TV News LIES

Thursday, Jun 29th

Last update05:20:13 AM GMT

You are here News Economy Three female regulators' warnings about financial crisis were ignored

Three female regulators' warnings about financial crisis were ignored

E-mail Print PDF

Women warned of economic collapseThree regulators did indeed ring warning bells — at the right time, in the right places, and loud enough for other banking and financial system overseers. All three were women: Brooksley Born, Sheila Bair and Susan Bies. All three were ignored.

You may have heard before about the warnings issued by Born, the head of the Commodity Futures Trading Commission in the 1990s, and Bair, the chairwoman of the Federal Deposit Insurance Corp. from 2006 to 2011.

Bies’ concerns, however, came to light recently when the Federal Reserve released transcripts of its policy meetings from 2006, a full two years before the crisis exploded.

Bies was a central bank board member from 2001 to 2007. Several times in the transcripts she said she was worried about the housing bubble.

Bies warned fellow board members that exotic mortgages — for instance, negative amortization loans in which balances become bigger and not smaller over time — were too dangerous for consumers.

She warned about the Wall Street-created securities backed by risky mortgages.

More...


Most Recent Related Stories...


Ascena closing up to 650 clothing stores including Dress Barn

Ascena to close 650 storesBetween 250 and 650 retail stores including Ann Taylor, Dress Barn, Loft and Lane Bryant are...

Household debt tops 2008 peak ahead of financial crisis

Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery...

Earn minimum wage in the US? You can afford to live in exactly 12 counties

Minimum wage earners have few places to liveA person working a full-time minimum-wage job will find it virtually impossible to rent an affordable...

In blow to Trump, GE backs NAFTA and voices support for Mexico

GE backs NAFTAGeneral Electric (GE.N) on Friday praised Mexico as a big part of its future and said...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!