As you may know, the Maestro spoke at the Economic Club of New York yesterday, predicting that the present recession would “surely be the longest and deepest” since the one that crafted The Greatest Generation. (I know, I know, they’ve been insufferable ever since with their long walks to school up hill both ways through gray, dust bowl snow drifts. Now at least we have something to reply with. I mean seriously, you try going on without a flat screen TV after the BMW has been repossessed).
Answering a question after his speech on whether he would have done anything differently during his tenure as Federal Reserve chairman to try and prevent the housing bubble, Greenspan said, “I think it would be desirable to find a way to suppress asset bubbles. But I am skeptical that it can be done.”
But the spanner of the green didn’t stop there. He also told the Financial Times that bank nationalization may be inevitable. Oh, the humanity!
“It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring,” he said. “I understand that once in a hundred years this is what you do.”
Recession will be worst since 1930s: Greenspan [Reuters]
Greenspan backs bank nationalisation [The Financial Times]
Can someone please explain to me what exactly the Federal Reserve is for? I thought it was created to try and prevent financial panics from happening and judging from the 1930s and 2000s they are 0-2
that title gave me a raging hard on
PEB
Can’t he and Clinton just go away.
Why doesn’t he just retire to Boca Vista already?
Get that man a plaid shirt, some black socks and sandals.
it is agreed, we can now call the recession the “Greenspan facial”…..
Greenspan went to the dark side many moons ago after being a loyal disciple of Ann Rand. He, above all people should know that your reputation is the most value asset you own. If you lie, cheat, or steal, your reputation should be forever destroyed (see Alex Rodriguez).
You do not ever, under any circumstances prop up failing institutions. This is what President Thompson would do (or is doing).
@1 – Maybe they are actually 10-2, but you just don’t know it. (ok, probably not)
…so do we need a Federal Reserve Reserve?
@2 Me too, until I panned down to old scrote face. Wow, did they pull him directly out of a nursing home for this lecture?
Greenspunk is a moron. Very typical of Americana you hold some out as shinning beacons to be looked up to. The veneer cracks …
I believe Greenspunk is Richard Nixon’s evil twin.
the randian cabal wants nationalization. it will hasten the breakdown of the system. then and only then will the men of the mind re-emerge and assume their rightful place in society.
viva greenspan and his free money policies.
@6 try spelling her name right if you are going to try to sound smart. You clearly haven’t even read her works.
@1 i’d answer your question, but you’re not smart enough to understand the answer.
@ 11. duh, it was her nom de ploom
I think we do need a Federal Reserve, but not in the capacity that they currently operate. Would anyone out there want Barney Frank (responsible for the New Depression) or Co-President Nancy Pelosi (responsible for the coming Great Inflation) running money supply?
This is not 1913, the shadows and secrecy must give way to transparency. There is no reason to have delayed minutes. Second, I want to know who are the owners of the Federal Reserve. It is not the US Federal Government, at least not exclusively. Who is dictating our money supply? Really?
Third, trying to set interest policy is insane. They are almost generally incorrect and lag the markets. There has to be a better way, perhaps tying money supply to a basket of currencies or gold/oil.
Deep, Long, Hard, Brutal, Pounding – the recession is your bubba, bitch
But what about the bond holders then?
@14
http://www.justfuckinggoogleit.com
Andrew Jackson was right…
Greenspan is an ass.
Like everyone, he is talking his book – Pimco owns a lot of government debt, you know.
I’d like to hear Greenspan and Bill Gross come out and tell us how bonds are going to crater when supply really hits the street – but I think this is all just a prelude to their argument that the Fed needs to buy agencies to effect quantitative easing.
Oh, we have those at Pimco? Oh, nice.
19 nailed it
Actually, I think Pimco has less to do with it than Paulson & Co. Nationalization would do wonders for shorts / puts on financial stocks. And, the spanner of green happens to be a Paulson consultant at present.
“I think it would be desirable to find a way to suppress asset bubbles. But I am skeptical that it can be done.”
How about we try TURNING OFF THE FUCKING PRINTING PRESS, YOU FUCKING FUCK?
That man is either in the grip of a serious personality disorder and thinks he’s really Francisco d’Anconia (which would actually be very cool) or is the most incompetent hypocrite ever to fill a government office. Assuming you consider being Fed Chair to be a government office.
“I think it would be desirable to find a way to suppress asset bubbles. But I am skeptical that it can be done.”
How about we try TURNING OFF THE FUCKING PRINTING PRESS, YOU FUCKING FUCK?
That man is either in the grip of a serious personality disorder and thinks he’s really Francisco d’Anconia (which would actually be very cool) or is the most incompetent hypocrite ever to fill a government office. Assuming you consider being Fed Chair to be a government office.
Is the US Postal Service hiring?
I’m sick of this shit.
“Once in a hundred years” sounds like the next time I get a bonus.
@18, Howard Johnson is right!
@23 EPIC!! I picture Antonio Banderas as a good Frisco!
G’span, too Mr. Andrea Mitchell.
A rod, Blago, Clinton, Greenspan… nobody wants to admit and take blame for doing wrong. Just admit what you did.
Saying “irrational exuberance” certainly worked wonders on pets.com, et.al. A similar turn of phrase might have had a similar effect on New Century, Countrywide, and others – sparing us this hell.
@23: I think he is Francisco d’Anconia.
From his book: “The new world in which we now live is giving many citizens much to fear, including the uprooting of many previously stable sources of identity and security. It is indeed an age of turbulence and it would be imprudent and immoral to minimize the human cost of its disruptions.” (p. 18–check google books if you don’t believe me.)
He has thrown the looters and moochers under the bus, and God bless him for that.
Too bad they will never make a movie of Atlas Shrugged.
Maybe people would realize that the Messiah is just going to make things worse.
Bart: “Well, can’t you see that’s the last act of a desperate man?”
Howard Johnson: “We don’t care if it’s the first act of “Henry V,” we’re leaving!!”
@31: I read somewhere the guy who owns the movie rights has said something to the tune of “There is no point of making a movie that CNN is showing live.”
I kind of agree.
@31. Agreed. Unfortunately, with the exception of a few actors/actresses, I believe a great many of them support the forces that the book opposes. The latest is Ralph Lauren said he would do set design, clothes etc (Source: Vanity Fair). Actors: Brad Pitt is interested, Angelina Jolie wants to do Dagney Taggert, and possible Russell Crowe as Hank Rearden (source: Wikipedia).
@31: I read somewhere the guy who owns the movie rights has said something to the tune of “There is no point of making a movie that CNN is showing live.”
I kind of agree.
Angelina as Dagny Taggart is the greatest irony of it all.
Say it! What’s holding you back?
“Greenspan was not a true believer. He was a sell out.”
Feel better now? I know you would.
Angelina is too hot for Dagny. Unless they put her in a pony tail, glasses, and paint covered overalls, she wouldn’t work.
Messiah did not count on this chigger emerging from the woodpile so soon!
Atlas Shrugged is garbage. Douchebag American males in their 20′s that actually believe in that crap are a dime a dozen on Wall Street.
@40: If they really get it, they wouldn’t be on Wall Street. See Francisco’s money speech.
@40: That is totally irrelevant. The point is, either Greenspan is secretly identifying with the major characteristics of a character from the novel, or he’s a hypocritical scumbag. There is no option C in our scenario. Don’t like it, get your own scenario. We’re workin’ this side of the street.
Everyone who has their panties in a bunch about this $75 Billion plan remember this:
What’s the true value of the debt gurantees the gov has given to Citi? Not the preferred stock.
$75 Billion. Damn and nobody bitched about that.
Hey folks:
The government already repoed all this shit at way more than it is worth. Sorry to say but we already own it unless they can someone reflate all the assets.
Now we need to take our lumps instead of giving out free money to banks, servicers, lenders, borrowers and other scum of the earth who caused this whole thing.
I bet Andrea Mitchell hasn’t seen it “long and deep” in friggin DECADES…
@40
Go back to law school. Ayn Rand is better than the bible.
Speaking of someone who arouse from the dead.
@40 -
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