Money – Recently, public opinion has begun to turn on Dr. Greenspan for his perceived role in the current economic crisis. Dr. Greenspan has embarked on a media tour, defending his policies and his ideology. This article has scrutinized the facts and came to a conclusion on the current economic crisis.
WHAT IS CAUSING THIS DEPRESSION IS BUSH SPENDING BILLONS ON HIS WAR...LETTING CHENY HAVE A BLANK CHECKBOOK...CHENY MAKING SECRET DEALS WITH THE OIL COMPANYS, IN ORDER TO HAVE 100 DOLLAR A BARREL OIL...THE BUSHS, AND THE CHENYS ARE LAUGHING ALL THE WAY TO THE BANK..WITH YOUR GAS MONEY..
LOL
You obviously don't even know the definition of recession much less depression.
A recession is two quarters of negative GDP. This last quarter rose by .6%. Mot much but a recession killer.
A depression is a period of drastic decline in a national or international economy, characterized by decreasing business activity, falling prices, and unemployment.
Unemployment fell last month. Housing related business fell but others grew enough to make up for that.
Wrong.
Bush's economic policies of massive debt, together with the Bush-caused instability in the Middle-East that has caused oil prices to increase 4-5 fold since 2004 are the problems.
Greenspan's policies have, at most, been a band-aid that has prevented the economy from imploding before now.
I agree just as I didn't like the Democrats laughing at Republicans when they were saying the same things about the Democrats.
If you want to see some real deficit spending elect Obama. He wants to out spend Clinton.
Of course since you are rich by their standards you will have to pay for part of it.
I don't know for sure about any big, shadowy Conspiracy Theory, but it certainly DOES look like Herr Greenspan made errors. EXPENSIVE errors. I think the regulate/don't-regulate pendulum has swung WWWaaaayyyy too far towards don't-regulate when it comes to banks and other financial institutions. The current bubble-burst is evidence of that. First, Congress abdicates its Constitutional responsibility to coin and regulate the currency. Then, the banks relax their standards for supplying credit - while at the same time running a bill through Congress to greatly TIGHTEN the bankruptcy laws, hoping to protect themselves from their own bad decisions. Didn't entirely work. They are now the victims of their own greed and stupidity. Well, except that WE will probably bail them out. Again. I can't say, "God damn America" - but I will say, "God damn those as$holes in Washington that DID THIS TO US. Again."
If everyone would just vote for Ron Paul, MAYBE we could get some progress back towards a Constitutional, REAL, currency. Unfortunately, one of the problems I have with Dr. Paul is his (mostly) hands-off policy when it comes to regulation. At least if control of the currency is returned to Congress, perhaps Congress would then see fit to keep a bit of an eye on the banks. After all, it wouldn't be crappy pieces of paper they were gambling with then...
I say again ... Ron Paul would be an excellent candidate for the Supreme Court. Hold their feet to the Constitution.
He would be chewed up and spit out in the WH.
That would largely depend on whether the bought and paid for congress would for a change, do the right thing.
As we have seen illustrated repeatedly by GWB, all that's needed (in many cases) is a "signing statement" or a Presidential order to "get 'er done." And, as commander in chief he could immediately order our troops home from all over the world. This, Congress has NO say in. Unless, of course, they were to actually DECLARE WAR on someone. And why break a streak of NOT doing that? Also, I suspect that if we WERE to somehow get enough people wised up to elect Dr. Paul, I would certainly HOPE that the members of Congress that didn't get thrown out at the same time would take that election as a sure and certain sign that they WOULD get thrown out at the next cycle if they didn't start acting FOR the people and the Constitution instead of "business as usual." If only wishing would get it done...*sigh*
LOL
Until an article like this everybody was singing his praises. How do we know this person is correct? Which of the posters out there are high powered economists that can separate the wheat from the chaff. I have listened to three economists discussing things and none of them agreed with any one. That was the point of the discussion. It is a very tricky business.
The Fed., a private agency, is able to apply bandaids to the economy. That is all!!! When they try to over-regulate, a backlash occurs, such as now. It's naive and simplistic to blame one administration, one party for economic woes. Cycles will occur and the Fed can actually make matters worse. (Like now when they are artificially regulating the free economy.) I detest the current fiscal policies, but congress is ultimately in control. I would love to see a massive cut in gov't. spending and agencies! Unfortunately, neither major party is fiscally conservative.
Laws are instituted to regulate society. The fact that economic institutions are part of that society alludes to being regulated. Why are economic institutions afraid of regulation? And why are these institutions never able to regulate themselves?
Mr. Greenspan believes that mortgage institutions are very capable to regulate their business. The question is why didn't they? One answer is that they weren't interested in providing mortgages if they couldn't maximize their profits. That means that writing good profitable mortgages wasn't their primary concern, hence they really didn't regulate their business. Also, the fact that mortgages where able to become commodities - bartered for their assumed value - it became clear that other financial institutions cared less about the money being lent since they reaped profits as middlemen in the casbah that is Wall Street.
Bottom line: there's an ever clear evidence for more regulation not less.
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Great article! It's about time someone posted this.
Thanks Bizexpert
Why does this administration always seem to find blame elsewhere.
I guess the buck doesn't stop "here."
I think this is another it's not my fault blame them game. None of this happened when he ran the FED. Like he said on 60MIN bush didn't get it and he left a job he liked because they wanted to do things their way. It'd too bad he is a classy man and will not come out and let us in on the truth! Let us in on this tight wing spin!
Damn that Greenspan! First he slashes taxes for the ultra-rich. Then he invades Iraq based on lies. Next he borrows and spends more than any other administration except Ronnie Reagan's. Then he keeps on borrowing and spending until we are 10 trillion in debt! Damn that Greenspan! It's about time somebody exposed him.
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