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Keyword: greenspan

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  • Greenspan forecasts oil boom’s impact on US economy

    02/06/2014 9:58:14 AM PST · by thackney · 9 replies
    Fuel Fix ^ | February 6, 2014 | Collin Eaton
    Corporate executives have no way of knowing what the world will look like over the next four decades as long as U.S. political strife keeps kicking up a cloud of uncertainty over the economy, former Federal Reserve Chairman Alan Greenspan said Thursday. The fog of political war hampers executives’ appetite for long-term capital investments and explains why the U.S. economy has been so slow to rebuild after the financial crisis and recession of 2008 and 2009, Greenspan explained at the Winter North American Prospect Expo in Houston. One ratio used to determine economic confidence — a comparison of U.S. companies’...
  • Greenspan Baffled Over Bitcoin 'Bubble': "To Be Worth Something, It Must Be Backed By Something"

    12/04/2013 8:43:19 PM PST · by Nachum · 42 replies
    zero hedge ^ | 12/4/13 | Tyler Durden
    "In order for currencies to be 'exchangeable' they have to be backed by something," is the remarkably ironic initial comment from none other than debaser-of-the-entirely-fiat-dollar Alan Greenspan when asked about the "bubble in bitcoin," by Bloomberg TV's Trish Regan. Unable to "identify the intrinsic" backing of Bitcoin (or see bubbles in equity, credit, real estate, or greater fools) Greenspan is, apparently, capable of identifying Bitcoin "as a bubble," because "there is no fundamental means of "repaying' it by any means that is universally accepted." The farcical double-speak continues as the Maestro does a great job of making Bitcoin (which Ron...
  • Alan Greenspan Just Called Out Republicans For Exploding Entitlement Spending

    11/07/2012 9:52:31 AM PST · by blam · 18 replies
    TBI ^ | 11-7-2012 | Linette Lopez
    Alan Greenspan Just Called Out Republicans For Exploding Entitlement Spending Linette LopezNovember 7, 2012, 10:48 AM Alan Greenspan is on Bloomberg talking to Betty Liu about the economy and the fiscal cliff in Obama's second term. The former Fed Chairman is just as worried about the issue as everyone else on the Street, and he doesn't really think the election changes much (from Bloomberg): I think it's a very dangerous situation largely because presumption we can resolve this issue without physical pain, spiritual pain or any sort of economic pain whatsoever.... no matter how we resolve it there are negative...
  • Marc Faber: If I Were Bernanke, I Would Resign

    09/14/2012 10:08:45 AM PDT · by Fred · 20 replies
    CNBC ^ | 91412 | Shai Ahmed
    Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday. He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis. “If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by...
  • ‘Fear of the Future’ Keeps Lid on Economic Growth: Greenspan

    06/01/2012 8:03:47 AM PDT · by TigerLikesRooster · 13 replies
    CNBC ^ | 06/01/12 | Jeff Cox
    ‘Fear of the Future’ Keeps Lid on Economic Growth: Greenspan ECONOMY, INFLATION, EMPLOYMENT, UNEMPLOYMENT, MANUFACTURING, CPI, CONSUMER PRICE INDEX, JOBLESS CLAIMS Posted By: Jeff Cox | CNBC.com Senior Writer CNBC.com | 01 Jun 2012 | 07:39 AM ET Investors could revolt at a moment's notice against high government deficit levels, jeopardizing chances at a recovery and potentially sending interest rates soaring, former Federal Reserve Chairman Alan Greenspan told CNBC. The former central bank leader — nicknamed "The Maestro" by his supporters — said he worries the current economy could be heading on a path similar to 1979, when the 10-year...
  • Debate wasn't first time Herman Cain praised Alan Greenspan

    10/13/2011 1:16:55 PM PDT · by Clairity · 30 replies
    Daily Caller ^ | Oct 13, 2011 | Alex Pappas
    In his recently released book, Cain -- who served as chairman of the Kansas City Federal Reserve from 1995-1996 -- wrote that Greenspan "was a very effective leader who did not make unilateral decisions." In his book, Cain wrote that when he was chairman, he "would go to Washington to meet with the Federal Reserve's chairman, Alan Greenspan, and the other governors so they could receive firsthand anecdotal feedback." Cain, in his book, also said his work "demonstrated to me that we need the Federal Reserve, contrary to what some people, including at least one of my current opponents for...
  • Time to end the Keynesian pretense about fiscal stimulus

    09/19/2011 1:07:49 PM PDT · by Palter · 4 replies
    Reuters ^ | 19 Sept 2011 | Christopher Whalen
    “The U.S. can pay any debt because we can always print more money.”–Alan Greenspan Meet the Press August 7, 2011 Last week, Nouriel Roubini released a paper, “A Radical Policy Response to the Rising Risks of a Depression and Financial Crisis.” He writes: “Data suggest that developed and emerging markets alike are heading for a massive slowdown in growth, with advanced economies already slumping to stall speed.” Roubini is right, but for the wrong reasons. Government intervention is the root cause of the financial crisis and the maladies identified by Roubini. Many of his proposals, such as debt restructuring and...
  • Timeline shows Bush McCain Warning Dems of financial and housing crisis; meltdown - YouTube

    09/04/2011 10:24:05 AM PDT · by Sons of Union Vets · 163 replies · 1+ views
    Fox News ^ | Sept. 24, 2008 | Fox news
    From Fox News Channel Wednesday, September 24, 2008 Special Report With Brit Hume
  • No Chance of Default, US Can Print Money: Greenspan

    08/08/2011 8:21:00 AM PDT · by Tulsa Ramjet · 52 replies
    CNBC ^ | Sunday, 7 Aug 2011 | 3:15 PM ET | Patrick Allen
    Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating. "The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press
  • No Chance of Default, US Can Print Money: Greenspan

    08/07/2011 8:28:39 PM PDT · by edpc · 46 replies
    CNBC ^ | 7 Aug 2011
    Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press. "What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche" said Greenspan.
  • 'We're better off hiring skilled immigrants': Alan Greenspan hits out at young American

    07/15/2011 10:23:00 AM PDT · by Nachum · 40 replies
    Daily Mail ^ | 7/15/11 | Staff
    Former Federal Reserve chairman, Alan Greenspan, has lashed out at America's younger workforce, saying they don't match up to the 'baby boom' generation. Mr Greenspan said the U.S. is in the process of seeing the baby boomers, which he called 'the most productive, highly skilled, educated part of our labour force' retire. 'They are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades,' he added in the interview with Globalist. He went on to say how the average income of U.S. households
  • Fed Chairman Bernanke Says "Gold Is Not Money" ... But His Predecessor Alan Greenspan Disagrees

    07/13/2011 1:47:31 PM PDT · by Nachum · 19 replies
    Zero Hedge ^ | 7/13/11 | George Washington
    Fed Chairman Bernanke told congress today: ‘Gold isn’t money’ But Bernanke's predecessor - former Fed chair Alan Greenspan - disagrees. As I noted in 2009: Professor Emeritus of Mathematics Antal Fekete has argued for years that gold is the ultimate - and only - safe haven when things really hit the fan. For example, in 2007 Fekete wrote: The grand old man of the New York Federal Reserve bank’s gold department, the last Mohican, John Exter explained the devolution of money (not his term) using the model of an inverted pyramid, delicately balanced on its apex at the bottom consisting...
  • Fed's Massive Stimulus Had Little Impact: Greenspan

    06/30/2011 2:30:49 PM PDT · by Qbert · 31 replies
    CNBC ^ | 30 Jun 2011 | Margo D. Beller
    The Federal Reserve's massive stimulus program had little impact on the US economy besides weakening the dollar and helping US exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday. In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said that the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.
  • Greenspan: They Missed Meltdown, Could Miss Again

    06/06/2011 6:46:14 AM PDT · by Kaslin · 23 replies
    Townhall.com ^ | June 6, 2011 | Bill Tatro
    Very rarely do I watch the cheerleaders and spinmeisters on CNBC. I used to be hooked like most, but got turned off by the daily walk in fantasyland and liberal political posturing. Much to my surprise, I found myself glued to a recent interview with the maestro, Alan Greenspan, on none other than CNBC. Shockingly, I found an ally regarding my economic thesis and approach to the financial markets. As you know, I believe that THINGS are not improving. As a matter of fact, they’re sliding deeper and deeper into the abyss. (Thus, preservation of capital is paramount.) However, most...
  • Greenspan 'Scared' Over Deficit; Calls for Debt Ceiling Rise

    06/03/2011 1:05:16 PM PDT · by NormsRevenge · 20 replies
    Cnbc.com ^ | 6/3/11 | Cnbc
    The debt and deficit problem in the US is so serious that former Federal Reserve Chairman Alan Greenspan finds himself in the position of recommending the highest tax rates in more than a decade. In an interview with CNBC, the former central bank chief described himself as a "small government, free-market economist" who nonetheless believes that in order to raise revenue and close the debt gap, 1990s-era taxes must be reinstituted. It's a measure, he said, of how serious the problem has become. "The fact that I am in favor of going back to the Clinton tax structure is merely...
  • Greenspan Steps Up Call to End Bush-Era Tax Cuts (Wants Clinton-era rates reimposed on all)

    04/18/2011 9:17:18 AM PDT · by Qbert · 25 replies
    WSJ ^ | APRIL 17, 2011 | Luca Di Leo
    Former Fed Chairman Alan Greenspan is stepping up his call for Congress to let the Bush-era tax cuts lapse. In an appearance Sunday on ABC’s “Meet the Press,” Mr. Greenspan used his strongest words yet to urge lawmakers to let them expire. The risk of a U.S. debt crisis, he said, is just too big. Mr. Greenspan, who retired from the Federal Reserve in 2006, had endorsed the cuts back in 2001 championed by then-President George W. Bush. “This crisis is so imminent and so difficult that I think we have to allow the so-called Bush tax cuts all to...
  • Greenspan Compares Dodd-Frank To The Economy-Crushing Wage And Price Controls Of The 1970s

    03/29/2011 2:04:05 PM PDT · by blam · 9 replies
    TBI ^ | 3-29-2011 | Meredith Lepore and Gregory White
    Greenspan Compares Dodd-Frank To The Economy-Crushing Wage And Price Controls Of The 1970s Meredith Lepore and Gregory White Mar. 29, 2011, 3:56 PM Image: AP Former Federal Reserve Chairman Alan Greenspan believes the Dodd-Frank Act is not robust enough to handle the intricacies of the massive, modern financial system and that its implementation could cause major problems, according to his piece in the FT. Greenspan cites several examples of the new regulations failings: * Ford had to stop an asset backed security auction because it couldn't get a credit rating; The SEC eventually intervened. * Debit card fees may stop...
  • Greenspan blasts US financial regulations

    03/29/2011 9:02:15 PM PDT · by NormsRevenge · 14 replies
    Yahoo ^ | 3/29/11 | AFP
    LONDON () – Sweeping regulation introduced by the US to prevent future financial crises could create major "market distortions" ex-Federal Reserve chief Alan Greenspan wrote in Wednesday's Financial Times. The former bank chief slammed the Dodd-Frank act, which imposes wide-ranging and strict new checks on financial institutions, for failing to "capture the degree of global interconnectedness." "The act may create the largest regulatory-induced market distortion since America's ill-fated imposition of wage and price controls in 1971," warned Greenspan, who was Fed boss from 1987 to 2006. The economist has been widely accused of having encouraged the recent US housing bubble...
  • More Icelandic bankers arrested

    01/22/2011 6:21:38 PM PST · by Leisler · 18 replies · 1+ views
    Ice News ^ | 20 January 2011 | staff
    Iceland’s special prosecutor into the banking crisis has confirmed that raids have taken place today and that arrests have been made. The Central Bank of Iceland is among the institutions under investigation. Special Prosecutor, Olafur Thor Hauksson told Visir.is that house searches are taking place in at least three places today as part of investigations into the central bank, MP Bank and Straumur Bank......
  • Greenspan: 'Prove I Was Wrong' (BARF TSUNAMI!!!)

    01/10/2011 4:29:21 AM PST · by lbryce · 11 replies
    WSJ ^ | January 7. 2010 | Staff
    Greenspan: 'Prove I Was Wrong' In an interview with Kelly Evans, Alan Greenspan discusses the dangers of current fiscal policy while challening his critics to prove him wrong on any decision he made as Fed Chairman.
  • Fiat money has no place to go but gold

    09/22/2010 9:22:42 AM PDT · by djf · 22 replies
    Arabian Money ^ | 9/22/2010 | Greenspan
    It seems gold bugs have a new convert in the shape of former Fed chairman Alan Greenspan. He told the Council for Foreign Relations yesterday that ‘Fiat money has no place to go but gold’ in response to questions about why gold was hitting new highs (and silver for that matter, although not all-time highs just yet). Mr Greenspan added that he’d thought a lot about gold prices over the years and decided the supply and demand explanations treating gold like other commodities ’simply don’t pan out’ and so he concluded that gold is simply different.
  • Taxes must rise to fight budget deficit: Greenspan

    09/15/2010 8:32:28 AM PDT · by TigerLikesRooster · 39 replies
    Reuters ^ | 09/15/10
    Taxes must rise to fight budget deficit: Greenspan 10:32am EDT NEW YORK (Reuters) - Taxes must rise while fiscal stimulus needs to be wound down in order to reduce the U.S. budget deficit and allow private investment to expand, said former Chairman of the Federal Reserve Alan Greenspan on Wednesday. "I am in favor for the first time in my memory of raising taxes," Greenspan told an audience at the Council on Foreign Relations in New York He warned that the deficit, swollen by massive stimulus spending, was crowding out capital investment. We "must find a way to simmer down...
  • Greenspan Calls for Repeal of All the Bush Tax Cuts

    08/07/2010 10:51:04 AM PDT · by Grim · 60 replies · 1+ views
    New York Times ^ | 8/6/2010 | SEWELL CHAN
    Alan Greenspan, the former Fed chairman, supported the Bush tax cuts originally but with warnings that he said were ignored. It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago. Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to...
  • Why Must The Media Keep Trotting Out Greenspan And His Economic Lunacy?

    08/02/2010 2:35:04 PM PDT · by lbryce · 50 replies · 4+ views
    Business Insider ^ | August 2, 2010 | Staff
    …and we continue to talk ourselves off the edge of the cliff. For the second week in a row Meet The Press trotted out the most financially incompetent of the financially incompetent and placed them on their undeserving pedestal. Last week it was Tim Geithner, the veritable fox in the hen house of the financial crisis. This week it was Alan Greenspan, one of the grand orchestrator’s of our financial industry’s deregulation and the most vocal advocate of the virus that is neoliberalism. This man has poisoned our economy for almost 5 decades (and he has admitted that his models...
  • Alan Greenspan warns that US could be heading for double-dip recession

    08/01/2010 4:47:25 PM PDT · by SmartInsight · 31 replies · 6+ views
    UKTelegraph ^ | Aug 1, 2010 | Roland Gribben
    Amid worries about a slowdown in economic recovery, Mr Greenspan said: "We're in a pause in a recovery, a modest recovery but a pause in the modest recovery feels like a quasi-recession." Questioned on NBC's Meet the Press programme about whether the US could slide into another recession he said: "It is possible if home prices go down. Home prices, as best we can judge, have really flattened out in the last year."
  • Greenspan: Modest economic recovery 'in a pause'

    WASHINGTON – Former Federal Reserve Chairman Alan Greenspan says he thinks the economy is having a modest recovery, but right now there's a "pause" in that recovery, so it feels like a "quasi-recession." Greenspan says long-term unemployment is pulling the economy apart even though large banks are doing much better and large companies are in excellent shape.
  • Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth

    07/24/2010 5:14:25 PM PDT · by Sub-Driver · 69 replies · 1+ views
    Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth July 24, 2010 6:00 PM In an exclusive interview on ABC News’ "This Week" to air Sunday, Secretary of the Treasury Timothy Geithner said the White House would push to let the Bush tax cuts expire for individuals making more than $200,000 a year and families making more than $250,000, but keep them for middle and lower income Americans. “We think that's the responsible thing to do,” Geithner said, “because we need to make sure we can show the world that they're willing as a...
  • Greenspan: Let Bush tax cuts expire

    07/16/2010 9:22:21 AM PDT · by Signalman · 17 replies
    CNNMoney ^ | 07/16/2010 | CNNMoney.comstaff
    LONDON (CNNMoney.com) -- Former Federal Reserve chief Alan Greenspan believes Congress should let the tax cuts enacted by President George W. Bush expire for all Americans in order to address the widening deficit, according to a TV interview airing Friday. "They should follow the law and let them lapse," Greenspan told Bloomberg TV's Judy Woodruff. The 2001 and 2003 tax cuts are due to expire at the end of the year. President Obama had promised to make them permanent for families making less than $250,000. (Read 'Bush tax cuts up in the air') But faced with growing fiscal challenges, there's...
  • Greenspan: Chance of Double Dip Looms as Recovery Pauses

    07/13/2010 4:46:50 AM PDT · by TigerLikesRooster · 16 replies · 1+ views
    Money News ^ | 07/12/10 | Dan Weil
    Greenspan: Chance of Double Dip Looms as Recovery Pauses Monday, July 12, 2010 03:17 PM By: Dan Weil The economy is most likely in a pause, but a double-dip recession can’t be ruled out, says former Federal Reserve Chairman Alan Greenspan. He also opposes the financial reform bill in its present form, saying it would slash bank lending. As for the economy, “Of course, there’s a possibility (of a double dip),” Greenspan told CNBC. But then again, the ex-Fed chairman is famous for taking both sides of an issue. “The trouble is there are always possibilities in both directions when...
  • U.S. Debt and the Greece Analogy

    06/17/2010 6:20:10 PM PDT · by Wpin · 13 replies · 496+ views
    Wall Street Journal ^ | June 17, 2010 | Alan Greenspan
    An urgency to rein in budget deficits seems to be gaining some traction among American lawmakers. If so, it is none too soon. Perceptions of a large U.S. borrowing capacity are misleading. Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is fostering a sense of complacency that can have dire consequences. The roots of the apparent debt market calm are clear enough. The financial crisis, triggered by the unexpected default...
  • Why We Need Fed Transparency

    05/03/2010 6:44:31 PM PDT · by blueyon · 2 replies · 334+ views
    market watch ^ | 5/03/10 | y Karl Denninger
    Let's face the now-documented facts: The Fed knew about the housing bubble, and both Alan Greenspan and BEN BERNANKE intentionally suppressed any public discussion of same by The Fed. This isn't conjecture any longer, and we can no longer believe that there was any sort of mistake involved here, nor a difference of opinion. As disclosed from the Fed Minutes (the real ones, transcripts, not the abbreviated cheat sheets) and as now written about on Huffington Post, we have a problem here with credibility - and intentional misdirection: "We run the risk, by laying out the pros and cons of...
  • Greenspan: 'I Was Right 70% of The Time' [Just Jail Him]

    04/07/2010 5:57:23 PM PDT · by Steelfish · 40 replies · 578+ views
    CNN ^ | April 07th 2010 | Ben Rooney
    Greenspan: 'I Was Right 70% of The Time' Former Federal Reserve Chairman Alan Greenspan being sworn in to testify Wednesday before the Financial Crisis Inquiry Commission in Washington. By Ben Rooney April 7, 2010 NEW YORK (CNNMoney.com) -- Alan Greenspan acknowledged Wednesday that mistakes were made during his long tenure as chairman of the Federal Reserve, but he argued that the low interest rate policy he championed at the central bank didn't inflate the housing bubble. In testimony before the Financial Crisis Inquiry Commission, Greenspan said the recent financial meltdown was possibly "the most severe in history." He admitted that...
  • Brooksley Born Excoriates Alan Greenspan: “You Failed”

    04/07/2010 5:53:20 PM PDT · by dangthis · 174 replies · 1,869+ views
    FDL News Desk ^ | Wednesday April 7, 2010 | David Dayen
    "At today’s Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure – to his face. Greenspan accords a certain degree of respect on Capitol Hill, despite Born’s accurate take on his many failures, and so this outburst was highly unusual – and gratifying. Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency “failed to prevent housing bubble, failed to prevent the...
  • U.S. panel sifts subprime wreckage, blames Greenspan (MSM covering for corrupt politicos w/agendas)

    04/07/2010 4:34:52 PM PDT · by NormsRevenge · 26 replies · 840+ views
    Reuters on Yahoo ^ | 4/7/10 | Kevin Drawbaugh and Glenn Somerville
    WASHINGTON (Reuters) – The wreckage of Wall Street's subprime mortgage machine was laid bare on Wednesday by a U.S. congressional panel that pointed the finger at Alan Greenspan for not stopping it from running out of control. The former Federal Reserve chairman -- once revered as the oracle of economic wisdom -- defended his legacy before the panel, which also heard a former Citigroup (C.N) executive say he had warned of the subprime danger. The Financial Crisis Inquiry Commission kicked off three days of hearings with a look at securitization of subprime mortgages, in which risky home loans were bundled...
  • Greenspan grilled as bank reform rumbles ahead

    04/07/2010 10:42:50 AM PDT · by mlocher · 12 replies · 411+ views
    Reuters via Fidelity.com ^ | April 7, 2010 | Kevin Drawbaugh and Glenn Somerville
    WASHINGTON (Reuters) - Alan Greenspan -- once revered as the oracle of economic wisdom -- defended his now deeply flawed legacy on Wednesday before a U.S. panel investigating the origins of the 2007-2009 financial crisis. As Senate aides worked behind the scenes to hammer out a bill tightening bank regulation, the Financial Crisis Inquiry Commission hammered on Greenspan at the first of three days of hearings that could sharpen the financial reform debate. Greenspan, 84, chaired the U.S. Federal Reserve for nearly two decades. He testified before the 10-member commission in his usual scholarly manner, carefully parsing his answers. "Did...
  • Greenspan says Congress pushed Fed on housing boom

    04/07/2010 10:30:13 AM PDT · by ConjunctionJunction · 55 replies · 873+ views
    Reuters ^ | April 7, 2010 | Glenn Somerville
    Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing out that Congress pushed the U.S. central bank to make sure lending to poorer Americans kept rising in the 2000s. Bonds "If the Fed as a regulator had tried to thwart what everyone perceived as a fairly broad consensus that the trend was in the right direction, homeownership was rising and that was an unmitigated good, then Congress would have clamped down on us," he told a questioner at a congressionally appointed commission investigating the financial crisis. "There's a presumption that the Federal Reserve's an independent agency, and...
  • Greenspan Could Have Prevented Housing Collapse Claims NY Times Op-Ed

    04/04/2010 8:49:28 PM PDT · by honestabe010 · 33 replies · 787+ views
    The Woodward Report ^ | April 4, 2010
    Former Federal Reserve Chairman Alan Greenspan should have foreseen the collapse of the U.S. housing market and warned the public, one of the most prominent bettors against the subprime market wrote in a New York Times commentary today. “He should have seen what was coming and offered a sober, apolitical warning,” Michael Burry, who was head of Scion Capital LLC, wrote in the Times. “Everyone would have listened; when he talked about the economy, the world hung on every single word.” “Unfortunately, he did not give good advice,” Burry said. In 2005, “Mr. Greenspan trumpeted the expansion of the subprime...
  • Alan Greenspan traces housing bubble to collapse of the Soviet Union

    03/19/2010 12:33:41 AM PDT · by TigerLikesRooster · 13 replies · 507+ views
    The Globe and Mail ^ | 03/18/10 | Kristina Cooke
    Alan Greenspan traces housing bubble to collapse of the Soviet Union Fall of USSR pushed hundreds of millions of workers into global market, fueling savings glut that drove down rates, former Fed chairman says Kristina Cooke New York — Reuters Published on Thursday, Mar. 18, 2010 1:30PM EDT Last updated on Thursday, Mar. 18, 2010 6:53PM EDT Former Federal Reserve Chairman Alan Greenspan, whose legacy has been tarnished by the global financial crisis, on Thursday laid out a scholarly defense of why Fed policy did not fuel the housing bubble. Mr. Greenspan did offer somewhat of a mea culpa, though,...
  • Greenspan: Bernanke Is Out Of Bullets, Now Inflation Is The Big Risk

    12/14/2009 11:17:49 AM PST · by FromLori · 16 replies · 912+ views
    Last week Meredith Whitney declared that the government is out of bullets, and now Alan Greenspan is saying the same thing about his old place of employment, The Fed. Reuters: The U.S. Federal Reserve has done all it can do to reduce unemployment and needs to worry more about the risk of inflation from the stimulus it poured into the economy, former Fed Chairman Alan Greenspan said on Sunday. "I think the Fed has done an extraordinary job and it's done a huge amount (to bolster employment). There's just so much monetary policy and the central bank can do. And...
  • Monetary Policy and Structural Reform of the Japanese Economy (Against BoJ's ZIRP) - April 2000

    12/02/2009 9:53:46 AM PST · by JerseyHighlander · 1 replies · 275+ views
    Bank of Japan Archives ^ | April 25, 2000 | Eiko Shinotsuka, Member of the Policy Board of the Bank of Japan
    Monetary Policy and Structural Reform of the Japanese Economy --Speech given by Eiko Shinotsuka, Member of the Policy Board of the Bank of Japan, at the Meeting on Economic and Financial Matters in Nagano on February 4, 2000 April 25, 2000 Bank of Japan [Contents] I. Introduction II. The Zero Interest Rate Policy A. What Is a Zero Interest Rate Policy? B. What Does the Phrase "Until Deflationary Concern Has Been Dispelled" Mean? C. Personal View on the Zero Interest Rate Policy III. Structural Reform of the Japanese Economy A. Information Technology Revolution B. Employment Problems I. Introduction1 It is...
  • Greenspan, Volcker Opposed Ron Paul Audit Provision (say audit endangers price stability)

    11/19/2009 7:09:15 PM PST · by rabscuttle385 · 46 replies · 1,318+ views
    Former Federal Reserve chairman Alan Greenspan and Paul Volcker wrote the House Financial Services Committee earliy this month that they opposed a provision, backed by Rep. Ron Paul (R., Texas) that would expand the congressional Government Accountability Office’s audits of the Fed. The committee, ignoring the pleas from the two, endorsed the provision Thursday. Greenspan and Volcker, in a letter sent to the committee’s chairman and ranking Republicans, warned that the provision threatened the ability of the Fed to foster price stability independent of political interference.
  • QVC Diamonds, CPI, and an Impoverished Middle Class

    11/11/2009 9:00:26 AM PST · by xenob · 1 replies · 333+ views
    Blog ^ | 11/11/09 | Hank
    I was joking with the pops the other day that if I could somehow fit a lump of coal underneath the Old Lady that we could get a diamond in about a week's time. Speaking of diamonds, the federal government is pulling perhaps a prank on us bigger than I (Hank) ever could. The best part of it? We don't even know it's happening. Continue to full blog...
  • Frontline PBS Show Live Thread (Airing 9:00 Central) Vanity

    10/20/2009 7:19:04 PM PDT · by bushwon · 13 replies · 859+ views
    PBS | 10/20/09 | bushwon
    Frontline PBS TV program on Greenspan; mentioned Alan Greenspan as student of Ayn Rand...Thots.
  • Global Banking Economist Warned of Coming Crisis in 2003

    10/10/2009 8:18:53 PM PDT · by RobinMasters · 50 replies · 1,603+ views
    Der Spiegel ^ | August 7, 2009 | Beat Balzli and Michaela Schiessl
    William White predicted the approaching financial crisis years before 2007's subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy. William White had a pretty clear idea of what he wanted to do with his life after shedding his pinstriped suit and entering retirement. White, a Canadian, worked for various central banks for 39 years, most recently serving as chief economist for the central bank for all central bankers, the Bank for International Settlements (BIS), headquartered in Basel, Switzerland. Then, after 15 years in the world's most secretive...
  • Greenspan Foresees Rise In Unemployment Rate (Says Double Digit Unemployment will Stay for a While)

    10/04/2009 5:48:15 PM PDT · by SeekAndFind · 47 replies · 1,578+ views
    New York Times ^ | 10/4/2009 | Joseph Berger
    Alan Greenspan, the former chairman of the Federal Reserve board, said on Sunday that the latest job report showing the nation’s unemployment at 9.8 percent was “pretty awful” and said he expected the figure to climb even higher. “My own suspicion is that we’re going to penetrate the 10 percent barrier and stay there for a while before we start down,” he said in an appearance on “This Week With George Stephanopoulos” on ABC. He said he was particularly concerned about data in the employment report, released Friday, indicating that an increasing number of Americans have been unemployed for more...
  • GREENSPAN WARNS ABOUT FUTURE INFLATION, HIGHER TAXES, EXCESSIVE GOV'T SPENDING AND REGULATION

    10/01/2009 7:24:13 PM PDT · by TheFreedomPoster · 14 replies · 599+ views
    THE FREEDOM POST ^ | October 1, 2009 | TheCapitalist
    In an interview with Bloomberg yesterday, former Federal Reserve Chairman Alan Greenspan warned about possible future inflation and higher taxes as consequences for the unprecedented deficit spending taking place in the United States.
  • 'We're Going to Have Zombie Capitalism for the Next 15-20 Years,' says Jim Rogers

    09/16/2009 6:28:56 AM PDT · by ex-Texan · 86 replies · 3,295+ views
    Business Intelligence - Middle East ^ | 9/14/2009 | BI-ME staff
    INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said the Fed and the US Treasury should have let 10 banks fail, not just Lehman Brothers, for the financial system to clean itself up. Speaking to CNBC Wordwide Exchange today Rogers said "All the government officials and bureaucrats loved the fact Lehman failed, because they could all jump in and support banks." "This whole problem was not caused by Lehman Brothers or Lehman Brothers failure. Lehman was an effect not a cause." "The real problem over the past 10-15 years has been that regulators have not...
  • Some Thoughts On Bernanke's Re Nomination

    08/25/2009 7:29:58 AM PDT · by fiscon1 · 15 replies · 418+ views
    The Provocateur ^ | 08/25/2009 | Mike Volpe
    The president will nominate again Ben Bernanke to be Federal Reserve chair. It's a story that will get a little coverage and even less analysis. Most people will nod and move on their way. Just think about that for a minute. The Fed chairman controls the money supply in the country and by extension the world, and this story will get little mention and even less analysis. The Federal Reserve chairperson is arguably the most powerful person in the world and yet the dynamics by which they are nominated and nominated again receives less attention than a story on Brittney...
  • Who's Watching the Watchers

    08/21/2009 5:49:02 AM PDT · by Kaslin · 3 replies · 722+ views
    Townhall.com ^ | August 21, 2009 | Rich Tucker
    In the late 1970s, as the federal government arranged to bail out Chrysler, not-yet-famous economist Alan Greenspan warned the problem “was not that it would fail, but that it would succeed.” And it did, thus paving the way for more bailouts, including (again) Chrysler. But the first Chrysler bailout was just one company, one time. The rolling series of financial bailouts over the past year -- Fannie Mae and Freddie Mac, AIG and Citibank, General Motors and Chrysler, etc. -- have not yet succeeded or failed. But they’ve raised a new moral hazard. These days, having invested so much in...
  • Bubble Economics: The Illusion of Wealth

    08/12/2009 6:57:25 AM PDT · by misterrob · 69 replies · 2,134+ views
    Ludwig Von Mises Institute ^ | 8/12/2009 | Doug French
    The economic position that the United States is now in is the result of a series of economic bubbles. To explain the nature of bubbles, I'm going to start by talking about their history; I'm not going to go all the way back to Tulip Mania and John Law, but I do want to mention some things from the Roaring Twenties that might sound familiar to us today. Over the eight-year period of that boom, the money supply increased by 62 percent. All kinds of new appliances and gadgets were sold: refrigerators, phonographs, electric irons, toasters, and vacuum cleaners. Many...