Tuesday, February 23, 2010
Greenspan: Worst Financial Crisis EVER, INCLUDING the Great Depression
Greenspan just said that the current credit crunch is "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression.
Bloomberg notes:
Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”Greenspan also said “fiscal affairs are threatening this outlook” for recovery.
As I pointed out last May:
Unfortunately, virtually everything the American government has done since the crisis started has been counterproductive. See this, this, this, this, this, this, this, this, this, this and this.The following experts have said that the economic crisis could be worse than the Great Depression:
- Fed Chairman Ben Bernanke
- Economics professors Barry Eichengreen and and Kevin H. O'Rourke (updated here)
- Investment advisor, risk expert and "Black Swan" author Nassim Nicholas Taleb
- Former Fed Chairman Paul Volcker
- Nobel prize winning economist Joseph Stiglitz
- Economics scholar and former Federal Reserve Governor Frederic Mishkin
- Well-known PhD economist Marc Faber
- Former Goldman Sachs chairman John Whitehead
- Morgan Stanley’s UK equity strategist Graham Secker
- Former chief credit officer at Fannie Mae Edward J. Pinto
- Billionaire investor George Sorors
- Senior British minister Ed Balls
The same is true of most other governments.
In the understatement of the day, Greenspan also called the recovery "extremely unbalanced," driven largely by high earners benefiting from recovering stock markets and large corporations.
21 comments:
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Remember that shortly after he left the FED, Greenspan was over in the middle east trying to get those countries to untie the dollar from oil and effectively crash our currency. Constant talk about Depression is designed to deenergize and precipate just that, pushing forward the new world order, one world government agenda. Consider carefully the agenda of those declaring doom.
ReplyDeleteIsn't this what he planned?
ReplyDeleteS
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Why is there no link to Bloomberg...I can't find this.
ReplyDeletewe're fuc.ked
ReplyDeleteYes it is planned. Ever since the passage of the Federal Reserve Act, this has been the ultimate plan...to destroy the middle class so that the financial elite could rule the world. They have almost achieved their goal.
ReplyDeleteHow smart do you have to be to figure that one out? Bernake and that bunch of lunes in Washington need to get in the real world and see whats happening in middle America where the working people are... The talk every morning in small town America is how can we buy gas? how can we have $ to go out and eat? Where am I going to find a job. Come on and wake up!!! This is definately the worst thing to hit the working American family..Its time to buckle down and hold on...
ReplyDelete"Nothing happens in the political that is not planned in advance."
ReplyDeleteHe talks like he did not have a hand in this! Hey Greenspan! Burn in Hell, which is on it way!
ReplyDeleteMoney serves one purpose ans one purpose only, to enslave the many to serve the few.
ReplyDeleteThink before you spout off and say there has to be money to make productive life work. Have you ever tried not being a slave?
If we do not accept that the pretty paper has a value and is something we want and will work, kill, die, for then all the sudden all control over our lives is lost. All of it. Immediately.
Think that over for a few minutes.
We,the American people, have been pushed off a cliff and are on our way to rock bottom.
ReplyDeleteWe haven't hit yet, but we are about there and guess who and what pushed us over the edge?
Dummies of the USA wanted change and they are getting it, but it's not the change they thought they would get....!!
Yes ----counterproductive is the perfect word to describe the actions that govts have taken since the 'worldwide financial crisis' occurred.
ReplyDeleteIt's all been counterproductive. What more proof do intelligent people need?
I totally agree with your comment, mfskinner. Thank you.
ReplyDeleteWERE ON OUR WAY BACK TO BEING FARMERS IF YOU WANT TO SURVIVE. THIS HAS BEEN COMING FOR YEARS AND YES IT IS PLANNED. THE PEOPLE WILL BE LINING THE FENCES BEGGING FOR A JOB JUST TO FEED THERE FAMILIES. IM READY HOPE YOU ARE.
ReplyDeleteSay not to the New World Order. http://infowars.com
ReplyDeleteAnonymous said...
ReplyDelete“Remember that shortly after he left the FED, Greenspan was over in the middle east trying to get those countries to untie the dollar from oil and effectively crash our currency. Constant talk about Depression is designed to deenergize and precipate just that, pushing forward the new world order, one world government agenda. Consider carefully the agenda of those declaring doom.”
And…
“Yes it is planned. Ever since the passage of the Federal Reserve Act, this has been the ultimate plan...to destroy the middle class so that the financial elite could rule the world. They have almost achieved their goal.”
Get the big picture and watch
Zeitgeist Addendum
http://video.google.com/videoplay?docid=895026537690187652
and
THE EMPIRE OF "THE CITY"
http://video.google.com/videoplay?docid=4675077383139148549
What ever, there will always be buyers and sellers, winners and looser, borrowers and lenders, thats all you need, that is all there ever is, the rest just happens.
ReplyDeleteDon't get too obsessed with the politics of fear as you will end up afraid of your own shadow.
Instead of whinning, work hard, keep a conservative financial portfolio, be honest and nothing will stop you.
GOD
I wonder how long it will be until the Zeitgeist Addendum people will have hooks and ropes hanging from their ivory tower roof tops, with people coming after them?
ReplyDeleted
ReplyDeletew
ReplyDeleteit is not planned
ReplyDeleteWe experience financial crisis every now and then and I think now is the time that we seek finance accounting for non profit organization because, they are the ones who can really help us to decrease the financial crisis here in our country.
ReplyDelete