Trading Now

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Tuesday, February 23, 2010

Will Alan Greenspan Please Shut the $%#@ Up

*Greenspan says the financial crisis is the worse, but what he leaves out is how he's the one responsible. The chart below shows you that you have made ZERO dollars investing in the stock market since Greenspan was in charge. The financial crisis of late was started under his helm.

Greenspan Says Crisis ‘By Far’ Worst, Recovery Uneven
Feb. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis was “by far” the worst in history and called the recovery from the global recession “extremely unbalanced.”
The world economy has undergone “by far the greatest financial crisis globally ever,” Greenspan said today in a speech to the Credit Union National Association’s Governmental Affairs Conference in Washington.
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financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”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 said that the gross domestic product may recover to the level of previous peaks earlier this year, even though traditional drivers of growth such as housing starts and motor vehicles were “dead in the water.” He also said small businesses show few signs of improving because lenders are struggling with commercial real estate mortgages.
The “extremely unbalanced recovery” is being led by high- income consumers and large businesses that are benefiting from a recovery in stock prices, he said.

The Standard & Poor’s 500 Index fell 1.3 percent to 1,096.01 at 1:27 p.m. in New York. That level is 62 percent higher than the closing value of 676.53 on March 9, 2009, the lowest level since the financial crisis began.
Greenspan said that the financial system is “not yet to the point where the capital positions of the largest banks is built up to where they’re freely lending.”
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