Comments on: Greenspan Sees Steep Decline In U.S. GDP

Ex-Fed Chair Has No Doubt About Global Recession, Predicts Big Drop In Gross Domestic Product

[txgrouch2007]

isn''''t offshoring a partial result of greed?
Posted by Hypnotoad72 at 09:09 PM : Nov 07, 2008

Ummmm - I''m going out on a limb here - YES?????

[txgrouch2007]

Greenspan sees a steep decline in the economy?

He SHOULD be seeing the bars of a prison cell. FROM THE INSIDE.

Greenspan is a bum.

[len134]

If he thinks this is a bottom, I have bridge in Alaska...

[hypnotoad72]

Outsourcing is not our problem.

Bubbles from greed are our problem: S&L/housing, .com, housing and Investment Bank created dirivatives. Bubbles have been around since the beginning of Americas capitalism. They are rough but they are part of the system and much better than socialism or communism.

Posted by donbl1 at 08:38 PM : Nov 07, 2008
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You know, I have to agree as the truth is in the middle, though it''s also true that, if it costs less - by a wide margin and because their cost of living is that much lower - isn''t offshoring a partial result of greed? (giving tax breaks to companies that offshore, like in those Franken vs Coleman commercials, seems bizarre too.)

[s0055d]

There needs to be a steep and unhindered decline. The economy that is disappearing now was a false economy to begin with. It was modeled after the tulip mania and the stock market of the roaring twenties. Both ended in disaster , this should too. This time instead of tulip bulbs or stocks, homes were the source of the speculation.
These efforts to shore up failure are futile at best. How can you stop a tidal wave? The attempts to save everyone will fail and just result in a longer deeper contraction before a recovery. Better to have 2 to 3 years of harsh pain and get the inevitable over with. Now it can last for decades.

[donbl1]

Outsourcing is not our problem.

Bubbles from greed are our problem: S&L/housing, .com, housing and Investment Bank created dirivatives. Bubbles have been around since the beginning of Americas capitalism. They are rough but they are part of the system and much better than socialism or communism.

[txgrouch2007]

It has finally come around to bite us in the ***.
Posted by mortal3 at 08:30 PM : Nov 07, 2008

That''s what I''ve been saying for years. Too bad nobody believed it until now, when it''s almost too late.

The ONLY way out of this box is TARIFFS to band-aid our economy until it can get competitive again. And the tariffs should stay until the rest of the world catches up to our protections of the envoronment, the workplace, and PEOPLE.

[txgrouch2007]

Greenspan was a faithful puppet to WHATEVER administration was in power at the time. That''s why he got re-appointed over and over by Republican and Democrat alike.

He was nothing but a lackey, and he should be in jail.

He finally DISPROVED the Libertarian beliefs once and for all.

[txgrouch2007]

I highly recommend that we all start studying this website:

http://www.bumwine.com/

We need to start learning what our new lifestyle will be after a few years of Democrats running our country.

Seems like some famous Democrats have already sampled Cisco at some point...

[payasyougo]

"Greenspan Sees Steep Decline In U.S. GDP"
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wow. What foresight interpolated from hindsight. Sign this guy up.

[brianp55]

If Greenspan was still the chairman of the Fed, he would be using terminology like....."I see the opportunity for minor transient perturbations in the GDP which will enjoy some positive offset by the decreased price for energy". Master BS artist.

"He said then that his belief that banks would be more prudent in their lending practices because of the need to protect their stockholders had been proven wrong by the current crisis. He called this a "mistake" in his views and said he had been shocked by that."
**************

I can usually listen to a man who has the cojones to admit he''s made a mistake.
Now we know that those wall street clowns will not even protect their own stockholders. Be nice if I could believe we would remember that in the future.

[hennighg]

So, this is what tax breaks for the rich and the corporations brings us. I''m not surprised. Ever since Reagan, I''ve thought "trickle down economics" was as phony as Cheney''s smile. Money doesn''t trickle down. Job loss, money loss, bail-outs, and on and on, THEY trickle down. We''ve got Obama now. Even if he fails, we will have done our best to reverse the treachery of the last 8 years. And I don''t think he''ll fail. I''m just saying that Bush has been so bad that William Henry Harrison rates as a better president.

[hermitdave]

OH yea this old coot is as big a crook as the rest. His "gosh I had no idea things were that bad" goes right along with Cheney saying Iraq was involved in 9/11 and the play president lying about mushroom clouds

My own view is I hope the whole stinking edifice known as the USA breaks up and thence slips into the Atlantic Ocean. What''s going on in this society, and the behaviors in evidence, are beneath contempt. I voted for Obama but its becoming all too apparent that even he doesn''t have a remote clue and is now well along the way to being bought out wholesale by the capitalist bloodsuckers (his own chief of staff is a former gazillionaire leech from Wall Street implicated in the mortgage mess). My advice is wear your seatbelt: you ain''t seen even the tip of the economic collapse due to the crushing debt that most people, and corporations, have saddled themselves with. Americans are textbook fools (who don''t know how to read textbooks either!!)

[Michael Arnold]

Please but this sorry SOB in jail and take away his cell phone. He''s done quite ENOUGH damage.

[charlotteda-2009]

Please stop giving him an ear!!!!!!!!!!!!!!!!

[marshall65]

"In his testimony before the U.S. House Oversight Committee last month, Greenspan acknowledged that the crisis has exposed flaws in his thinking and in the workings of the free-market system.".......Frankly, Greenspan should close his trap. Since he didn''t know what he was talking about before, he should stop making these money making speeches in which all he cant spout out is dire predictions. He has no credibility.