Greenspan:"by far the greatest financial crisis, globally, ever"

[D-Mack]

http://www.reuters.com/article/idUSTRE61M4B120100223

...

Small businesses and the jobless are still suffering from the aftermath of a credit crunch that was "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression, said Greenspan in an address to a Credit Union National Association conference.

.....

"The reason why the unemployment rate is going to be sticky is that as soon as employment starts picking up, a lot of the people who have not been seeking jobs are going to come back into the labor force, and they will keep the official unemployment rate in the 9 percent area, something like that," Greenspan said.

He also said it was important for U.S. policy makers to prevent perceived expectations of inflation that could push up yields on long-term U.S. Treasury securities, which would raise mortgage interest rates and prevent a recovery in the housing market.

The 10-year Treasury yield is the "one statistic that I watch every morning and every afternoon," he said.

Nothing like, " I did it on my own " or something like that ?

[Starving Steve]

Re: Greenspan:"by far the greatest financial crisis, globally, ever"

Both Greenspan and Bernanke never take responsibility for anything.

Their Keynsian economics---- stimulus spending, new deficits, new money-printing, quantitative easing, zero interest rates, targeted and "acceptable" inflation policy, bail-outs, among other nonsense--- has failed miserably. And now because of their failed Keynsian economics policies, we have a deeper and more prolonged Great Recession than we had before these clowns did anything.

So what is next: maybe sovereign defaults, maybe more unemployment, maybe a worldwide currency crisis, maybe California defaults, and maybe a dollar crisis, more of a decline in home prices while the cost of living still rises?

What is quite interesting is how the Demos in Congress could tell the people of America that there would be change, and then they voted to re-confirm Bernanke ( Bush's man ) at the Fed. It doesn't make sense to me: Why would they do that? Why would they circle their wagons around a failed Fed chairman and call him "a saviour"?

Every Keynsian economist to-day should hide their face in shame. The evidence against Keynsianism is crystal clear and for all to see.:rolleyes:

[flintlock]

Re: Greenspan:"by far the greatest financial crisis, globally, ever"

Awww. He sounds like a proud papa, boasting about his progeny.

[loweyecue]

Re: Greenspan:"by far the greatest financial crisis, globally, ever"

"by far the greatest financial crisis, globally, ever" - Finally figured it out, huh?:rolleyes::rolleyes:

[GRG55]

Re: Greenspan:"by far the greatest financial crisis, globally, ever"

"by far the greatest financial crisis, globally, ever" - Finally figured it out, huh?:rolleyes::rolleyes:

...I knew a man, his brain's so small,
He couldn't think of nothing at all,
Not the same as you and me.
He doesn't dig poetry.
He's so unhip that when you say Dylan,
He thinks you're talking 'bout Dylan Thomas,
Whoever he was.
The man ain't got no culture...
--Paul Simon; A Simple Desultory Philippic, 1966

The man ain't got no class either...;)

[thunderdownunder]

Re: Greenspan:"by far the greatest financial crisis, globally, ever"

Greenspan:"by far the greatest financial crisis, globally, ever"
Do Yuh think ya spiv. (English term for a particular low life criminal)
Go away you fool of a man
You have no idea just how bad this will fall on the heads of the innocents when the dip that is forming finally reaches critical mass.
Its not about money- its about balance - between the haves and the have not.
They call out they have No bread ? well let them eat brioche Louis, I see no problem.