The United States is mired in a “once-in-a century” financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday.
The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States.
“First of all, let’s recognize that this is a once-in-a-half-century, probably once-in-a-century type of event,” Greenspan said on ABC’s “This Week.”
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Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied “Oh, by far.”
“There’s no question that this is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go,” Greenspan said.
“And indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes.
September 15th, 2008 at 3:28 am
Id give it about a 10% chance of recovery.
September 15th, 2008 at 5:20 am
Thanks to this pig greenspan
September 15th, 2008 at 6:02 am
there has to be a world wide depression if this event does not occur how will the NATU (north american trade union) be able to introduce a silver backed currency in 2010? why silver? because gold is too rare and expensive.. they are suppresing silver down to $10 so when the Amero makes its debut you will be able to buy 10 ameros for every $100US.. in reality they are just shaving off a zero yet providing some real base for the future currency. Its really no surprise, did anyone not notice that even france is now going to be minting gold coins again? time to face the true reality! THE MINTS GOLD AND SILVER EAGLE PROGRAMS INTENTION AND PURPOSE FROM DAY 1 WAS AND IS AS A BACKUP CURRENCY!!!
September 15th, 2008 at 6:37 am
If the ‘boys’ at the top of the financial decision making ladder cannot even decide or acknowledge that we are in a recession…how can they begin to correct their bad
decisions?
Don’t we have to acknowledge there IS a problem, (that we are in a recession/depression) before we can start moving to get out of same?
Aren’t Greenspan, Paulson, Benanake supposed to be smart about economic issues?
September 15th, 2008 at 6:57 am
Aren’t you glad your already poor…
September 15th, 2008 at 7:04 am
The captain and builder of the Titanic speaks out! What a con artist, to think anyone would care what he thinks at this point. Why not go retire in hell and kiss your ugly wife?
September 15th, 2008 at 8:02 am
This is part of the plan. Their motto is “ordo ab chao” which means “order out of chaos”, they present the world with a chaotic situation which will make the people desperate and beg for a solution. And the solution they will present will be a “New World Order”, meanwhile everyone will agree on it and turn themselves to their Govts that betrayed and lied so many times. Why? People are selfish and greedy, they don’t care what’s happening on their country or what is Govt doing aslong as they got money for food and to pay their bills. Just wait when that is over.
Problem. Reaction. Solution.
September 15th, 2008 at 8:06 am
Off topic but I’m trying to Get World Trade Center collapse and the NIST report some coverage On : http://www.afterdowningstreet.org/node/35718 But since the report came out on the 21 of August I have as of yet have been ignored by David Swanson. A good “nudge” from the likes of Alex Jones or Jesse Ventura On this subject on that forum right now would really get the ball rolling. Scroll to the bottom if your short on time.
September 15th, 2008 at 8:23 am
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September 15th, 2008 at 8:26 am
Why is he not on trial? Oh, that’s right it’s the guy’s fault who changes tires at Tire Kingdom for wanting to live in a house. Greedy, home wanting, bastard.
September 15th, 2008 at 8:50 am
“U.S. in ‘Once-in-a-Century’ financial crisis”
- Yeah, and this guy helped put it there. But you know, as slimy as Greenspan and the Federal Reserve are, I don’t feel a bit of sympathy for any of the Wall Street or economic clowns that are affected by this. Whatever happens, I’ll survive, but all the Louis Winthorpe, III’s out there who’ve never done an honest day’s work in their entire lives deserve everything they get. I guess greed ISN’T good after all…
I guess what bugs me the most about these people is that money and power is their PASSION. My passion is art, for some it’s sports, for some sailing/the sea, for others maybe it’s cooking… but money? What kind of empty degenerate dedicates his life to economics? Why are the sleaziest and least substanative occupations always the highest paid? Economic adviser, politician, prosecuting attorney… Every single one of them is a symbol of a dying culture. Janitors perform a more valuable service.
September 15th, 2008 at 9:14 am
A must-watch video showing the Israeli/Zionist links to 9/11: http://vimeo.com/1565381
September 15th, 2008 at 10:00 am
Proof Alex Jones dupes his followers.
http://img147.imageshack.us/im.....iseen0.gif
It’s NOT the fact that he DOES advertise, or that he charges money for it, or how much money he charges; it’s the fact that he has to trick his followers into clicking on the advertisement. Sure, it’s an industry “gimmick” many people use, but it is STILL duping and trickery.
So, if Alex Jones uses duping and trickery in his advertising schemes, what ELSE is he duping and tricking us about?
September 15th, 2008 at 10:07 am
and mccain says the economy is strong….dillusional idiot!
September 15th, 2008 at 10:09 am
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September 15th, 2008 at 10:53 am
MATT said: “Yeah, and this guy [Greenspan] helped put it there.”
————
*SO DID YOU, MATT, SO DID YOU*
So did every other deregulating free-market capitalist.
And if China hadn’t been doing all the crappy old american and european manufacturing jobs, that yankee nationalists so lament, then how much higher would USA inflation be?
You want your free-markets and deregulation, then accept your work conditions as bad as Phillippinos.
Even your beloved RonPaul said working class american wages had spiralled “out of control”. He thinks working class wages are “WAY TOO HIGH” – hence american jobs are exported.
You understand what he’s saying? You working class supporters of RonPaul *EARN TOO MUCH* – and private doctors and goldmine-owners like himself don’t.
September 15th, 2008 at 11:15 am
Quotation by Rollie:
“Id give it about a 10% chance of recovery.”
Is this your expert opinion, or are you just pulling this out of your ass?
If the former, could you please give relevant analysis with your prediction.
September 15th, 2008 at 11:38 am
http://www.rawair.net
September 15th, 2008 at 11:41 am
“Janitors perform a more valuable service.”
Well-said, Matt!
I love what Abe Lincoln said about this topic: “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if Labor had not first existed. Labor is superior to capital, and deserves much the higher consideration.”
Funny how an economy could exist with carpenters, farmers, janitors etc. trading their goods & services… BUT… I’d love to see an economy of just Stockbrokers.
Heck, I hate to sound like a Marxist here but Marx was right on some things!
September 15th, 2008 at 4:28 pm
This whole crisis has been orchestrated for the purpose of giving increased global economic control to the Federal Reserve Banking system. The economic pundits,not only Greenspan, are telling us that the system created to gain monetary control after the great depression is not only outdated,but are also in need of reform. The answer,we are told, is to give the Fed greater
control of monetary policies regarding insurance,mortgage,and investment banking. Of course,
there is no admission that what is occurring is a direct result of Fed policy.