Posted on 03/17/2008 6:14:29 AM PDT by 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.
(Excerpt) Read more at biz.yahoo.com ...
To do otherwise, would make Mrs. Mitchell wery wery unpopular with his "unbiased" news-beotch spouse.
Worse than 1982?
1982-12-01 Unemployment Rate: 10.8%
The U.S. financial crisis won't end until housing prices stabilize, but that won't happen for months, wrote Greenspan. The models used by the finance industry to determine risk and measure economic strength are too simple to fully account for human responses, he said. "We cannot hope to anticipate the specifics of future crises with any degree of confidence," he wrote.
However, Greenspan said that he hoped the fallout would not take away the finance industry's ability to regulate itself. Market flexibility and free competition are the most reliable safeguards against economic trouble, he said; the system which is supposed to guard against unanticipated losses will need to be overhauled."
Where do you disagree with the above, and how do you think it makes things harder for Bernanke, other than the alarmist nature of saying the economy is the most wrenching since the end of WWII? Also, what do you think Bernanke should be doing about it?
Last time he opened is yap on the subject these models were the bees knees. This is probably the closest to a public confession we are ever going to get from the Grand Wizard of the DC sewarage system.
>> 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).
Yes, and it’s worse than merely being yet another has-been mouthing off inappropriately.
He’s a consultant now, isn’t he? He has another agenda to serve.
This downturn started showing signs in '06. Should GW be blamed for the Clinton recession in '99/2000..when it strated under Clinton's watch?? You are a bot if you think this is because of the democrats being in charge. All you problems you noted did not happen overnight or since Jan '07. They have been simmering for a while..
oh shutup Greenspan and go back to building your Houses for Humanity — oops, wrong commie.
The market is now open. Let the panic begin!
He’s done enough damage. Why is he still alive and annoying us?
I’d say exactly the oppposite.Down 200 for the day.
Bull-shiite! Greenspan is certainly old enough to remember the economic conditions under Carter. This is a picnic compared to that. Alzheimer Alan needs to shut his yapping piehole.
He should know - he started it.
What has Congress done in the past 15 months to help remedy these problems? Who cares when they started. The more important part is to address them and to resolve them. I just don't see the Dem's taking charge the way Republicans took charge in '95. You disagree?
Great Post! Needs to be on the RNC website!
The Democrat Congress has performed exactly as expected - they’ve done next to nothing. But all that was priced into the market when they won, and they haven’t done anything substantial to change that. The current crisis is not due to the Democrat Congress, its origins lie long before that time.
This latest boom-and-bust cycle started in 2002. The rise of housing prices and the practice of tapping home equity for consumer expenditure resulted in real price inflation, that, measured under the original CPI formula ran in excess of 10%. All that extra money chasing no extra goods didn’t make us any wealthier, it was just a short term loan on the future.
The future is now. Suddenly, this guy doesn’t look so crazy any more, does he?
http://www.youtube.com/watch?v=gldETRlhiXk
By the time November runs around people around here will be kicking themselves for not choosing this guy as the nominee.
What do you suggest Congress should have done? BTW: Fed pumping billions into the banking system, fed lowering interest rates, feds /bear sterns deal etc etc. There was alot of gov't internvention.
Shut up, Alan. You caused half the problems yourself.
“He should know, he started it.”
So true, and it’s increasingly amazing that no one talks about all this. Greenspan, pressured by Clinton, flooded the marketplace with printing press dollars to artificially and dangerously inflate the stock market, housing values, access to credit and perceived ‘wealth’, in a successful attempt to keep the populace from properly scrutinizing Clinton’s administration and his many scandals. The stock market shot up from 3,000 to 11,000 and there was no genuine quantum leap in productivity behind the leap, it was phony from minute one. And now, we pay a price, and we’re going to pay a big one.
These remarks from the guy who raised rates as Bush One was running for reelection and gave us, along with Ol Ross P., KLINTOON!!!
Congress wanted to get rid of RED-LINING and now we have NOTHING BUT RED BOTTOM LINES!!
IDIOT.....we are lead by IDIOTS who know NOTHING.
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