Greenspan: This Is The Worst Economy I've Ever Seen 2008

Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America's economic situation on Sunday, saying the crisis with the country's financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future.

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[anasto1971]

Alan Greenspan - you where driving the wheel in 2002/03 when you created artificially low interest rates and gave wall street w*nkers a platform to loot and steal from an unsuspecting public. Shame on you.

[retrop2]

Petition the Federal Reserve. Senator Ron Paul proposed a bill to congress last year. H.R. 2755, educate your selves, we are being fuckin robbed! The Federal Reserve is manipulating this economy so that we have to move to an international currency. This bill has been in the House Committee of Financial Services for over a year. Write your congressman! Lets get it done before its too late.

[kriskats19]

The economy will appear to get better when the fed creates a new bubble. Just keep your eye out for it so that you don't get caught up in it.

[KevinSheerin]

@13mnunez1 Also why should the fed set the price of money "High or low interest rates" what makes them think they know more then the market does about how much savings should be yielding for the individual!

[KevinSheerin]

@13mnunez1 he didn't prevent a damn thing he kicked the can down the road and made a minor adjustment a full blown economic global systemic depression it is criminal that the fed and Ecb have the power to issue more of a medium of exchange at will and if i was to try and do the same thing i would be thrown in jail!

[TaylorJ614]

Reagan gave an IOU to Social Security which was never repayed & spent money we didn't have giving a false sense of economy to all Americans. Greenspans lifetime philosophy of deregulation (games with no refs) that he encouraged was completely wrong to say the least. Both of these supposed great men in time will go down as terrible leaders.

[mow1717]

jewish sub prime crisis,or republican sub prime crisis.same thing.

[TheSaccasa]

Once in a century event, look at who was in control of government sponsored Fannie Mae and Acorn. Answer is democrats. I can only wish the worst for them and they should be in a dark place with bars, never the less they will pay in the end for humanity crimes of the world. Who would ever want to be considered a democrat supporter after all this ?

[J1NX1337]

"Well, first of all the Federal Reserve is an independent agency, and that means basically that there is no other agency of government which can overrule actions that we take" - Alan Greenspan

[13mnunez1]

Let's be fair here. Is incontrevertible Greenspan's part of the economic crisis with low interest rate and letting Wall St. bankers loose. However, Greenspan did prevent a recession in 1994-5, with his higlhy criticized measure of premature high interest rates, which ultimatley led to help Clinton's deficit plan.

Though I know the response that what matters is the end result, but considering the difficulty of being Fed Chairman, I would say Greenspans decision were mediocre, not terrible.