Economy most troubled since WWII: Greenspan

CNN Money via Yahoo ^ | 03/17/2008 | Unlisted

[zencat]

Today's economic condition could likely be seen as "the most wrenching since the end of the second world war," wrote former Federal Reserve chairman Alan Greenspan in the Financial Times on Monday.

[DB]

And it can be laid at his feet.

[coloradan]

And why might that be, Greenie? Any idea? Any idea at all?

[ClearCase_guy]

Is he taking the credit? [no pun intended]

[central_va]

the market will close up 200 pts by the end of the day.

[1rudeboy]

It’s pretty darn clear that Greenspan needs to shut up. Someone needs to remind him he’s no longer in charge, and now only making things more difficult for Bernanke. (And it won’t be his wife—she’s probably the conduit).

[Eurale]

Actually, the most troubling thing is that Greenspin is married to that goatnosed Andrea Mitchell.

[cvq3842]

Could be! I want to see where it ends the week, though.

People were buying very, very risky assets (mortgage-backed securities), and got burned. It’s not the first time, and it won’t be the last.

[Content Provider]

It wasn’t all too long ago when Greenspan was considered a minor deity of finance, and anyone who disagreed with him was considered a full-blown mental patient.

How times change!

[aruanan]

And how much of this can be attributed to Algore and the effects of his Kyoto Krap on financial planning?

[Slapshot68]

Mr. Greenspan’s comments were paid for by the Democratic National Committee.

[Just mythoughts]

How old is this guy.... I guess unlike generals that fade, currency guys NEVER go away. Sure got to wonder if Greenspam’s pocket book has taken a huge hit, guess we will find out by how gloomy Andrea's reporting come across in the following days.

[Obadiah]

So, basically, Greenspan blames the current financial credit rating mechanisims as not adequately evaluating risk, huh? Funny how no where in his expose does he mention that while HE was Fed Chair he left the rate at 1% for waaay too long, and as a result created the credit feeding frenzy that led to this mess.

[Army Air Corps]

He, he has a book to pimp, does he not? The man’s just tryin’ to make a buck, yo.

[Content Provider]

Probably very little, considering we never ratified Kyoto. The ethanol insanity, however, probably has a measurable share of the culpability.

Far and beyond anything else, the major regulatory causes are Sarbanes-Oxley and the continuing effective ban on development of domestic energy sources.

[MEGoody]

Oh, please. Such hyperbole. I guess Greenspan wasn’t around during the Carter years.

[HamiltonJay]

Well, his and the people before him.. policies that lead to this mess were started long before Greenspan.

[expat_panama]

The current 4.8% unemployment, 0% inflation, rising productivity and exports, --all this is far worse than Carter's double digit unemployment/interest/inflation.

Right.

This is not news, it's Greenspan's campaigning for Democrats.  Again.

[jdm]

Democrats have been in charge for 15 months.

I don't normally pimp YouTube videos, but if you haven't seen this, it's well-worth watching...

Since Democrats took control (Jan. 2007):

• The price of oil has almost doubled
• Job growth has been cut in half (80,000 jobs lost in the last two months alone)
• The average family grocery bill has increased about $70 per month
• The stock market has lost about 10% of its value
• Home prices have fallen roughly 8%
• Consumer price inflation has increased over 4%, the largest calendar increase since the early 90s.
• Etc.

Chairman Hensarling Talks About Democrats' Priorities

[am452]

the market will close up 200 pts by the end of the day.

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