August 02, 2009 03:00 PM
Greenspan: Recession 'close' to being over
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Former Fed Chairman Alan Greenspan told ABC's George Stephanopolous that the economic recession was nearly over. "We're getting very close," he said.
Ha ha ha he's joking right?
I believe everything he and William the Bloody say. They simply are always right.
then why are my hours getting cut back...again?
the end of the recession at home?
Wouldn't Greenspan have to be privy to some not-very-public information in order to make an assessment like that? Why would he be in a position to know this stuff?
Also, he admitted that his basic economic philosphy was wrong (that the markets would police themselves), so what happened to make him change his mind and start seeing things the way reality truly reflects them?
I don't trust him, and I don't believe him.
i agree. i would love to hear what he has to say under oath. not that he would know the truth if it bit him in the ass.....
.............almost over, my ass!!! If you believe that, I have some swamp land in Florida, I'd like ya to see.
place.
The person who creates the mess always know when the mess ends.
Which is long code for "He's lying outta his ass."
Wouldn't Greenspan have to be privy to some not-very-public information in order to make an assessment like that?
Not really -- there's a significant number of economists claiming that leading economic indicators are starting to trend up and therefore GDP is likely to start growing again by the end of the year. Whether they're right or not is a whole other question.
...anyone believe him?
he must mean that the recession is almost over because the depression is almost here...
audit-prosecute-incarcerate
Please, Mr. Andrea Mitchell, stick your head in this sandbox over here and guess which of the two I'm going to throw...
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
Duh!
It's freakin' BEEN OVER for two years. We're in a depression with little end in sight. But hey, let's allow the Fed to go unaudited, banks to keep taking taxpayer money and the health and drug companies to continue bilking millions of Americans.
It's the AMERICAN way.
We are not nor have been in a depression. We've been in a shit storm of an economy. The best news is we escaped deflation that we heard all the talking heads scream about. We need jobs and very minimal inflation in the next two years and we'll be okay (maybe not enough to help us in the midterm elections). In an economic recovery, employment is the last to recover. More people will be let go now doubt about it but the number of people let go monthly is slowing. May not sound like it, but it is very good news. But most numbers are pointing to a recovery.
is intended to be a factual statement
The jobs we've lost? A lot of them, a majority by far I suspect, are NEVER coming back. Not in manufacturing, not in the trades. And with those losses, go the admin jobs and office job tied to those industries.
Without WPA like jobs CREATION, QUICK, we as a nation will tank like no one wants to accept, within a year. FAR worse than we are tanking now . . . .
is a Milton Friedman acolyte, a worshipper at the altar of unfettered, laissez-faire capitalism. He's a heartless, elitist prick.
"Secular humanism -- a fearless, realistic world view replete with doubt and scepticism that attempts to attain an unachievable state of equilibrium between and among the human qualities of reason, intuition, imagination, memory, ethics and common sense.
You are thinking of the Austrian school. They are the "unfettered, laissez-faire capitalist."
But it's ok. A lot of libertarians put him into same boat with Keynesians.
the pending legislation to have the Fed audited??? It's not cause they got somthin' ta hide, is it Pa???:
http://www.cbsnews.com/blogs/2009/07/28/busin...
"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn
The Fed is already audited by outside auditing firms as well as the GAO to an extent. The reason he's against it is the reason he says; monetary policy needs to be independent of congress, because it shouldn't be dictated by short-term interests.
Most significantly, is the threat/temptation of elected politicians to intentionally create inflation in order to fight unemployment.
For that reason, almost all central banks have 'devolved responsibility' i.e. a sort of independence from the legislative branches of their governments like that, although not all central banks are quasi-private like the Fed is. The European central bank is not directly controlled by the European Commission or Parliament. Same goes for the Bank of England and their parliament, the Swedish Riksbank and their parliament, and so on and so forth.
Politics is all short-term.
Like the goppies who refuse to take bail-out money for their state's unemployed, but take to rebuid their governor's mansion.
And foreign trading partners would be less likely to help subsidize our National debts if our economic policy literally changes every four years or so.
Diabolus est Deus Inversus
The Federal Reserve audits itself baically and we all know how well that works for any PRIVATE entity. Because the Federal Reserve is not really federal, it needs to at least be kept honest.
It would be extremely scary to have Congress takeover monetary policy, but that does not mean there should not be ADEQUATE checks to keep the men and women at the Federal Reserve accountable.
parliament. But they are directly accountable to the respective ministries of economy, so in a proxy fashion they are accountable to their respective parliaments.
Same could be said of the fed though, since there are public officials sitting in the board. The house could (and can, and sometimes do) subpoena these board members to receive the information they require. There is no need for auditing, as much as there is need for political will to control those board members.
You were correct in your assessments on central banking, which a lot of people seem to completely be oblivious to how monetary policy works or how the Fed is chartered. And they simply resort to the perennial freak out of the Fed being this evil private thing with no oversight whatsoever. The ironic part is that most of the freak out comes from the libertarian circles. I say ironic, because the organization of the fed as a public-private corporation, which is relatively more decoupled from other branches of the government than other equivalent central banks... such organization of the charter was partially the brainchild of proto-libertarians in the early XX century who simply did not trust the government, and made a case that private entities should be in charge of monetary policies. Since "for profit" institutions are intrinsically better at managing money, and thus they should do a better job managing monetary/fiscal policies, with the anti-democratic aspect of such approach be damned.
Ain't that a bitch.
but no one on the Federal Goverment gives a damn; nor do they take any corrective action because the Fed is not under any Congressional Mandates or oversight authority.
It just gives the appearance of accountability while continuing to facilitate rip-offs of the American taxpayer that our grandchildren and great grandchildren will be paying for in the decades ahead.
And yeah, there are 95 years' worth of skeletons in the Fed Reserves closets - if they are let out...well, let's just say the solutions would be to violate blog policy and advocate for violence, which I'm loath to do.
it shouldn't be dictated by short-term interests.
Like the daily Dow Jones average?
Greenspan is the single leading suspect of who brought this all about.
Geithner, repeated by Greenspan:
Small wonder, we have transferred trillions upon trillions in what can only be called the GREATEST HEIST IN WORLD HISTORY.
The people for whom the recession is over are the Banksters who have given themselves Beaucoup of Billions in Bailout Bonuses.
Greenspan sits there like the cat that just ate the canary. With a little smirk. Bastard.
Now Obama continues as a supporter of this massive transfer to the Financial Sector, the Wall Street Mafia. Unfortunately he has failed to identify correctly the cause of the economic collapse.
That failure will forestall an improvement in conditions.
Massive fraud and greed by the Wall Street Gangsters. Simon Johnson and John Talbott in a series of correspondence published by Salon lay out the case as well as anyone.
In three parts One Two Three
Talbott who is one who should know, starts with the phrase: A Vast Criminal Enterprise
This has led to a loss of vast sums of valuation of individual wealth by the citizens of the nation, at all levels, except of course the bailed out Banksters, they are back in FAT CITY.
$6 trillion in housing value, gone. $8 trillion in stock equity valuation, gone. 401k and pension funds pummeled.
Instead of investigations we hand over vast sums to make the crooks whole.
Neil Barofsky has put the theoretical number of all of bailout programs at $23.7 Trillion.
Obama has also continued unabated with the Military Industrial Complex, stopping the F-22 is fine but it is not nearly enough.
Chalmers Johnson, Dismantling the Empire, here
Unemployment is generally held to be a lagging indicator, this is not an ordinary disruption. The 2nd GDP is still -1.0%, the drop off over the cliff seems to be slowing (reportedly, the GDP, CPI have been phony for years and years, here). This number is also greatly distorted by the vast sums handed over to the financial sector. The is much Orwellian Ministry of Truth in these numbers. Look for downward revisions later.
Greenspan talks about the $3 trillion advance in the equity market. That advance is because Corporations have reported phantom profits. The profits come from cutting to, and into the bone. There has been built in the sense and certainty of ongoing bailouts. They cannot continue ad infinitum. It is another bubble.
Until the people pay down their debt and incomes increase, there will not be a recovery. Incomes will not increase because we are headed for parity with China.
The U6 number is at roughly 20%, the continuing and increasing defaults of Alt-A and Option ARM will add to the negative feedback loop. There is $1 Trillion in distressed Commercial mortgages that will add even more to the Financial Sector woes.
Max Kasier's most penetrating quote, the quote du jour, the economy is a subset of the ecology, is found in links here from another comment.
We have peak oil, peak capitalism and peak everything.
There will not be a recovery in the previously understood sense. This is an L shaped disruption.
Tyler Durden, Zero Hedge, The End of the End of the Recession , here
Floyd Norris at NYT, building a military only economy: Why a Recovery May Still Feel Like a Recession here
Two follow up pieces to Norris:
Mish, Military vs. Non-Military Durable Goods in Pictures here
Raw Story Is America building a purely military economy? here
statusquObama, change you can only pretend in
I remember when it was the tiniest thing, and now here it is, graduating from college...
Don't try to confuse the issue with half-truths and gorilla dust.
still gasbagging, I see.
me-oww!
As if anyone's listening to him anymore..
Ah what a difference some years can make. Anyone else here remember 2000, when the Repubs were claiming that the boom economy during the Clinton years was all due to Greenspan? And that since Greenspan would be staying on, everything would continue to be great no matter who got elected?
Not that I ever bought into that, but boy, were they ever wrong.
wow. the a-hole who helped wall street get us into this mess says its just about over.....
well, thanks so much for your input. why isn't this asshole in jail, along with his skanky liar wife?
... do I get to go on television and be asked my opinion too?
Corruption favors the wealthy.
Few have done so much, for so few,for so long, at the expense of so many!
if one is speaking in geological terms, he is spot on.
me-oww!
You would think someone who has proven to be such an incredible f-up would keep his mugg off the teevee and enjoy his stolen millions in smug silence. Not "The Oracle". He just can't do it. Just go away Alan. Your insight is no longer needed nor wanted.
Since he missed the onset, we're supposed to believe that his eyesight has suddenly improved?
To hell with Greenspan. What cred does he have. He got us into this mess.
These jackasses complaining about the "Cash fo Clunkers" deal are straight up obstructionists. This program is just about the best stimulus program they have come up with.
It gets people who are sitting on the sidelines waiting to buy a new car, it gets them off their ass.
It give some people an opportunity to get rid of a piece of shit car they thought they would never get rid of, it give them a chance to unload it.
It gets people into the dealerships to see what there is in the way of new cars.
It gets these old gas guzzlers off the road.
It gets money flowing to car dealers and the people who work there.
Car manufacturers will have to build more cars.
It keeps the auto workers working.
It keeps the parts suppliers working.
These people go out to lunch near their jobs so it helps those little mom and pop restaurants.
These people will feel more secure and start spending a little money on things they have been waiting for becasue they were not sure if they were going to lose their job.
It puts a lot of money into the economy.
These Republicans who are trying to obstruct are assholes and are hurting the economy. If McShame tries to filibuster the new $2 billion he will be shooting himself in the foot along with all the other Republicans. This will be some of the biggest ammunition Obama and the Democrats will have in a while if the Republicans try to obstruct this.
Do you know what 3,000,000,000 divided by $4500 is?
666,666
That is 666,666 new god damn cars being sold. 222,222 were sold in the first week. Go ahead McShame. Try to stop it. Dip Shit!
http://www.bizjournals.com/sacramento/stories...
For millionaires, maybe? Not for the vast majority of Americans that you can't be bothered to associate with.
"We will find fulfillment not in the goods that we have, but in the good we can do for each other."
Robert F. Kennedy
Plan B pool boy is an ASS!
Mr. Greenspan looks more like a pond creature than anything...
for awhile i was thinking of selling my 10,000 sq ft cottage or my 100' run about , that was close whew .
I was thinking of dinner in France tomorrow , what do you think dear , Italy great choice i will have the puddle jumper ready , oh and we can go for a sail while we are there , i'll call the skipper , what dear ? , yes of course we can sail over to Greece for lunch .
So glad things are all better now , i was so worried .
every time you throw a little mud , you lose a little ground .
Over what?
Diabolus est Deus Inversus
over the top and heading downhill
every time you throw a little mud , you lose a little ground .
......is another ZIONISTPIG with way too much 'power'. I'm not anti-semetic. I'm rabidly anti-zionist and have many liberal Jewish friends who put me up to expressing my opinions.
First off, I don't give any credence to ABC News ~
American Bullshit Corporation~ which is a mouthpiece to the Beltway rich and powerful.Second, nobody, and I mean nobody, should think that Mister Bubble Maker knows anything about the economy in such a way that benefits American's in general. Greenspan is has been the Bankster's front man way too long time.
Please, put this Libertarian out to pasture. I don't want any heartless Libertarian messing with the American economy any more, especially Greenspan. Good riddance!
George, the more you interview irrelevant characters, the more it shines on you.
if the recovery is jobless...it dont mean shit
and we are not getting back any of the jobs and/or manufacturing that we have sent overseas
greenspan is one of the reasons this economy tanked...he needs to stfu and spend the rest of his golden years playing on the links
i heard this same bs from a friend of mine who hasnt worked a day over the past 10 years...he inherited properies from his parents, who worked their tales off
this guy honestly said that if people were finding it hard to make ends meet...they should get second and third jobs....THERE ARENT ANY FUCKING JOBS TO BE HAD!!!!!!!!!!!!!!!
of course, he is a fucking wingnut who thinks bush was the greatest
i love him...but i hope he dies
what are you nuts , didnt BO just push thru a billion to hire 5,000 new cops , just think of all the new laws and fines that should stim the old money bags . Shit on a shingle at least an opportunist knows that things can always get worse .
every time you throw a little mud , you lose a little ground .
and since more people will be going to prison, the prison building biz should boom
thank you for making me even more depressed
and i do not blame obama...i blame his advisors and congress
not one of these fuckers reads the history books
they should have created the wpa2...not this bs stimulus package where no one knows what is happening with the money, and people remain out of work
when they have to ask Mr. Bubble himself to make an on air appearance claiming that the recession bottom is near. Now the administration is also sending the bearded one Bernanke on the road as well to explain to the American people just what the Fed is all about, but he still won't say where 2.5 trillion of our tax dollars have gone.
The time is now to start putting pressure on your elected rep's and demand that they back the Ron Paul bill for a complete and independent audit of the Federal Reserve system. This banking cartel has been picking the pockets of Americans since it was created in secret in 1913.
Government counts on the apathy of people and they all assume that we have rather short memories. Tell your elected rep especially your senator, that if they vote against this bill they won't have to bother running for re-election.
Recession nearing an end? with 14,000 new foreclosure filings per day and 2.5 million people that have lost their jobs since January? States like PA that are now paying their employees with vouchers like CA did? This is nothing other than the D.C. spin machine trying its best to convince us that the worst is over. Just try and Goggle quotes from the great depression. You'll be amazed at what comes up. Five years after the 1929 crash, financial analysts as well as elected officials were still telling people the worst was over.
may have some insight here since he is probably the single biggest cause of all these economic hard times.
i would like to have what he pays in taxes , whoops sorry more than likely he doent pay any , oh well dog food anyone .
Hi fitter don
every time you throw a little mud , you lose a little ground .
Wasn't he wrong about damned near everything? Didn't he help create this mess?
Just asking.
Why couldn't this asshole have just stuck with his tuba?
is an expert on recessions. You can't create one without knowing at least something about them.
Greenspan spelled backwards is "napsneerg" which in Hebrew means dumb a**.
The rich basterds (h/t Q.T.) never felt the recession. They had their (our) stolen money tucked safely away.
Right Greenspan, we believe you.
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