By Catherine Austin Fitts
When I was assistant secretary of HUD during Bush I and the lead financial advisor to the Federal Housing Administration under President Clinton, I watched from the position of an insider as the senior leadership of the U.S. financial system began to engineer today’s spectacular housing bubble – in much the same way that they manufactured the stock market bubble of the late 1990s. The result was twofold:
- When the dot.com and telecom bubbles burst and Enron hit the skids, people all over the world lost their jobs and life savings.
- Still, the economy stayed “afloat” as the housing bubble continued to finance a “first-world” lifestyle far beyond our means, based on debt.
So what’s up ahead for housing? Each of us urgently needs to develop a working model of what has happened and why. We especially need to understand where the housing market stands today in the larger context of Tapeworm Economics. In this seminar, I assist you in identifying the risks and the opportunities that result from this unprecedented situation.
From Navigating the Housing Bubble ~ A Solari Audio Seminar recorded in March 2005
America’s Black Budget and the Manipulation of Mortgage & Financial Markets
Catherine Austin Fitts (22 May 2004)