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Let's start off with the fact that he was head of the Fed Reserve while this economic debacle was developing.
This morning on television he was talking about how the need for companies to fill their inventories will lead to further economic recovery - Right!...For China and Vietnam you bozo!
What he should be suggesting is that we develop our own factories here in the USA, with the most current robotics. Then when companies fill their inventories, it will be USA goods.
Then the interviewer pointed out that in today's NY Times, a fellow that predicted the sub-prime mortage debacle mentioned that Greenspan did not believe him.
Rather than admit his own ignorance, Greenspan toots the usual bulls**t - "Oh, but all the experts disagreed with him"....
Right you moron, that's why we're in trouble - We place too much credibility on the idiots from Harvard, Princeton and all the other ivy league colleges - Where they obviously teach the benefits of short term results, rather than looking at the long term good of the economy (and anyone that worked for one of these morons would know that).
The problem is not intuitive. We need to save. We need to be saving onough money to buy our own national debt. If we don't the we will have to default on our debts. Making stuff here is a simptom of what is wrong not the problem. The problem is lack of savings and I mean bank savings not buying stocks in the stock market. We need starting now a national savings rate of over 12% of GDP. More like 15% would be better.
Greenspan had the media owned by big business putting him out in front. Everything this nutjob pushed out helped big business and screwed the regular guy. YOu have to think who owns the programming coming across that idiot box that most americans wathc for atleast 8hrs a day.
There is no F----ing way Obama should be able to get away with Geitner in the position he is in or Bernake. But not enough of the rethugs or Dems want to raise a stink about that do they.
Follow the money deregulation has screwed us ---things have to be regulated or we get exactly what happend with the housing market and banks, savings and loans etc.
Greenspan can tell us all to kiss where the sun dont shine really, I mean hell he is rich and we are struggling to make ends meet.
Let's start off with the fact that he was head of the Fed Reserve while this economic debacle was developing.
This morning on television he was talking about how the need for companies to fill their inventories will lead to further economic recovery - Right!...For China and Vietnam you bozo!
What he should be suggesting is that we develop our own factories here in the USA, with the most current robotics. Then when companies fill their inventories, it will be USA goods.
Then the interviewer pointed out that in today's NY Times, a fellow that predicted the sub-prime mortage debacle mentioned that Greenspan did not believe him.
Rather than admit his own ignorance, Greenspan toots the usual bulls**t - "Oh, but all the experts disagreed with him"....
Right you moron, that's why we're in trouble - We place too much credibility on the idiots from Harvard, Princeton and all the other ivy league colleges - Where they obviously teach the benefits of short term results, rather than looking at the long term good of the economy (and anyone that worked for one of these morons would know that).
I saw the same program and heard it slightly different than you did. When asked if there was going to be a recovery soon, Greenspan said that our factories here have pleaded their inventories and when they start replacing those inventories that will lead to further economic recovery.
He also didn't say he didn't believe the fellow who predicted the sub-prime debacle. What Greenspan said was he didn't know the guy well enough to know if he just got a lucky guess or if he based that prediction on hard indicators. He also said he only knows 3-4 people with the capabilities and access to the kinds of information necessary to those kinds of predictions. When asked a second time if Greenspan thought the guy just guy lucky, he replied. "I don't know."
I saw the same program and heard it slightly different than you did. When asked if there was going to be a recovery soon, Greenspan said that our factories here have pleaded their inventories and when they start replacing those inventories that will lead to further economic recovery.
He also didn't say he didn't believe the fellow who predicted the sub-prime debacle. What Greenspan said was he didn't know the guy well enough to know if he just got a lucky guess or if he based that prediction on hard indicators. He also said he only knows 3-4 people with the capabilities and access to the kinds of information necessary to those kinds of predictions. When asked a second time if Greenspan thought the guy just guy lucky, he replied. "I don't know."
Sounds like you know global economics a lot better than Alan Greenspan, OP. Why do you think you didnt get the job?
How about because many years ago, when I was involoved in local politics, I saw just how corrupt it is to get a position. And, anyone that was really involved in even local politics knows exactly what I am talking about.
He got the job because he kissed butt..He told the people what the handlers wanted him to tell the people.
Let me ask you this..Do you think the economnic debacle that we are now experiencing is a fantasy?
JUst because he got on TV today and said a few nice words about the economy does not mean we should not hold him accountable for his failure in his position of responsibility. (But, I guess if anyone is a Democrat or avid supporter of Obama, they get a little overly defensive of anyone that has a kind word - even lying congressmen, currently under indictment).
P.S. In my current position I make a real, positive contribution to the economy...And, I do it like many other good people in this country, by analyzing and telling the truth about the business - So that the company can keep people employed.
That's what is keeping this country functioning - not the idiots and crooks in politics - hardworking people that do their jobs honestly.
So far the idiots in Washington are really keeping their hands off of private, productive businesses - Let's just hope that their ineptitude and greed doesn't change that.
I saw the same program and heard it slightly different than you did. When asked if there was going to be a recovery soon, Greenspan said that our factories here have pleaded their inventories and when they start replacing those inventories that will lead to further economic recovery.
He also didn't say he didn't believe the fellow who predicted the sub-prime debacle. What Greenspan said was he didn't know the guy well enough to know if he just got a lucky guess or if he based that prediction on hard indicators. He also said he only knows 3-4 people with the capabilities and access to the kinds of information necessary to those kinds of predictions. When asked a second time if Greenspan thought the guy just guy lucky, he replied. "I don't know."
As for the inventories replacement - It's the same old, same old...The bulk of the money goes elsewhere. He did not have the ability to recognize that a long term solution is better (re-building our factories). Again, he is short sighted.
About his comments on the writer - He was denying any credibilty to the fellow, because the fellow understands economics better than him. I heard the tone of his answer - It was a mix of fear and jealousy.
As far as access to information to predict the debacle - What the hell is that?...Homes were being sold at more than their real value, people were borrowing more than they were worth, and they pissed the money away on consumer crap.
As for the inventories replacement - It's the same old, same old...The bulk of the money goes elsewhere. He did not have the ability to recognize that a long term solution is better (re-building our factories). Again, he is short sighted.
About his comments on the writer - He was denying any credibilty to the fellow, because the fellow understands economics better than him. I heard the tone of his answer - It was a mix of fear and jealousy.
As far as access to information to predict the debacle - What the hell is that?...Homes were being sold at more than their real value, people were borrowing more than they were worth, and they pissed the money away on consumer crap.
Plenty of people saw it coming.
I'm not in this thread to debate what Greenspan should be saying or doing. I was here to correct your unfair characterization of what he actually did said today on TV.
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Its called public relations
