Greenspan: US will experience a "political crisis" soon.

[middle-aged mom]

Originally Posted by arjay57

Greenspan has been right about so many things.

Greenspan in 2005 relative to the housing bubble, calling it some" froth in the market" .

[ContrarianEcon]

Originally Posted by middle-aged mom

Housing bubble?

Most of the country is nowhere near having recovered from the last bubble. No shortage of people still upside down on their mortgages.

All real estate is local, down to the zip code, neighborhood, street andso métier even building as it relates to condos.

Most of Manhattan, parts of Miami and the West Coast have recovered and accelerated. Wealthy foreigners are using Prime US real estate as safe deposit boxes, sometime money laundering. They pay cash in corporate or trust names, pay their taxes/ assessments and have no intent on occupying the property.

Nothing illegal about it.

It doesn't take illegal activities to blow a bubble. But the bubble wasn't allowed to finish popping and the FED has done its best to prop it up. It could very well correct again. If you want to push the price of houses above the peak of the last bubble and have them stay there then you need the wages to support them.

[mountainrose]

Huh???
We're already in a political crisis.
How much worse can it get---nothing ever gets done by our politicians unless it's for raising funds,
and none of them care.

[ottomobeale]

Both parties are controlled by their fringes who squawk the loudest.

Teaparty and Occupy Wallstreet both spew hideous exaggerations and idiotic hyperbole about real issues.

Its a peen contest in both parties to see who can be the most conservative/liberal.

[Finn_Jarber]

Originally Posted by arjay57

Greenspan has been right about so many things.

Except the big ones, like "W" economic collapse.

[arjay57]

Originally Posted by Finn_Jarber

Except the big ones, like "W" economic collapse.

If Greenspan was right about anything I don't remember it offhand. In addition, he is married to a member of the liberal media which pretty much zeroes out anything else he might say.

[BigDGeek]

Originally Posted by Emigrations

He says so largely because we drift from crisis to crisis due to inaction and gridlock. I think it's possible, but not sure how likely.

BBC Radio 4 - World at One, 09/02/2015, Alan Greenspan: "I'm afraid (the US is) going to run into some form of political crisis"

Big fat "duh" from over here.

He ought to know anyway...he helped manufacture the status quo.

[odanny]

That's exactly what the neocons want, read "The Shock Doctrine" by Naomi Klein

[greywar]

My geuss is that the decision to not allow transfers between social security and disability will be attempted as a leverage to get something. And it will go bad.