"Greenspan is...largely to blame...asleep at the wheel...dismissing the housing bubble as 'froth'.''

[El Pinko]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYu9TxkcAFaM&refer=home


U.S. Economy Is `Probably' in a Recession, Stiglitz Says
By Mark Barton and Ben Sills

Feb. 26 (Bloomberg) -- Joseph Stiglitz, a Nobel-prize winning economist, said the U.S. economy is ``probably'' in a recession with a housing-market collapse sapping consumer spending.``There is a very significant slowdown in the U.S. economy,'' Stiglitz said in a Bloomberg Television interview today in London. ``The housing bubble has broken and housing prices are coming down. Most experts think they will have to come down substantially more.''

The spillover from the biggest housing slump in a quarter century, turmoil in financial markets and higher energy prices are curbing growth in the world's biggest economy. The financial industry is curtailing credit and conserving capital after a decade-long boom in profits went bust in the third quarter.

Following mounting losses on past loans, banks have already taken writeoffs of $163 billion since the beginning of 2007. President George W. Bush signed a $168 billion stimulus package that will deliver tax rebates to more than 130 million households.

Former U.S. Federal Reserve Chairman Alan Greenspan ``is right that this downturn is going to be the worst downturn in a quarter century, but he's largely to blame,'' Stiglitz added. ``It's not just that he was asleep at the wheel, he actively looked the other way'' by dismissing the housing bubble as ``froth.''

[CoffeeCat]

1. "Froth" ?? Wow, you think you know someone!

Who knew that Greenspan was a "latte liberal"?

[Javaman]

2. "probably"??

This is the thing, first of all we aren't "probably" in a recession. We are in a recession. And have been for quite some time.

All these namby ass morons are so fucking chicken to call a spade a spade.

Also, the term and definition of a recession, has changed dramatically from the traditional meaning.

this is not your usual duck.

So I would just love if these various overpaid metro prognosticators would just cut the bullshit and start talking in reality.

They can only bury so many people in the bullshit before someone tells them to shut the fuck up and try offering up some solutions.

dumb as a bag of fucking rocks.