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More "uplifting" news from Greenspan

StageLeft

No Lifer
Sep 29, 2000
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Former Fed chief Greenspan says he and others in 'state of shock' over fragile global economy
In testimony prepared for the House Government Oversight and Reform Committee, he voiced shock over the present turn of events and called conditions deplorable.
"Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment," Greenspan said. "Fearful American households are attempting to adjust, as best they can, to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity."
If I read much more of this I'm stockpiling weaponry and food stuffs!

OK, more commentary, then. I'd say that Greenspan may be right, but then on the other hand as substantially complicit in this crisis, I don't know how much credibility he still has.
 

rudder

Lifer
Nov 9, 2000
19,434
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I'm seriously thinking about crossing the border into Mexico. At least there I can get a job and send some money back home to my family here in the U.S.
 

Thump553

Lifer
Jun 2, 2000
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I call shens. That can't be a quote from Greenspan. I read both sentences and understood them the first time through. Also, the statement is far too definitive for Greenspan. I think the bodysnatchers got him.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
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Originally posted by: Thump553
I call shens. That can't be a quote from Greenspan. I read both sentences and understood them the first time through. Also, the statement is far too definitive for Greenspan. I think the bodysnatchers got him.
Perhaps the lie serum that the head of the fed reserve gets while at work just takes a little while to wear off...

 

techs

Lifer
Sep 26, 2000
28,561
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Basically what I heard was banks were so greedy to sell sub prime mortgages that pseudo-insurance brokers were formed to "guarantee" the loans. These mortgage "insurers" were outside the regulartory process.
So basically if the government had acted 3-4 years ago to force these mortgage brokers to have realistic assets to protect the mortgages they were insuring the problem wouldn't have occurred.
So its a failure of regulation.
thanks, Bush.
 

rchiu

Diamond Member
Jun 8, 2002
3,846
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I was listening to C-Span yesterday and they have Wells Fargo chairmen at Commonwealth Club talking and he gave a very good perspective. He said right now we have the most serious "financial" crisis with the banking and the credit system in a mess. But in terms of "economic" crisis, what we have right now is nothing compared to the 80's. In the 80's, both inflation and unemployment rate hit double digit. Right now, the inflation is pretty well under control, and the unemployment is relatively decent at 6.1%, although the trend is getting worse.

The key is to understand we have a financial crisis right now, and the economic crisis caused by the financial crisis has just started, but they are two different animal. The economic crisis as of now is not as bad as many of the ones we had before. What we and the government need to do is concentrate on fixing the financial crisis, bring back the confidence in the system, so the damage to the economy can be limited and we won't have as bad a economic crisis relative to many we had before.
 

PingSpike

Lifer
Feb 25, 2004
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Does anyone else think that maybe it would be a good idea, for a variety of reasons, for Greenspan to just shut the fuck up for awhile?
 

woodie1

Diamond Member
Mar 7, 2000
5,947
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Originally posted by: PingSpike
Does anyone else think that maybe it would be a good idea, for a variety of reasons, for Greenspan to just shut the fuck up for awhile?
Wasn't he at the helm when all this started forming?
 

bamacre

Lifer
Jul 1, 2004
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Originally posted by: PingSpike
Does anyone else think that maybe it would be a good idea, for a variety of reasons, for Greenspan to just shut the fuck up for awhile?
Considering he's one of the people who caused this mess, you would think so.
 

PingSpike

Lifer
Feb 25, 2004
21,594
449
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Originally posted by: bamacre
Originally posted by: PingSpike
Does anyone else think that maybe it would be a good idea, for a variety of reasons, for Greenspan to just shut the fuck up for awhile?
Considering he's one of the people who caused this mess, you would think so.
Originally posted by: woodie1
Originally posted by: PingSpike
Does anyone else think that maybe it would be a good idea, for a variety of reasons, for Greenspan to just shut the fuck up for awhile?
Wasn't he at the helm when all this started forming?
Exactly. I'm not sure I'd be out there talking up a huge fuck up mess that I helped create. Not to mention he's just making the current fed's job harder. Shut the fuck up!
 

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