Greenspan: This Is The Worst Economy I've Ever Seen

[Trumplestiltskin 5,791]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Certainly this is true when the President's party also held the congressional majority for 3/4 of Bush's time in office.

if you wanna blame a particular party feel free to do so. but, i remember a group of clowns (dems) saying 'we're going to fix the economy' 'rah rah rah' & after they took control of the house & senate all they did was stand on a stage w/ their hands clinched together raised in victory. not a damn thing else. they did nothing to fix the economy. not a damn thing. now its Bush's fault the dems didn't keep their campaign promises...please.

Don't get me wrong - I'm not trying talking up the Democrats at all, and certainly their job performance in Congress has been lacklustre at best, but given that the economic problems are years in the making (this is no different I think), the idea that a 2 year old congress (however inept) is somehow responsible for the current state of the economy is rather simplistic.

You can't palm off the idea that a party that has, for years, been out of power at the executive and congressional levels has more of a responsibility for the current state of our economy than the incumbents who have held power. While I won't say they are directly to blame - the decision makers during that period certainly have more responsibility.

[kaydee457 13]

BTW, isn't it ironic that the advice given most often to those with 401k's in these turbulent market times is to sit on your hands and do nothing whilst the "professionals" hysterically selloff on every tiny bit of bad news?

Well, I have a long time horizon - I don't intend to withdraw (or even borrow) from my 401k for at least 30 (more likely 35) more years. Doesn't it make sense for me to not panic at this point?

I'm not suggesting that you panick but rather to manage your account. I don't know about your plan but mine has inhibitions and restrictions imposed on transactions such as moving money from one fund to another, and it also takes more than a couple of days (in the computer age, #######!) to actually do the transaction. Afterwards, the owner is inhibited from amking any further transactions for 2 weeks! ####### is with that?

Having these restrictions on these accounts almost guarantees that a person cannot react to market forces.

For instance, given I knew yesterday that the Asian markets were closed, I could have moved my money out of Emerging Markets (heavily loaded with Chinese stocks) and into perhaps bonds as I fully knew that today those markets were going to tank.

I also know that given the lag time of my 401k admininstration.processing that doing so is simply futile.....And so goes another few thousand into the abyss.......sigh.......

[SMOKE 1,426]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Certainly this is true when the President's party also held the congressional majority for 3/4 of Bush's time in office.

if you wanna blame a particular party feel free to do so. but, i remember a group of clowns (dems) saying 'we're going to fix the economy' 'rah rah rah' & after they took control of the house & senate all they did was stand on a stage w/ their hands clinched together raised in victory. not a damn thing else. they did nothing to fix the economy. not a damn thing. now its Bush's fault the dems didn't keep their campaign promises...please.

Don't get me wrong - I'm not trying talking up the Democrats at all, and certainly their job performance in Congress has been lacklustre at best, but given that the economic problems are years in the making (this is no different I think), the idea that a 2 year old congress (however inept) is somehow responsible for the current state of the economy is rather simplistic.

You can't palm off the idea that a party that has, for years, been out of power at the executive and congressional levels has more of a responsibility for the current state of our economy than the incumbents who have held power. While I won't say they are directly to blame - the decision makers during that period certainly have more responsibility.

ok i probably worded that wrong...its not the reps fault exclusively...its not the dems fault exclusively... together they are suppose to be watching our backs...instead both parties watch their wallets not ours. several members of both parties have been in the pockets of wall street executives for years now.... who gets the blame for the economy? i dunno. maybe we (me, you, & every other innocent person living in the US & other developed nation in the world) are to blame. but, IMO its more the fault of greedy bank executives, our elected officials (both parties) for not restructuring our regulatory system & people just being short sighted (stupid) over extending themselves. now we all get to deal w/ this weather we like it or not.....& pointing the finger at someone to blame is wrong, unless we are pointing infront of a mirror.

[Trumplestiltskin 5,791]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Certainly this is true when the President's party also held the congressional majority for 3/4 of Bush's time in office.

if you wanna blame a particular party feel free to do so. but, i remember a group of clowns (dems) saying 'we're going to fix the economy' 'rah rah rah' & after they took control of the house & senate all they did was stand on a stage w/ their hands clinched together raised in victory. not a damn thing else. they did nothing to fix the economy. not a damn thing. now its Bush's fault the dems didn't keep their campaign promises...please.

Don't get me wrong - I'm not trying talking up the Democrats at all, and certainly their job performance in Congress has been lacklustre at best, but given that the economic problems are years in the making (this is no different I think), the idea that a 2 year old congress (however inept) is somehow responsible for the current state of the economy is rather simplistic.

You can't palm off the idea that a party that has, for years, been out of power at the executive and congressional levels has more of a responsibility for the current state of our economy than the incumbents who have held power. While I won't say they are directly to blame - the decision makers during that period certainly have more responsibility.

ok i probably worded that wrong...its not the reps fault exclusively...its not the dems fault exclusively... together they are suppose to be watching our backs...instead both parties watch their wallets not ours. several members of both parties have been in the pockets of wall street executives for years now.... who gets the blame for the economy? i dunno. maybe we (me, you, & every other innocent person living in the US & other developed nation in the world) are to blame. but, IMO its more the fault of greedy bank executives, our elected officials (both parties) for not restructuring our regulatory system & people just being short sighted (stupid) over extending themselves. now we all get to deal w/ this weather we like it or not.....& pointing the finger at someone to blame is wrong, unless we are pointing infront of a mirror.

Well I certainly agree with you there - and IMO we should be scrutinizing our future elected representatives on just this issue. Certainly the media should be doing that rather than spending time and effort on ridiculous background smears.

[Kevin and 10]

Economy: This Is The Worst Federal Reserve Chairman (Greenspan) I've Ever Seen

[mawilson 2,133]

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

[Ban Hammer 13,352]

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

and just where have you been?????

[palilover 1]

BTW, isn't it ironic that the advice given most often to those with 401k's in these turbulent market times is to sit on your hands and do nothing whilst the "professionals" hysterically selloff on every tiny bit of bad news?

Well, I have a long time horizon - I don't intend to withdraw (or even borrow) from my 401k for at least 30 (more likely 35) more years. Doesn't it make sense for me to not panic at this point?

eww I'm ignorant here. But that struck a nerve. I'm about ready to borrow 2-3k from my 401k. How is the current economy going to play in on this? Interest rates go up? Well, in my case hopefully I can pay it back before interest kicks in:) (assuming I keep my job that is and dont get washed out by bad economy!!)

[HAL 9000 96]

big Hurricanes, collapsing economy. Those Mayans aren't looking so crazy now are they?

This isn't the time to blame it on Prophecy. We need some rational and honest re-thinking with regard to regulations and oversight of the markets. This is really getting scary no matter which candidate or Party one is supporting....we cannot stay on this economic course that the Bush Administration has us on.

interesting how the democratic controlled congress does not enter your field of view......

We can add it up quite nicely with the 'experience' comparison on that one.

2 years vs. 7. IF it were something to polarize the argument- which I'd rather not do. Incompetency can be spread around a little more bilaterally.

[HAL 9000 96]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Certainly this is true when the President's party also held the congressional majority for 3/4 of Bush's time in office.

if you wanna blame a particular party feel free to do so. but, i remember a group of clowns (dems) saying 'we're going to fix the economy' 'rah rah rah' & after they took control of the house & senate all they did was stand on a stage w/ their hands clinched together raised in victory. not a damn thing else. they did nothing to fix the economy. not a damn thing. now its Bush's fault the dems didn't keep their campaign promises...please.

Don't get me wrong - I'm not trying talking up the Democrats at all, and certainly their job performance in Congress has been lacklustre at best, but given that the economic problems are years in the making (this is no different I think), the idea that a 2 year old congress (however inept) is somehow responsible for the current state of the economy is rather simplistic.

You can't palm off the idea that a party that has, for years, been out of power at the executive and congressional levels has more of a responsibility for the current state of our economy than the incumbents who have held power. While I won't say they are directly to blame - the decision makers during that period certainly have more responsibility.

ok i probably worded that wrong...its not the reps fault exclusively...its not the dems fault exclusively... together they are suppose to be watching our backs...instead both parties watch their wallets not ours. several members of both parties have been in the pockets of wall street executives for years now.... who gets the blame for the economy? i dunno. maybe we (me, you, & every other innocent person living in the US & other developed nation in the world) are to blame. but, IMO its more the fault of greedy bank executives, our elected officials (both parties) for not restructuring our regulatory system & people just being short sighted (stupid) over extending themselves. now we all get to deal w/ this weather we like it or not.....& pointing the finger at someone to blame is wrong, unless we are pointing infront of a mirror.

All of us has a stake in the blame game. The last 2 years = Dems and Reps. The last 7 years = Reps and their Policies. All the time = all of us for not demanding a government that serves all our interests instead of those of a few.

[AlHayatZween 2]

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

MaWilson!!!

You're back!!

[mawilson 2,133]

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

and just where have you been?????

Lots of work, man. Tough times, I'm sure you've seen the news.

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

MaWilson!!!

You're back!!

Sort of, Al Hayat... don't have as much time to hang around here as I used to. Thanks for the flowers though!

[mawilson 2,133]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Well... the "decade of moral hazard" which created the current mess started in 1998

(under Bill Clinton) with the bailout of the LTCM (Long-Term Capital Management

hedge fund).

Since then, banks and other investors have made a lot of irresponsible commitments

in bad faith, knowing that the government would be there to bail them out.

[LoriLawless 0]

That's rich coming from Greenspan, seeing how it's mostly his fault the economy is the way it is today.

welcome back!

[IAMX 3,055]

Curious how you won't acknowledge that the trillion dollars spent on a useless war limits the government's ability to correct the situation ...

not to mention that the rest of the world has no confidence in our liquidity as a result.

the president ALWAYS owns the economy. After 8 years, he owns it lock, stock and barrel.

Well... the "decade of moral hazard" which created the current mess started in 1998

(under Bill Clinton) with the bailout of the LTCM (Long-Term Capital Management

hedge fund).

Since then, banks and other investors have made a lot of irresponsible commitments

in bad faith, knowing that the government would be there to bail them out.

You know, I have no idea why people idolize Clinton, especially liberals.

The guy is part of the reason we have the DMCA mess today (DMCA of 1998) which is heavily intruding on fair use and federal discrimination against gays (Defense of Marriage of 1996). This is something a conservative who spat in the face of liberals would do.