Sunday, 21 September 2008

It must be bad if Greenspan says so

I saw a video of Alan Greenspan recently come out and say the current crisis is the worst he has seen in his lifetime.

View Video

Now if Greenpan is comming out and saying this it must be bad. I mean he was one of the prime causes for the mess we are in, blowing bubble after bubble, until it ended up in the current real estate bubble, which was just beginning to show signs of distress when he left the FED in 2006. How he can sit there all serious in TV appearances, I don't know. Within the past 12 months we have seen him say, the US may get a recession, to its 50/50, to we are in a recession, to only a few months ago saying the US hit a housing bottom, to now it is the worst financial crisis we have had in a 100 years. He knew all along it was going to be the worst financial crisis we had seen. However I don't think he will stop there. He may even admit in his next statement in another 3-6 months time, that irreversible damage is done and all Americans will have declining living standards for the forseeable future and so on. We could even see the end of the Federal Reserve itself over the next decade or so? Will this be his next claim?

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