Published on Oct 23, 2013
The Schiff Report (10/23/2013)
To Download my 2005 housing bubble article, click the link belowhttp://www.europac.net/commentaries/r…
To watch the full video of my mortgage bankers speech, click the following link
http://www.youtube.com/watch?annotati…
In reviewing this video I realized that I did not emphasize the most foolish of Yellen’s statements. In her praise of “innovative” mortgage products, which include such things as subprime, interest only, zero down, negative amortization, and no-doc loans, Yellen specifically identified homeowners using their houses as investments rather than places to live, and leveraging those “investments” using cash-out refis or home equity loans, as evidence that there was no bubble. So according to Yellen, highly leveraged, real estate speculation was evidence that there was no housing bubble! That the very products that helped fuel the housing bubble and exacerbate the financial crisis proved that there was nothing to worry about! Incredible!!! And she is out next Fed chairman!
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