Got feedback on the new design? We're Listening! Send us Feedback

Economy on brink of recession, Greenspan says »

Posted by: STONERS 2 months, 2 weeks ago

8.7

Scale of 1 to 10

Read: 78

Propped: 116

Comments: 26

Click Prop It to Raise Score

Prop it

Former Federal Reserve Chairman Alan Greenspan warned on Tuesday the U.S. economy was on the brink of a recession, with the chances of that happening at more than 50 percent.

Read Full Story at news.yahoo.com

Join the Discussion

+ Add Comment

Comments So Far: 26

0%
STONERS2 months, 2 weeks ago

"There are still very considerable structural problems remaining in the financial system. They will remain for a while. It's going to be very difficult. There are a lot of unexpected adverse events out in front of us."
Reply
0%
Truzseeker2 months, 2 weeks ago

you mean, more like depression is on its way ???
Reply
0%
Harbeas2 months, 2 weeks ago

The two main causes------high oil prices and the mortgage crisis. Both can be solved if our congress would get off their dead arses and do what we elected them to do. Have our best interests at heart! Whoa, I did say that didn't I?
Reply
5 Replies
- 0%
  walden32 months, 2 weeks ago
  
  You didn't mention the credit crunch, the fall of the dollar, the lack of manufacturing (just trading financial instruments back n' forth doesn't really increase wealth), the food crisis, the stock market, wages, health insurance, the level of the unemployed, two wars going on and the national debt.
  Reply
  1 Reply
  - 0%
    simonsez2 months, 2 weeks ago
    
    You forgot second hand smoke and bird flu ...
    Reply
- 0%
  Blackacereturn2 months, 2 weeks ago
  
  I wish he would take his old job back.
  Reply
- 0%
  Blackacereturn2 months, 2 weeks ago
  
  This congress has nothing to do with this mess, I am sick and tired of a congress sitting for less than two years being blamed for a rubber stamp group that led us to this. This president would not let this congress shine, with the hopes that the people will vote GOP if they fail to make improvements. It's sad that we have come to this let the country go to hell in a hand basket or let my party win. The world is waiting for this guy to leave not just this country. What a freaking disaster!
  Reply
  1 Reply
  - 0%
    jordan112 months, 2 weeks ago
    
    You're absolutely right.
    Reply
0%
nikkibabe2 months, 2 weeks ago

It is stupid to say "on the brink". It is already a recession. Wait for the airlines to go up in flames and ground their fleet.
It will be ***** MISSION ACCOMPLISHED *****
Whatever happened to the millions of barrels of oil Sadam was dumping in the world markets under the food for oil program?
Reply
0%
1-2-Oscar2 months, 2 weeks ago

Aside from President Bush himself, no one did more to cause the current economic problems than Alan Greenspan.
Reply
4 Replies
- 0%
  donald512 months, 2 weeks ago
  
  Why? Because he didn't speak up while in office about all the frivolous Repug spending versus the increased debt? Heck, he knew he would have been fired like Lindsay, the Bush financial advisor fired for telling Dumya the Iraq war might cost 200 billion!
  Had to neg ya, Oscar, but I gave you a reason! Also, Greenspan sure helped Clinton with 8 prosperous years, didn't he?
  Reply
  2 Replies
  - 0%
    Justice4All2 months, 2 weeks ago
    
    The Fed does not answer to Bush. We can blame Bush for the state of the economy, but it was Greenspan who kept lowering interest rates to prop up the economy that Bush was destroying. The low interest rates eventually led to the mortgage crisis.
    I have to agree with 1-2-Oscar, Greenspan is almost as responsible for the current economic situition as Bush.
    Reply
    1 Reply
    - 0%
      bigG2 months, 2 weeks ago
      
      Not completely correct - the Fed Chairman is appointed by the President and confirmed by Congress. As such, you can rest assured a certain amount of "arse kissing" goes on. Once his term is up, if he wants to keep his job he must be reappointed. I have a theory that pressure was put on the Fed by the White House back in 2003 to start massively lowering interest rates to spur the economy(the economy was doing poorly then). The one thing Bush didn't want was to be a "one termer" like his Daddy(who lost in 92 at least partially due to the economy).
      I agree with the part about Greenspan as it takes two to tango. Like the old adage "do it once, and you are one for life".
      It's not surprising that he doesn't think the lowest interest rates in 50 years contributed to the housing bubble and mortgage crisis.
      Reply
- 0%
  bonaroo2 months, 2 weeks ago
  
  1-2-Oscar
  I agree. Greenspan should never have left interest rates so low for so long. I wonder, though, how much pressure he was under to do so from the other members.
  Reply
0%
canadianrancher572 months, 2 weeks ago

Oscar- I have nothing but admiration of Mr. Greenspan and I think that he did as was expected of him and that was to keep the house of cards from collapsing. Time and time he warned of what would happen if government or personal debt did not get under control. He also warned of the housing bubble as well as the dot com bubble. I made a point of trying to listen to any speech he gave and was always upset that he was not more direct with his warnings but then again that would not have been acceptable. Even in this address he seems to not really bring out thepoint of how bad the situation is, although he may be familiar with the panic that can be caused by bluntness.
Reply
0%
donald512 months, 2 weeks ago

Hey, like College professor and fired Speaker of the House Newt said, the last time the Repugs so controlled so much of the government we got the Great Depression! The former Repug Congress threw out many of the laws enacted after the Great Depression to prevent another of the same! Once again our media has failed us, and history repeats!
Reply
1 Reply
- 0%
  Justice4All2 months, 2 weeks ago
  
  De ja vu all over again:)
  Reply
0%
staar2 months, 2 weeks ago

Duh..
Reply
0%
walden32 months, 2 weeks ago

I'm pretty bearish. I think things are going to get worse before they get better. I'm not sure the govt can bribe us off again more borrowed "stimulus" money. The huge increase in the cost of oil has rippled through prices yet. I hope that my worst fear don't come to fruition.
Reply
0%
nikkibabe2 months, 2 weeks ago

Quote:
"I think things are going to get worse before they get better."
That is foolish and wishful thinking. How can McCain bring prosperity with $8 trillion debt, drastically reducing the tax revenues, staying in Iraq at $14B a month? Get Real.
Reply
3 Replies
- 0%
  bigG2 months, 2 weeks ago
  
  Multiple choice:
  How can McCain bring prosperity with $8 trillion debt, drastically reducing the tax revenues, staying in Iraq at $14B a month?
  a) He can't
  That one ought to be easy. I expect grades of 100% on this quiz.
  Reply
- 0%
  GHOSTWHOWALKS2 months, 2 weeks ago
  
  Nikki: The national debt is well over 9 Trillion. The total amount of debt is over 80 Trillion. Those figures do not include the 3 trillion budget currently awaiting approval in congress.
  It won't matter who sits in the white house there is going to be one hell of a tax hike. One could pray that it won't be the middle class that shoulders the hike but I wouldn't bet on it.
  Reply
  1 Reply
  - 0%
    Blackacereturn2 months, 2 weeks ago
    
    There is only one way the middle class is not going to shoulder the cost, keep the GOP out of office, all of them, their only interest is to the rich. They have done nothing but lie and destroy this once grate nation. I think most of the American people fail to realize the grate catastrophe that stand before this nation, never before in our history have we been so beholding to another nation much less and enemy as we are to China.
    it Vex me sometimes to read the post in here of the wanton party hags, totally oblivious to the state of our nation! The GOP needs some time to think maybe 20 to 30 years of what they have done to this country
    Reply
0%
bonaroo2 months, 2 weeks ago

Even those who were totally responsible and didn't abuse their credit are now effected. Millions of baby boomers are nearing retirement age and if there is a precipitous fall in the market from its already battered position things could get really ugly for their savings. Large corporations have been holding off on layoffs as much as possible, but the strain on profits is getting unbearable.

Reply
0%
bonaroo2 months, 2 weeks ago

Here's an idea
For sale on eBay
1) One never used missile defense system. Bids start @ $40,000,000,000
2) One slightly used Consulate in Bagdad.( big discount for shoddy workmanship) Bids start @ $500,000,000 with no reserve.
3)A whole bunch of little remote airplanes that drop bombs. Very cool for your kids. bids start @ $20,000,000 each.
4) A federal judge position of your choice. Bids only open to Republicans. No reasonable offer refused.
5) Your very own piece of the (((Green Zone))). Bids start @ $1,000,000,000,00
Reply
1 Reply
- 0%
  jordan112 months, 2 weeks ago
  
  Well done!
  Reply