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Peter Schiff demolishes the media narrative that Janet Yellen warned about the housing bubble - Part 2

Posted on 24-Oct-2013. Updated on 25-Oct-2013.
Topics: Janet Yellen  False Narratives  

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!

Sources:

[1] "Janet Yellen Exposed, Part 2", Peter Schiff, YouTube, 23-Oct-2013

[2] "Janet Yellen Exposed Part 2 - Justifying Speculative Leverage", ZeroHedge, 24-Oct-2013

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