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The Great Recession’s architects are acting like they’re heroes

Last week marked the anniversaries of two of America’s most difficult periods.
One was the self-created, real estate-driven Great Recession, often referred to — incorrectly, in my opinion — as the “financial crisis” of 2008 as Lehman Bros. bankruptcy brought on. The far more important, in scope and meaning, was the 17th anniversary of 9/11, which was created by terrorists.
Pardon my New York roots, but I have a real problem with the way the clowns of Washington who enabled the economy to crash and then subsequently “saved” it with our tax money are being paraded out by media sycophants on the anniversary of the “crisis” like heroes.
This, while it was private industry that quietly rebuilt lower Manhattan from the bedrock up — without all the grandstanding and book deals, but with its own grit.
Ben Bernanke was George W. Bush’s chairman of the Council of Economic Advisers from 2005-2006, until he replaced Alan Greenspan as Fed chair from February 2006 to January 2014.
He hiked rates four times in 2006, making it 17 hikes in a row carried over from Greenspan.
Tim Geithner was president of the NY Fed from 2003-2009, then became President Obama’s Treasury secretary from 2009-2013. Hank Paulson was Treasury secretary from 2006-2009.
So essentially, Bernanke and Geithner were the captains of the ship that oversaw and permitted banks and Fannie Mae and Freddie Mac (two government-sponsored entities) to leverage up debt to crazy levels and lend to unqualified borrowers.
Because, as the narrative went, “real estate never goes down.”
It was too many hikes and way too many low-quality loans that led to the collapse in real estate and then, ultimately, banks.
Meanwhile, the giant crater at Ground Zero began to rebuild, brick by brick, beam by beam.
Lower Manhattan is special and tasteful, built by New York’s own. The principals looking for accolades and book deals on the 10th anniversary of the economic “crisis” can’t even hold a candle to that.

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