Greenspan: "We are in a recovery. This is what a recovery looks like."

[Amerigo Vespucci]

WASHINGTON (CNN) -- The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and will pass 10 percent, former Federal Reserve Chairman Alan Greenspan said Sunday.

Greenspan told the ABC program "This Week" that he expected 3 percent growth in the third quarter, up from the 2.5 percent he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb.

A slowing or halt in job losses is different from reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8 percent -- is "going to penetrate the 10 percent barrier before heading down."

That prediction matches previous comments by President Obama and others, who say that unemployment is a lagging indicator in an economic recovery.

Obama said Saturday his administration would focus on job creation, and Greenspan said he supported that approach. However, Greenspan said it was too soon to consider another economic stimulus package or other major spending plan.

"We are in a recovery, and I think it would be a mistake to say the September numbers alter that significantly," Greenspan said, adding: "This is what a recovery looks like. ... It's premature to act on this type of information."

http://www.cnn.com/2009/POLITICS/10/04/u.s.economy/

[Skittles]

1. (.............pissing)

LOOK EVERYONE! IT'S RAINING!!!

[bluestateguy]

2. Sounds a lot like 1982

nt

[Odin2005]

3. Go to hell, Green$hit!

[Canuckistanian]

4. Greenspan is not credible

Nor is he particularly insighful. I disregard everything he says.

[Vickers]

5. People still trust that dumbass?

:shrug:

He understands less about economics than my kids.

[Jkid]

6. I'll fix this.

WASHINGTON (CNN) -- The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and will pass 10 percent, former Federal Reserve Chairman Alan Greenspan said Sunday.

Greenspan told the ABC program "This Week" that he expected 3 percent growth in the third quarter, up from the 2.5 percent he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb.

A slowing or halt in job losses is different from reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8 percent -- is "going to penetrate the 10 percent barrier before heading down."

That prediction matches previous comments by President Obama and others, who say that unemployment is a lagging indicator in an economic recovery.

Obama said Saturday his administration would focus on job creation, and Greenspan said he supported that approach. However, Greenspan said it was too soon to consider another economic stimulus package or other major spending plan.

"We are in a jobless recovery, and I think it would be a mistake to say the September numbers alter that significantly," Greenspan said, adding: "This is what a jobless recovery looks like. ... It's premature to act on this type of information."

[Nikki Stone1]

7. You lying piece of shit!

Fucking lying bastard.

[BlooInBloo]

8. Hopefully it's true despite him saying it.

[TexasObserver]

9. He's right this time.

We are in recovery, but unemployment will likely hit 10% before the job market gets better.

I'd like to see unemployment back down below 8% by this time next year.

[Orsino]

25. This could indeed be the beginning of some sort of "recovery."

I'll forgive Greenspan a certain amount of talking the market up, but he and I will eventually disagree over what constitutes recovery. Going back to the way things were is a possibility that's growing ever more remote. We have to decide whether or not an economy can be sustained without manufacturing actual products, and whether the third-worlding of America can still be sold to actual Americans. We'll have to make up our minds as to how hereditary we want wealth and power to be.

[Democrats_win]

10. If you have a big name, the M$M will report what you say: see Jerry Falwell

Even after Falwell's Tinky Winky fiasco, they still reported his treasonous remarks regarding 9/11. BTW, one of the other guests on ABC pointed out that Greenspan was part of the reason that our economy collapsed.

[marmar]

11. The architect of the disaster says we're in recovery.......

He has a credibility problem.

[Vidar]

12. Not from the bottom it isn't, you sanctimonious ass!

[rucky]

13. Everything Greenspan says is true...

if you add "...if you're rich" to the end of every sentence.

[Toucano]

14. Does everyone know that Greenspan hated the Clinton/Gore surplus?

He was afraid that if the government had surplus money, they would invest it in private industry and begin to dictate corporate policies.

So he welcomed the Bush tax cuts that drained the treasury, while waging two foreign wars.

If social security and medicare are in trouble, blame Greenspan.

The surplus was Clinton's principle achievement. One that should have secured the retirement benefits for the boomer generation.

[Swamp Rat]

15. Go to HELL, Greenspan!

Do not collect $200.00.

[bvar22]

16. We are in a recovery...for the Ownership Class (top 1%)

Everything is peachy for them.

This is what happens when you bailout Banks instead of people,
coupled with a Tax Breaks stimulus instead of a JOBS stimulus.

A jobless recovery is exactly what they wanted,
and exactly what they bought from the government.
Let the peasant class fight for lower wages.
It is good for the bottom line.

" The American Worker CAN compete with 3rd World Slave Labor...if we force them to"!

[AllentownJake]

17. I don't get it

70% of your economy is in services and 10% is unemployed.

Where is this growth coming from?

[ellie]

18. Why is he still talking?

STFU Mr. Mitchell.

[redqueen]

19. Why the hell does the M$M pay attention to anything that idiot says?

:sarcasm:

Like we don't know.

[closeupready]

23. He's one of the boys.

n/t

[gratuitous]

20. That picture! He really IS a zombie

Anyone who gets close enough to listen to this schmuck deserves to have his brain eaten.

[Subdivisions]

21. Greenspun...

C'mere, Andrea. Papa wants a little nookie..heh-heh!

[Greyhound]

22. Why does anybody listen to this fool?

He is the very definition of bad science, he has made his conclusions and has spent his entire career looking for evidence to support them while ignoring all the evidence that proves them to be fallacious.

He is, and always has been, simply wrong.

[tjwash]

24. "These are not the recoveries you are looking for..."

[Romulox]

26. Guys--it's a *mere coincedence* that jobs (rather than corporate profits) are a lagging indicator

As a very wise DUer told me, economics is just math!