History will not be kind.
Former Federal Reserve Chairman Alan Greenspan said Thursday night the American economy is "clearly on the edge" of a recession, and he pointed to the depressed housing market as a primary culprit.
In dinner remarks to about 1,100 energy industry executives, academics and others, Greenspan said the odds are 50 percent or better the country is headed toward a recession.
Greenspan said he thinks the housing market will continue to erode until the cause of the deterioration ends.
"Where all the problem is coming from is the continuous marking down of the value of those subprime securities," he said. "Until we stabilize the price level of homes ... you're going to continuously get loss estimates" from banks and other financial institutions.
When might the housing crisis hit rock bottom, Yergin asked.
The country still has "a long way to go," Greenspan responded.
February 15, 2008
FLASH: Greenspan's Recession-O-Meter now at 50%, blames housing crash, fails to blame himself
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23 comments:
"Long way to go" yea, see diagram
HELL here
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Economy
OK, Mr. Green-sham, let me get this straight. The values of homes will continue to drop as long as home values are dropping?
Oh great sage, what will we ever do without you?
Schmuck!
Go away Greedscam, we hate you.
Brilliant. This fool looks presumably looked at the same information for years and he just concludes now that the housing assets are overvalued? Shill for the Clinton/Bush administrations.
Sing to the tune of: "Four-leaf clover."
Ready? A one, two and three...
: "I'm looking over, a bank foreclosure, like I've never seen before!"
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Local News: Grand Rapids, MI now has a "REPO Bus Tour" that was on the local news the other day, like the one started in LA and other cities.
Although, get this! When you purchase a $20 ticket for the day long tour, a REALTOR™ and a mortgage broker are included in the bus ride! Boowaa! They sit in the front 2 seats, with sales and financing contracts ready to go!
Bwaaa~! This is all from the effects of our evil government's chilling NON-STOP aggression, lack of leadership, GOP/DEM lies and reckless criminal activities by our elected officials who continue to destroy America and other nations, a hell-bound train out of control, and nobody with the brains and guts to stop this massive full-force Bushco christian jesus loves you FOX/CNN clusterfvck, bullshit terror panic party traitors that smell like rotting maggotts.
Bush and his gang of government criminals, military industrial complex, secret agencies and corrupt GOP corporations cant even help print and distribute national emergency economic checks fast enough to stop their undercover plan to take over the entire middle-east (PNAC) and world domination at all costs that has caused wide-spead anger, death, dispair, injuries, torturing, lies, fear, hopelessness, cover-ups, unprecidented bankruptsies, foreclosers and the destruction of MILLIONS of families, individuals, small businesses, large businesses and related flow of jobs and marketplace prosperty opportunities.
Its obvious that ALL US elected officials are GUILTY for either direct envolvment, in-direct envolvment or just standing by and watching the Washington DC criminals commit their high crimes against humanity, US citizens, non-US citizens, our founders and many future generations to come.
What a tragic time for America and the world. America's darkest days are just around the bend.
The country still has "a long way to go," Greenspan responded.
Wow, just wow. That doesn't bode well for all those crazy realtors, if Greenspan is saying that. I would take his prediction and multiple it by 5. So, what is "long way to go" times 5?
Greenspan knew what was going to happen. He observed the market every day of his shallow life and will be remembered as a charlatan. His foolish plan resulted in excess risk in which banks made billions. These very same banks now want handouts from the taxpayers. If this is what the Federal Reserve does then why the F#@k do we need them. F#$K Greenspank and his monkeys they should all be in JAIL for crimes against the honest and hard working Americans. Burn in HELL Greenspank!!!
"Until we stabilize the price level of homes ... you're going to continuously get loss estimates" from banks and other financial institutions.
The banks and their Ho Greenscam were'nt interesetd in stabilizing the prices when they were rising at double digit annual rates so let 'em eat $hit on the way down.
I don't blame Greenspan as much as I blame the dim-witted population for not being outraged at the very idea of a private central bank and the belief that an economy can be centrally planned. For years Greenshite was hailed as the Maestro but the concept of a free market economy does not allow for central planning bureaucrats manipulating the economy through the money supply and interest rates.
It's not the man (Greenspan) that is the problem - although sure there are plenty of others that could do a better job. The real problem is the private Federal Reserve and the concentrated power to manipulate the market in the hands of the few which will always be open to abuse. It's the same reason that a president should have much less power than he enjoys today if we want to live in a free and prosperous society.
What a tool.I can make better forecasts than this moron.He don't know shit about economics.
Does he still not get that the problem is NOT JUST SUBPRIME?? Prime mortgage defaults are also skyrocketing, you old fool!
So now he's concerned about stabilizing prices. He wasn't too concerned about stabilizing prices when hardworking (but stupid) families were signing away their financial futures. He wasn't concerned about price stability when housing gamblers were flipping and doubling-down. He wasn't concerned about price stability when honest, hard-working, prudent people were forced to postpone life-plans due to grotesquely overpriced homes.
Noone can have any respect for either the intellect or moral stature of this Piece of Garbage.
I don't know which one is more hilarious, the terror alert color code or this risk of recession ratio.
Greedspam
Bailout for LTCM hedge fund 1998
Leads to dotcom bubble
Bailout for dotcom ponzi 2001
Leads to housing bubble
Heck the positive spin people are out today to report that the city of DETROIT is "UP" 15% in sales of housing this year!
Well, an empty city with dirt cheap housing is bound to show a positive result when they sell a few!
A great example of how figures lie and liars figure.
Greenspan is definitely an old fool. Afraid of unpopularity, he steered the country towards the brink of disaster, which now probably cannot be avoided. His legacy will be trashed and he is likely to go down in history as the worst central banker ever.
RE: HP calls for a criminal investigation of Congress itself. Oh, wait, that would involved the Justice Department, which should be investigated too. Oh, wait, that would involve the president - who should be investigated too. Oh, wait, well, forget it, I guess we're just f*cked.
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The total HP classic! Bwaaa!
5-stars keef! Right on the money!
Doesn't it make you crazy to have seen all this shit coming years ago and nobody would listen?
Im gonna start doing drugs.
didn't he say housing hit bottom not too long ago with just a little bit of froth, or is my memory hazy?
Now that Greenspan is saying that the risk of recession is slightly better than 50% I am that much more confident in my guess that we are in recession right now.
That myopic old fraud never saw anything coming until it hit him right in the face. Then he would wildly hit the panic button and drop rates to inflate another bubble.
He is, was and always will be an incompetent coward.
First Bernanke goes against NAR's chief economist Lawrence Yun's prediction for a market turnaround later this year by saying housing is likely going to be a big drag on the eoconomy for quite a while, then Paulson says that the worst has a long way to go, now Greenspan says that we have a long way to go before housing reaches bottom.
Man, Lawrence Yun has some big names against his rosy predictions. Either he's extremely confident in himself and the NAR, or extremely ignorant.
This guy needs to shut the hell up. Seriously, he needs to shut up.
Gawd, I wish Greenspan would roll over and DIE !!!!!
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike 'lesser' estimates, this includes all stocks, bonds, cash, and material assets held by America's richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own 'humanitarian' spin on it. Calling attention to her own 'good will'. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Money does not grow on trees. When too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world's richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars. Transfered FROM US TO THEM. Over a period of about 27 years. Thats Reaganomics for you. The wealth does not 'trickle down' as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They will never settle for a reasonable share of ANYTHING. They will do whatever it takes to get even richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductable crumbs and call themselves 'humanitarians'. IT CAN'T WORK THIS WAY. This is going to end just like a game of Monopoly. A total collapse of the US economy. Probably within a decade. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. Crime, poverty, and suicide will skyrocket. So don’t fall for all of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductable contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah, Ellen, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. So don’t fall for their ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTABLE PR CRAP. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. GREED KILLS. IT WILL BE OUR DOWNFALL. Please copy this entry and run it by any professor of socio-economics. I speak the truth. WE ARE IN BIG TROUBLE.
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