Greenspan: Economy 'on the brink' of recession - CNBC TV- msnbc.com
I shouldn't say I can't figure it out, it is rather obvious. He is trying to set policy -- larger policies than he could have set while in office -- in "retirement." He is probably still trying to save his legacy, which has been tarnished by whatever, exactly, we are in (it is still difficult to call it a recession). The low interest rates enjoyed by Americans and the rest of the world in the early part of this millennium were largely set by Greenspan. They also are largely seen as creating the housing bubble which is still having major effects on the economy as banks fail, don't have extra capital, and people seeking capital (debt: mortgages, business loans, etc.) can't get it because of that.
Still, this is a bizarre show to be watching, even for Al.
Former Federal Reserve Chairman Alan Greenspan said Thursday that the U.S. housing market is “nowhere near the bottom” and that the U.S. economy is “right on the brink” of slipping into a recession...I really cannot figure out what this guy is up to, he seems to have recently gone on a power trip and will not stop. It is extremely inappropriate for him to be constantly critiquing the U.S. fiscal policies at this point: Al, you already had 20 years as chair of the Fed, step down for real now.
Calling the current crisis in the financial markets a "once-in-a-century phenomenon," Greenspan said the Treasury had no choice in its recent moves to backstop the two government-sponsored mortgage finance giants, Fannie Mae and Freddie Mac. But he said the government will probably have to nationalize the two companies, calling them a "major accident waiting to happen."
I shouldn't say I can't figure it out, it is rather obvious. He is trying to set policy -- larger policies than he could have set while in office -- in "retirement." He is probably still trying to save his legacy, which has been tarnished by whatever, exactly, we are in (it is still difficult to call it a recession). The low interest rates enjoyed by Americans and the rest of the world in the early part of this millennium were largely set by Greenspan. They also are largely seen as creating the housing bubble which is still having major effects on the economy as banks fail, don't have extra capital, and people seeking capital (debt: mortgages, business loans, etc.) can't get it because of that.
Still, this is a bizarre show to be watching, even for Al.
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