News
Indy100 Staff
May 07, 2019
Reuters
Elizabeth Warren predicted the 2008 financial crisis years before it began — and her supporters have the receipts to prove it.
The presidential candidate was a professor at Harvard University in 2004 when she spoke out about household debt and the Federal Reserve.
Several clips from the interview were posted to Twitter this week in which Ms Warren criticised former Federal Reserve Chairman Alan Greenspan, saying at point, “Alan Greenspan, our national economic leader, stood up for the last 4 years and told Americans 'borrow against your house.' What frightens me is millions of Americans have taken that advice.”
She also went on to expertly breakdown how Americans who could not afford mortgages were borrowing under lowered standards.
“What a mortgage company will lend you to buy a house and what you can afford are two very different numbers … What they’re looking out for is to make a profit—God bless them, that’s what they’re there to do—they want to make a profit. The way they make the best possible profit is to put you in the largest possible mortgage that you, by scraping and scratching, can make just the few payments, and then they pass that mortgage off to someone else. Put it into a risk pool and move on. They’re off selling the mortgage off to the next guy.”
A Twitter user shared the clips Monday, writing, “In this '04 interview, @ewarren tried to warn us of the coming crash. Here are 4 clips.”
The resurfaced video has since gone viral.
In this second clip, the interviewer displays the widespread attitude that led to the '08 crash."The houses around… https://t.co/1AnpWUJSiA— Tuxedo Mask (@Tuxedo Mask) 1557199219
Interviewer: "I've seen statistics, we've figured out somehow how to buy these expensive houses. Maybe we'll contin… https://t.co/GLj0QksTOC— Tuxedo Mask (@Tuxedo Mask) 1557200013
"We're starting to watch the numbers grow of people who are 65 and don't have their homes paid off. People who are… https://t.co/yTAUKjCsnB— Tuxedo Mask (@Tuxedo Mask) 1557201250
Her fans said the clips display "superhero vibes" as she fights to take on Donald Trump in 2020.
@TheLoveBel0w @JuddApatow @ewarren We need @ewarren in the White House! I am more convinced every day.— WiscoMomm (@WiscoMomm) 1557237291
Others described her as "one smart cookie."
@TheLoveBel0w @ManInTheHoody @ewarren Warren is and always has been, one smart cookie.— Randy Kelle 🎸🇺🇸🌊 (@Randy Kelle 🎸🇺🇸🌊) 1557206778
@TheLoveBel0w @ewarren I'll never forget these interviews. They were quite prescient. I've been a big fan of hers ever since.— Alpha Gator (@Alpha Gator) 1557235680
Elizabeth Warren explained the mortgage crisis four years ahead of time as well as anyone explained it in hindsight https://t.co/Rvijwl2JpM— Roger Sollenberger found true love, suckers (@Roger Sollenberger found true love, suckers) 1557251105
And, of course, the Trump comparisons were inevitable.
@TheLoveBel0w @chrislhayes @ewarren Fifteen years ago, Warren was cognizant of these economic issues and expressing… https://t.co/2MX16VHEfu— carolyn s briggs (@carolyn s briggs) 1557238083
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