Posted on 05/08/2008 12:35:36 PM PDT by Brilliant
Former Federal Reserve Chairman Alan Greenspan said on Thursday that the worst of the credit crisis is over, according to attendees at a New York speech.
Greenspan also said house prices still had a long way to fall and it was unlikely they would stabilize by year-end, according to meeting attendees who provided Reuters details of the speech delivered at the Alternative Public Strategies Conference.
The attendees, who declined to be identified by name, said Greenspan mentioned that U.S. growth was likely to be sluggish for an extended period of time.
The U.S economy is reeling from a housing-led slowdown, with some analysts convinced it is already in a recession despite a 0.6 percent growth rate in the first quarter.
More press to sell his book huh?
When is he just going to shut his yap.
The MSM will continue to report the gloom and doom scenario until after the election.
/johnny
Greenspan should now, he started the whole mess.
Like a bunch of parrots...they all know full well that Alt-A and Option ARM resets haven’t even started yet. Subprime was a band of strong thunderstorms in advance of the hurricane.
Of course the worst is “over” - they now have the “Fed has your back” concept firmly established.
Hit the button too soon - meant to add:
And the taxpayers have the Fed’s back.
Suck it up, taxpayers, the Wall Street pigmen will be dipping their hands in your pockets via taxes and inflation.
I thought, like a month ago, he was saying we were doomed.
Greenspan needs to just retire and be quiet. He isn’t the HMFIC anymore, and needs to realize that fact.
Can it be made a federal offense to be Alan Greenspan? It’s getting to that point.
When is he just going to shut his yap.
The guy walked with kings. The world hung on his words. And now...now he's just another schlub on the crosstown bus of life. The guy is becoming pathetic.
“Of course the worst is “over” - they now have the “Fed has your back” concept firmly established.”
Which just further subsidizes and encourages more risk, and inflation.
“I thought, like a month ago, he was saying we were doomed.”
He was right then.
The solution since then—fed backing of all sorts of instruments. Mortgage securities holders love this, because they don’t have to renegotiate loans with home owners. IOW, we will all pay for this one way or another.
Yep. The Fed is now taking auto loans and credit card debt.
There’s not going to be a good ending to this as far as j6p is concerned. The middle class is so screwed.
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