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It's Now Official: Bush Has Katrina-ized the US Economy »
Posted by: JessicaLaurie 1 year, 9 months agoFormer Federal Reserve Chief Alan Greenspan says the U.S. economy is in the worst shape in 60 years:
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Comments: 5
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TheRealizer
March 19, 2008, 10:41 p.m.We have eliminated the industrial-manufacturing base, so we import poverty, and we export wealth. If this goes on many more years we will be a full fledged 3rd world country......
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nostalgia
March 20, 2008, 7:15 a.m."It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities," he (Greenspan) said, referring to the meltdown in the US sub-prime home loan market and subsequent massive losses for the banks holding the debt instruments"
How interesting that Greenspan now makes this statement. What did Greenspan do about subprime loans when he was the chairman of the Fed??
Greenspan and Bush ignored subprime concerns
Not only from outside consumer groups, but also from another member of the Fed. Mr Bubble can spin it anyway he likes, but this problem is jointly owned by Greenspan & Bush. Neither had any interest in stopping the good times and blindly ignored all of the warnings for the bad times ahead.
Edward Gramlich, a Federal Reserve governor who died in Sept, warned nearly 7 years ago that a fast-growing new breed of lenders was luring many people into risky mortgages they could not afford.
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