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In an interview Sunday, the former Federal Reserve chairman said that more financial firms will fail and that housing won't stabilize until 2009.
WASHINGTON (CNN) -- The U.S. credit squeeze has brought on a "once-in-a-century" financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.
Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go."
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Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by PatriotsReign
In an interview Sunday, the former Federal Reserve chairman said that more financial firms will fail and that housing won't stabilize until 2009.
WASHINGTON (CNN) -- The U.S. credit squeeze has brought on a "once-in-a-century" financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.
Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go."
For someone who claims to be an economist, you really don't sound like one. I guess if you say we're in one long enough, at some point you may eventually be right.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Greenspan: Economy in 'once-in-a-century' crisis
Just get rid of the Central Bank, and these bubbles won't happen... common sense will take over as the investment strategy of the future and not based on if the Fed wants to add or drop a point to some magic meter to spur or withdraw growth...
The Fed has created every major bubble with it practices of flooding the market with cheap cash, and then withdrawing and causing a crash...
The conspiracy theorist in me believes this is a plan to rob property from the people... In the past few years you have seen JP Morgan acquire assets for pennies on the dollar from the likes of Bear Sterns, and other takes overs, this crash, IMO, is nothing more than a way to consolidate the assets of our country...
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by mcgraw_wv
Just get rid of the Central Bank, and these bubbles won't happen... common sense will take over as the investment strategy of the future and not based on if the Fed wants to add or drop a point to some magic meter to spur or withdraw growth...
The Fed has created every major bubble with it practices of flooding the market with cheap cash, and then withdrawing and causing a crash...
The conspiracy theorist in me believes this is a plan to rob property from the people... In the past few years you have seen JP Morgan acquire assets for pennies on the dollar from the likes of Bear Sterns, and other takes overs, this crash, IMO, is nothing more than a way to consolidate the assets of our country...
I bet it was coordinated with those same people who planned 9/11. Afterall, it wouldn't be that hard to get the millions of people who purchased homes in the last 15 years to play along.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by Real World
For someone who claims to be an economist, you really don't sound like one. I guess if you say we're in one long enough, at some point you may eventually be right.
Greenspan just told you we're in a "once in a century" economic crisis and you claim I don't know what I'm talking about?
No offense RW, but if you actually believe we aren't in a recession, you don't know squat about economics. Every respected economists you can find will tell you we are in a recession.
Why do you have such a difficult time accepting reality? Look around you and ask yourself "are these good times economically?" If you say "YES" with a failing banking system, skyrocketing unemployment and a real estate depression your eyes are closed brother.
I have predicted much of what has happened over the past 3 months in posts I made 6 months ago...and you're still telling me I don't know what I'm talking about. Well, I will tell you it's going to get worse RW...so when will you open yours eyes and admit I've been right?
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by Real World
I bet it was coordinated with those same people who planned 9/11. Afterall, it wouldn't be that hard to get the millions of people who purchased homes in the last 15 years to play along.
You don't have to "play along" to fall for the trap...
It doesn't take a world wide coordination, it just takes a trap set for the average dumb American to fall into... 401ks to me is the next trap...
This is what I forsee... for the last 15 - 20 years, America has been locking away money in 401ks, this has become fuel in the Market to make money, lend at interest, and all kinds of financial tools to make money, but to the 401k holder, it's locked up money that can't be touched for quite some time...
No you have the largest generation of Amercan's heading into retirement, The Baby Boomers...
How much do you think your money will buy when everyone around you has 500,000 at their disposal to spend via their 401k?
That is when inflation will hit the roof... When all that money comes flooding back into people's hands...
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by mcgraw_wv
Well just to throw this out there... Ron Paul predicted Fannie May and Freddie Macs collapse over 5 years ago...
But god forbid we listen to and let someone lead us that has the foresight to see the path we are headed down. If only he was cuter!
The truth is mcgraw, many people have predicted what would happen. I'll be the first to admit my own predictions were just based upon others in-depth analysis and some common sense.
The fact that Ron Paul predicted the falls of Fanny and Freddie is pretty amazing to me. He must have some good econmists on his staff! All I predicted was another 12-18 months of recession with increased unemployment and continued real estate declines. I don't think we'll see any real turn around until early 2010
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by PatriotsReign
Greenspan just told you we're in a "once in a century" economic crisis and you claim I don't know what I'm talking about?
No offense RW, but if you actually believe we aren't in a recession, you don't know squat about economics. Every respected economists you can find will tell you we are in a recession.
Why do you have such a difficult time accepting reality? Look around you and ask yourself "are these good times economically?" If you say "YES" with a failing banking system, skyrocketing unemployment and a real estate depression your eyes are closed brother.
I have predicted much of what has happened over the past 3 months in posts I made 6 months ago...and you're still telling me I don't know what I'm talking about. Well, I will tell you it's going to get worse RW...so when will you open yours eyes and admit I've been right?
Greenspan is the same clown who said we were in one 3 years ago, only to say we weren't, and who is now saying we are. Also, how much of this is his doing?
PR, you've been saying we're in one since you joined, and guess what? You've been wrong EVERYTIME! I'll say what I've been saying, and that is that one is certainly possible, but it hasn't happened yet. You are clearly cheering for one. It's funny that my nonacceptance of something that hasn't happened, is me "not living in reality". LOL!
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Greenspan: Economy in 'once-in-a-century' crisis
Quote:
Originally Posted by mcgraw_wv
You don't have to "play along" to fall for the trap...
It doesn't take a world wide coordination, it just takes a trap set for the average dumb American to fall into... 401ks to me is the next trap...
This is what I forsee... for the last 15 - 20 years, America has been locking away money in 401ks, this has become fuel in the Market to make money, lend at interest, and all kinds of financial tools to make money, but to the 401k holder, it's locked up money that can't be touched for quite some time...
No you have the largest generation of Amercan's heading into retirement, The Baby Boomers...
How much do you think your money will buy when everyone around you has 500,000 at their disposal to spend via their 401k?
That is when inflation will hit the roof... When all that money comes flooding back into people's hands...
Right, cuz all those people are going to retire at once, and when they do, they're all going to collect their $500k on the first day, and spend it in unison. 401k's were created with the idea that SS wasn't going to cut it, and cuz it was a means for a nonsaving society to nest egg retirement. It wasn't some Reyonlds Wrap ploy to create a massive asset aquisitional scheme headed by some masked man behind a curtain.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Greenspan: Economy in 'once-in-a-century' crisis
I bet it was coordinated with those same people who planned 9/11. Afterall, it wouldn't be that hard to get the millions of people who purchased homes in the last 15 years to play along.
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