that the Banks made a “SECRET DEAL” WITH HOMEOWNER’S.SHHH…. so that we may profit from free market capitalism and sold homeowner’s THEIR homes for a nominal fee at Origination so they then could take OUR PAID OFF COLLATERAL up on WALL STREET and PARTICIPATE IN THE BIGGEST PONZI SCHEME IN HISTORY. The reason the economy SUCKS is because of THE INTENTIONAL FINANCIAL COLLAPSE, THE CREDIT FREEZE, MASSIVE JOB LOSSES, AND GREED. NOT BECA– USE PEOPLE ARE NOT PAYING THEIR MORTGAGES. OUR HO– USES HAVE BEEN BOUGHT AND PAID FOR OVER AND OVER AGAIN VIA THE PONZI SCHEME, IT IS NOT THE BANKERS who are being GREEDY here it is some GREEDY INVESTORS WITHIN OUR OWN GOVERNMENT AND OVERSEAS who are PISSED OFF THAT THE GRAVY TRAIN LEFT THE STATION. Sorry I see the Bankers did exactly WHAT THEY WERE TOLD TO DO BY OUR OWN GOVERNMENT. EVERYONE GETS A HO– USE WHETHER THEY CAN AFFORD IT OR NOT. WHY? They knew they were ALL GOING TO GET STINKING FILTHY RICH OFF OF THE COLLATERAL. Too bad FOR THEM THE BANKS AREN’T AS GREEDY AS THEY ARE. The Nazi’s are blaming the Jew’s for eveything again . History always repeats itself.

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