Greenspan: Economy may be slow to rebound

[Amerigo Vespucci]

Source: MSNBC

JEDDAH, Saudi Arabia - U.S. economic growth has stalled and recovery may take longer than usual, former U.S. Federal Reserve chairman Alan Greenspan said on Monday.

"As of right now, U.S. economic growth is at zero," Greenspan said at an investment conference in Jeddah, Saudi Arabia's second-largest city. "We are at stall speed."

"Recovery might take longer to emerge than it usually does," he added.

The longer growth stays at zero, the more likely the world's largest economy would start to contract, he said, adding that globalization of trade could ease some shocks.

Read more: http://www.msnbc.msn.com/id/23333027/

[Roland99]

1. We just need to accept the Bush standard: lowered expectations.

But, btw Alan, thanks for sticking to your guns in 2001 and pushing hard for the tax cuts to be tied to surplus triggers. You really showed them.

:eyes:

[Virginia Dare]

2. Wow, I'm just in awe of his brilliant economic mind..

:sarcasm: fuck you, Greenspan you enabled the trashing of the middle class in order to help your rich buds get richer. You and your cronies are laughing all the way to the bank. Back in the 1700's they beheaded assholes like you.

[jpak]

3. Why should *anyone* listen to fucking Alan Greenspan

This is the asshole who jacked up interest rates in the last year of the Clinton administration to combat nonexistent "inflation" - then cranked them down to near zero in the first year of the Bush administration after the economy tanked.

This is the same asshole that told Americans to go buy a house with an ARM.

Them chickens have come to roost.

FU Greenspan...

[SpiralHawk]

4. "But on the bright side, our republicon oil cronies are SURGING to massive profits. Sneer." - Cheney

"So all you proles better just STFU and sit down before I sic the Homeland Conformance boyos on you. We are just too damn busy with gloating & occult stategery to pay any attention to your pathetic mewly lib-rul whinings. Sneer, smirk, sneer."

- Dickie 'Five Military Deferments' Cheney,
VP for SuperMacho ChickenHawkery & Maximal Republicon Cash Out

[Mountainman]

5. I read last week here at DU that yacht sales are up. It takes years to get a new one.

[Doctor_J]

6. This is like Hitler telling die Volken,

"you may experience some bombs dropping in your neighborhood"

[Acadia Blue]

7. He helped Bush cause thepresent problem. Starve the beast

until it dies and replace it with a CEO run Marxist nightmare. That is where we are headed....fascism.

[Acadia Blue]

8. Buy only what is necessary. Starve the pigs.

[Javaman]

9. Over the past 1 1/2 years...

I have been tracking the various posts of various columnists and pundits in their proclamations regarding the economy.

It first started with: we have a less then 10% chance of a recession. Then it was a 25%, then a 1/3 of a chance, then it went to a 50/50 chance, then the phrase "all but likely" came to the front.

But then came the waffling. "we are on the edge", "all but certain", "we maybe in a different kind of one".

Now over the past 2 weeks, I have read in for different publications the word depression.

Again, it's the theoretical concept of depression. It's presented like; the current situation if not corrected could lead us to a mild or short term depression.

But again the early stages of a psychological push of a depression, is starting to hit us now.

Like getting slowly into a scalding bath tub, they are easing us into it. We will still get burned but if you take it measures, perhaps only the first layer of skin will come off and not all of it. Wishful thinking.

when greenspan, the enabler who got us into this mess, comes out and states that the recession won't be over anytime soon, that to me is a red flag. This is greenspan speak for; hold onto your asses the economy is about to get fucked hard.

They are all so fearful of a bank run or a bank holiday, but folks, those days are coming.

here's my advice; plant a garden now. It's a good time to do it. Even in the northern part of the country. Start your seedlings. Make it no smaller that a 15 by 4 plot. you can put a lot of veggies in that.

Buy some gold and silver. Until barter becomes the norm, gold and silver will still have a concept of worth.

I hope to see you all down the road.