Greenspan's take on the recent economic picture

[razorwit]

Seems as though Greenie wouldn't bet against a recession.



http://money.cnn.com/2008/09/14/news/economy/greenspan/index.htm?eref=rss_topstories

[bluestone]

Now let me see, Greenspan was presiding during the dot com melt down, stated to congress that there was "irrational exuberence" in the market place, but he still lowered interest rates and made it easier for traders to trade in deeper on margin.

He was also presiding at the beginning of the housing bubble and continued the policy of lowering the discount rate to record lows never before seen in history rates, less than 1%. When are these economists going to learn that when markets are becoming overheated is the time to raise rates not lower them.

Using the inflation index to base interest rates on is old school (Greenspan) inflation index is manipulated so much these days it is worthless. I see Greenspan as the problem, not someone to listen to about solutions.

[acmanko]

the only solution is a complete failure of Financials, which will bring us all down to thrid world status. Bush can't get the people of the US to accept Illegal immigrants, so he's letting us become the same as them( hungry, broke and out of work):mad:

[jmac00]

the only solution is a complete failure of Financials, which will bring us all down to thrid world status. Bush can't get the people of the US to accept Illegal immigrants, so he's letting us become the same as them( hungry, broke and out of work):mad:


uuum an interesting analogy? How did you leap from Financial melt down to Illegal immigrants? AND blaming Bush for all this? The governments job is not to run business, it's job is to govern. Business will take care of it'self

The only way to out of this financial melt down is to ELIMINATE the FOMC and let the market work it'self out.

Yep, it's going to be painful, But as they say "STUPID HURTS", remember, even during the plague (Financial melt down) one third of Europe(America) was wiped out but the important thing to remember is that TWO THIRDS survived and then thrived.

So do everyone a favor, stop letting your hatred of Bush cloud your judgment. This melt down has been coming for the last 15 to 18 years. There is a lot of blame to go around, but Blaming Bush is not going to help, nor is it right.

You want to blame some one, run down to your local bank and slap your loan officer in the head and tell him/her to wake up.

:rolleyes: sheesh

[acmanko]

The Bank I deal with is sound. Bush is in control, hes' to blame. Next year I get to blame Obama or McCain. so get off your low horse:cool: learn how this country works, quit agreeing with either political party and demand something be done. But as History stands,Republicans crash the Economy and Denocrats rebuild it. 1929, 1976, 1987 Republicans were in control of the White house and Finacials sucked then as they do now.
P.S. I don't hate Bush, matter of fact I voted for him twice for Governor and twice for President. But I do hold him to the higher standards I entrusted to him:D

[mrs reb77]

... run down to your local bank and slap your loan officer in the head and tell him/her to wake up.

Only if you promise to bail me out! :D (actually, knowing some of the loan officers around here, that's a pick me up thought for the afternoon!)

[jmac00]

The Bank I deal with is sound. Bush is in control, hes' to blame. Next year I get to blame Obama or McCain. so get off your low horse:cool: learn how this country works, quit agreeing with either political party and demand something be done. But as History stands,Republicans crash the Economy and Denocrats rebuild it. 1929, 1976, 1987 Republicans were in control of the White house and Finacials sucked then as they do now.
P.S. I don't hate Bush, matter of fact I voted for him twice for Governor and twice for President. But I do hold him to the higher standards I entrusted to him:D

you want to blame anyone, start with Andrew Cuomo and Al Greenspan, then you can move on to the entire FOMC, get rid of those manipulating a-holes and the economy will be back to normal in no time

[Jack2007]

Jimmy Carter's at fault and this year Jimmy comes in "black". :D

The Government-Created Subprime Mortgage Meltdown (http://www.lewrockwell.com/dilorenzo/dilorenzo125.html)

http://img.photobucket.com/albums/v719/bruckner/Humor-Political/NOWINBLAK.jpg
.

[razorwit]

Screw the Fed and let all these top brokers fail.
No more government subsidies at taxpayer expense.
Bernanke wants us to continue to have faith in the market?
Jeez.

[RoBoTeq]

Greenspan was good for when Greenspan was in control. Bernanke is the best person for the job at this point in time. Bernanke is a scholar on the great depression and the stock market crash and so he has histories lessons to guide him through our current mess.

[The Doctor]

Robo!?!?! Come on, the Fed is at the root of the problem. Greenspan became part of the Establishment, and therefore part of the problem of central banking/central planning. It's socialist in nature. Don't get all "David Frum" on me now...

And what knuckle-dragger said that Democrats fix the problem? That is the funniest thing I've heard since like yesterday(Obama's latest gaffe).
Democrats couldn't function without the 16th Amendment.

[jmac00]

Robo!?!?! Come on, the Fed is at the root of the problem. Greenspan became part of the Establishment, and therefore part of the problem of central banking/central planning. It's socialist in nature. Don't get all "David Frum" on me now...

And what knuckle-dragger said that Democrats fix the problem? That is the funniest thing I've heard since like yesterday(Obama's latest gaffe).
Democrats couldn't function without the 16th Amendment.

isn't that odd? I believe The 16th Amendment was ratified the same year the FOMC was formed

Coincidence???? :confused::eek:

[RoBoTeq]

I don't disagree that the Fed is at the root of the problem. As has been stated, it is the 16th amendment which allowed Congress to send us spiraling out of control. I'm just saying that if Bernanke, with his background in study of the depression, cannot get us out of this, is there anyone else more qualified to do so?

Aside from my job, I have very little assets to lose. My job is already iffy due to the economic situation. I feel sorry for those who may not be wealthy but will lose what they have put their lives into. Whenever the balance of wealth gets too heavy to the side of the ultra wealthy, you are going to have problems if the rest of the nation cannot afford to maintain a stable working and buying lifestyle.

[acmanko]

I don't disagree that the Fed is at the root of the problem. As has been stated, it is the 16th amendment which allowed Congress to send us spiraling out of control. I'm just saying that if Bernanke, with his background in study of the depression, cannot get us out of this, is there anyone else more qualified to do so?

Aside from my job, I have very little assets to lose. My job is already iffy due to the economic situation. I feel sorry for those who may not be wealthy but will lose what they have put their lives into. Whenever the balance of wealth gets too heavy to the side of the ultra wealthy, you are going to have problems if the rest of the nation cannot afford to maintain a stable working and buying lifestyle. Thats a bit of liberal thought.
where have you been the last 8 years, scatch that, the last 53 years. managing money has more to do with any one considered wealthier than the next. Icould care less about what the person down the street makes or how he spends what he makes.

[jmac00]

I don't disagree that the Fed is at the root of the problem. As has been stated, it is the 16th amendment which allowed Congress to send us spiraling out of control. I'm just saying that if Bernanke, with his background in study of the depression, cannot get us out of this, is there anyone else more qualified to do so?

Ya, me. Eliminate the FOMC, send those idiots to India and China and let them wreck there economy.

Then eliminate the IRS. Let the states and local governments handle there own taxes. Let the common man keep whatever they were going to give to the Feds for taxes.

Problem solved and I just stimulated the market and the economy without doing a damn thing;)

[RoBoTeq]

Ya, me. Eliminate the FOMC, send those idiots to India and China and let them wreck there economy.

Then eliminate the IRS. Let the states and local governments handle there own taxes. Let the common man keep whatever they were going to give to the Feds for taxes.

Problem solved and I just stimulated the market and the economy without doing a damn thing;)
You got my vote. Can we send mancow to China to keep an eye on the FOMC crowd?

[jmac00]

You got my vote. Can we send mancow to China to keep an eye on the FOMC crowd?


sure, I'm easy ;):D

[coolperfect]

The biggest problem is everyone was using their house as a piggy bank that only works as long as home prices keep going up

[RoBoTeq]

The biggest problem is everyone was using their house as a piggy bank that only works as long as home prices keep going up
Yep, when you owe more then your home is worth, it is no longer a piggy bank but rather a pig in a poke.

[razorwit]

Robo!?!?! Come on, the Fed is at the root of the problem. Greenspan became part of the Establishment, and therefore part of the problem of central banking/central planning. It's socialist in nature. Don't get all "David Frum" on me now...



Exactly. We don't need a historical scholar to steer the course.
The Fed has exacerbated the problem while lender and consumer greed took care of the rest.
And now, undoubtedly we will be seeing another taxpayer funded mandate to bail them all out. :rolleyes:

[coolperfect]

People who make 35k a year bought a house for 800k with 5% down with a low teaser rate that was changed later, and the bank sold the loan The buyer of the house was happy he knew the house next year would be worth 1000k so he maxes his master card and takes out more loans and car leases and most but not all banks were greedy and dident care.I say most because Morgan Stanley and Goldman Sacks just reported they are not in trouble How is the Fed blame for the greedy

[coolperfect]

Yep morgan and Goldman reported better than expected quartley earnings because they stayed away from subprime Last time I looked they were under the same Fed as Lehman, Washingtion Mutial AIG