Just The Facts Please………….

Posted By on January 16, 2010

Comstock Partners, Inc.

The Bank Chiefs’ Incredible Testimony

January 14, 2010

When we saw the esteemed chiefs of the nation’s top banks testify that nobody could foresee the coming devastating residential mortgage problem or that home prices could ever come down we stared at our TV sets in disbelief and disgust.  After all, we had only been writing about the problem continuously since as early as 2003, and we obtained all of our information from public sources.  It was all there for anyone who wanted to take the trouble to keep informed.  Unfortunately the bankers were not alone.  Others ignorant of what was taking place around them was the then Chairman of the Federal Reserve Board, the future Chairman of same, the regulators, Congress (both parties), the White House, the media and the vast majority of Wall Street.  Or perhaps a lot of them did know and chose to ignore it for fear of ruining the party while everyone was having a great time.  This attitude was neatly summed up by former Citicorp CEO Charles Prince when he famously said, “as long as the music keeps playing, we’ll keep dancing.”  

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