Greenspan sees stock market drop after downgrade

Market Watch ^ | August 7, 2011

[Oldeconomybuyer]

WASHINGTON — Former Federal Reserve Chairman Alan Greenspan says he expects the stock market slide to continue in the wake of a decision by credit rating agency Standard & Poor's to downgrade the U.S. credit rating.

Appearing Sunday on NBC's "Meet the Press," Greenspan said markets will take time to bottom out and that he expects a negative reaction on Monday to the S&P action.

The former Fed chairman says the downgrade "hit a nerve" and is damaging to the "psyche" of the country.

[Oldeconomybuyer]

[bgill]

Wow, Al, ya think? Not that it’s not already heading south but great call there, dude.

[Sequoyah101]

NO SPIT!

Where is Captain Obvious?

[mylife]

Well, Greenspan seems more founded in reality than the Ben Bernake.

[Siena Dreaming]

Oddly, futures are up at the moment.

[Paladin2]

Easy to predict post facto, genius.

[mylife]

Quantitative easing explained

[ken21]

from the guy that made cheap money for fannie and freddie possible.

[djf]

Bennie Boy is probably locked in a straight jacket on suicide watch somewhere now...

He sure as heck doesn’t seem to be outside warming up the chopper.

[taildragger]

Dr. Greenjeans will go down in history as one of the top over-rated people of all time, along with Jack Welch, Warren Buffett, Joe Lieberman and the one who's software is overrated Bill Gates....

Time for Big Al to adopt GWB's matra and say nothing....

[Carl LaFong]

I have a feeling ol’ Greenie experiences a lot of “drops” when his wife , Andrea Mitchell, shows up.

[Huskrrrr]

Should be some good buying opportunities

[oblomov]

I think the market will go up for at least a few days, or perhaps even a few weeks if the economic news isn’t too negative. The downtrend will likely still be intact, however.

[Squidster]

Greenspan. The same clown that thought banks would self-regulate.

Look at this guy’s charts. He has a bunch of them. But he shows the trajectories of spending and debt for the U.S. How could S&P NOT downgrade? How could the stock market be surprised?

http://confoundedinterest.wordpress.com

[mylife]

There aint no more fuel for the chopper!

[Terry Mross]

Pictures like this always remind me that we’re getting what we deserve. We allowed these people to move in the white house.

[Roccus]

Well, Greenspan seems more founded in reality than the Ben Bernake.

So's my pet rock.

[mylife]

if the economic news isn’t too negative

What the hell positive news is there?

[Logical me]

The communists RATS will dump everything they have in the market to prop it up. You can be sure the communists will try. Hope they fail.

[y6162]

Nice job during the housing bubble Al.

Shut up already.