Greenspan just said that the current credit crunch is "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression.
Bloomberg notes:
Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”Greenspan also said “fiscal affairs are threatening this outlook” for recovery.
As I pointed out last May:
Unfortunately, virtually everything the American government has done since the crisis started has been counterproductive. See this, this, this, this, this, this, this, this, this, thisand this.The following experts have said that the economic crisis could be worse than the Great Depression:
- Fed Chairman Ben Bernanke
- Economics professors Barry Eichengreen and and Kevin H. O'Rourke(updated here)
- Investment advisor, risk expert and "Black Swan" author Nassim Nicholas Taleb
- Former Fed Chairman Paul Volcker
- Nobel prize winning economist Joseph Stiglitz
- Economics scholar and former Federal Reserve Governor Frederic Mishkin
- Well-known PhD economist Marc Faber
- Former Goldman Sachs chairman John Whitehead
- Morgan Stanley’s UK equity strategist Graham Secker
- Former chief credit officer at Fannie Mae Edward J. Pinto
- Billionaire investor George Sorors
- Senior British minister Ed Balls
More Here
As for the poll, I guess trusting government would be easier if they weren't so ruthless and calculating.
ReplyDeleteIt is like having a giant corporation out to kill you. Fucking sucks!
Everyday I learn something new. Today I learned most of the diet pop drinks, even the 'healthy' ones, contain brutal insecticides, acids, and poisons like Aspartame and Sucralose. Same with most gums.
I already knew about Flouride.
Geezus. This is not by accident. Donald Rumsfield was a major shareholder in Montesanto when he pushed Aspartame though.
Our mis-leaders are genocidal psychopaths.
EA I think if we take all the crap you have posted on this blog we can easily fill that mysterious hole in the sky...what do you think???
ReplyDeleteLook for drinks sweetened with Stevia, natural plant extract, one brand is Zevia.
ReplyDeleteFor gum, get ZAPP! gum. No aspartame. No Sucralose, etc.
You have to go out of your way to avoid the bastards out to poison you. The sheeple are clueless about all of this of course.
Working hard....go to sleep...
ReplyDeleteThe Oligarch's trademark strategy throughout the decades:
ReplyDeletePROBLEM: They cause the financial collapse.
REACTION: The people will do anything to avoid giving up their McMansions and I-phones.
SOLUTION: You get a way lower standard of living, less freedoms financial and otherwise, and a brand spanking new currency and Bank of the World which will see to it that 'errors' are never made again.
12:27 is "the troll" who doesn't die. You can tell because of all the "......." It is his trademark. Not even clever enough to disguise his own trollaciousness. FOOL.
ReplyDeleteComments like those by 12:27 are an insult to people like myself and my wife who have lost our jobs and have no more unemployment. YOU 12:27 may not be affected by this economy yet, but many others are and are feeling this depression daily. So please, do me a favour and just GET LOST.
ReplyDeleteThis is why I appreciate EA and this blog.
ReplyDeleteUSA Today's opinion from their website -
Don’t blame the stimulus for a weak economy
Our view: Ugly recession would have been more unsightly without government’s boost.
12.27 is just a sad wanker who hasnt got a girlfriend and still lives with his mum.
ReplyDeleteGreenspan is the one who got us into this mess with his years of artificially low interest rates.
ReplyDeleteGreenspan. What is he still doing flapping his gums? Geez, can't get rid of these annoying assh*les no matter what. Same with Cheney, has five heart attacks and still alive. Damn. Must have some deal with the devil going on.
ReplyDeleteThis makes me want to laugh:
ReplyDelete"The following experts have said . . ."
When we have had recessions in the past the feds would deny it for th full extent of the recession. When we were coming out they would talk about "The Recession" Now we are in the beginning throws of a depression and they deny it and the media will not use the term. If you say it it gets worse. Well dah...
ReplyDeleteThe latest jobless claims numbers just came out and they were worse than expected. These are the gov't numbers, so I'm sure the "real world" numbers were much worse!
ReplyDeleteThe Greatest Depression will be here soon enough!
Whew, glad that recession is over. That was a close one. AAW, don't worry about that job thing today. Everything is still looking up. When we get this New Federal Health Care issue taken care of all will be well in the world.
ReplyDeletePoliticians are liars, they have to be. And they have to be good at it. I am sure they get coached on how to do it in front of cameras without being caught.
The way you know they are liars is that they are simply not that stupid. Nough said.
With exception of Joe Biden and Nancy P. They are not that bright.
ReplyDelete12:27 is a government employee sitting on his fat ass all day, paid by your blood. Likely TSA based on his very low IQ. Of course he is clueless and immune to what's happening to the real world.
ReplyDeletejfk jr died princess diana
ReplyDeletebut these people live forever
greenspan caused the problom then the old fart has the nerve to say its worse
these people should be in jail
everyone from goldman sachs to congress
reminds me of napoleon they vote for the tyrant because the whole democrateic process is corrupt
i cant beleive congress didnt extend uenployment yet really many will find out to late when they close the banks for the hoilday
My mother was born in 1928 and lived on the East Coast at the time. She remembers the Great Depression. My grandparents survived it. Mom remembers having a "normal" childhood during that time, but what is normal, when everyone in her neighborhood was suffering together. This present time has her really scared for her grandchildren and great grandchildren.
ReplyDeleteOne business that is currently booming is Rifle Gear, in Costa Mesa California. I visited the place this week. The customer area was packed. I had to wait about 20 min just to ask a couple of questions. The guys behind the counter were all very well armed. One guy told me this packed customer floor is normal, every hour of every business day. The register was packed with cash. The customers seem to know that it's far better to make your purchase with cash, than a debit or credit card, after all, who wants a bank to know are a customer of a business selling "assault weapons"... only the government calls them assault weapons anyway.
Greenspan has ruined us all!
ReplyDeleteAdding to 7:12;
ReplyDeleteIf you think the economic recovery is real then just keep typing on myspace telling other myspacers stuff about your life that isn't. If not that then go read a health article in a USA Today magazine thinking it will have some magical benefit in your life... then when it doesn't work go try to find another article on how to lose the imaginary 15 pounds.
GOD DAMN IT!!!
This is the worst era I've ever heard of. I keep getting this weird nostalgia when I think about all the other eras... I cry sometimes wondering why I couldn't have been there and have to be here instead. I guess wasn't supposed to be there.
I'm getting the point - so obviously the myspacers and Oprah fans will be no help when it all happens... pathetic people like that can't be of any help. Then it's time to make the myths. Exciting... I'm looking forward to this even though I worry it might not happen. My worst fear is that life continues like this and we go on forever like that.
History will be written in 100 years teaching children that Oprah and Angelina Jolie were humanitarian heroes who were among the most influential people of the 21st century. I bet you guys never thought of that? Isn't that a horrifying thought?
That is the scariest thought I've ever had in my life. I really am not joking or exaggerating... that is a bad thought.
Fuck everything except Truth; fuck everyone except the older who feel bothered, and the other young that are tired of this dung.
7:49 Oprah and Jolie got there money from Sheeple. The sheeple who support their celebrity are the very folks who will be surprised when their grub costs go up. Oprah will not stay in Chicago when all hell breaks loose. She will probably go to some compound she has already supplied with the necessities to last a year or so. Oprah and Jolie are not stupid (maybe a bit naive), just their followers.
ReplyDeleteI am happy that taxpayers pay for abortions, imagine how many more criminals like cheney, bush, hitler, pol pot, we would have if not for abortion, it is a Very necessary procedure and I am for it, especially when we would have 50 million more in this country out of work or in prison
ReplyDeleteIs there not one sane person commenting today?
ReplyDelete8:41 Why don't you abort yourself with a .38 to your tiny brain? That's a good start.
ReplyDeleteHow do you plan to recover from this? Perhaps we need another forum to discuss the crisis.
ReplyDeleteWe have an armed society with millions of guns and billions of bullets and shot shells. We have vets from Viet Nam who know how to fight dirty. They know how to build an IED out of spit and dog shit. Washington D.C. needs a "deep cleaning" any house keeper will tell you that means stripping the kitchen bare and cleaning every surface and corner. The corruption has to stop. We know our vote is worthless, that's why no matter how many times we say "we'll vote the bastard out", the bastard keeps getting reelected.
Joe Stack believed that violence was his answer. Violence is never fun, people get hurt and killed. I'm fresh out of ideas on how to stop the madness. I was sure Bernanke would get canned, especially after refusing to tell Congress, what foreign banks got bailed out and then what, he gets another 4-year term to continue driving this country into the ground.
I'm in my 50's and it saddens me to think that my generation may be the last to have ever known at least some semblance of prosperity.
So I ask again, what is the solution to this crisis? We know the government caused it and they will do nothing to stop it.
There is too many radical Muslims who hate America commenting on this blog.
ReplyDelete1049 you are a jesus fcker, go believe some more sky fairy nonsense bbbbbaaaaa bbbbbaaaaa
ReplyDelete10:55 I believe the solution is personal. We of course must vote when we can. Other than that we have to plan for the future of our children and grandchildren. What the means is... 1. How to plant a garden and process your own seeds for next year 2. How to can and dehydrate your own food for the season 3. How to hunt and process animals for the table (and smoke and store meat without refrigeration) and how to tan hides for clothing etc. 4. How to sew and mend clothes 5. How to read books made of paper... and collect a solid library of how to books 6. How to repair a bicycle or cycle and keep it running with minimal effort 7. How to sharpen a knife by hand without electricity 8. How to make soap from wood ash and animal fat 9. How to reload your own ammo 10. What herbs will relieve pain, stimulate the immune system, and make food more palatable 11. How to build a home from sticks, dirt and rocks that would sell for 300,000.00 even in todays market. etc. etc. 12. How to heat a house and cook with a minimal amount of wood. 13. How to handle a gun 14. How to treat your fellow man and not loose your soul in the face of a massive extended crisis
ReplyDeletePeople who are older will be teaching folks in our respective communities how to do basic things. The person who has massive skills like mentioned above will be of extreme value. The unprepared will pay us in gold and trade goods of extreme value to take a class with us on the basics. You will be paid very well to sew, make soap, and teach the neighborhood children basic survival skills. And so it goes...
10:55 I agree with 11:35 Teaching and training our children and grandkids is the future. Make ourselves valuable to the youth. Killing and stealing will not be the answer for very long when we collapse unless we have crazies who form answers and start a genocide of minorities. Then and only then will I join forces in any type of military effort and that would be to stop the killing of minorities. We must think about the wicked and sick minded and it will be that mindset that we will have to defend our little world from. There are some on this site who would do horrible things if all hell breaks loose and they would justify it in their sick minds and unfortunately gather other sick people to join their band.
ReplyDelete11:48 I RESEMBLE THAT!
ReplyDelete11:48 I'm more worried about the ludicrously disproportionate minority on white violence. Minorities have their own God Damned Cesspool countries. If you like them so much then GTFO and join them in Mexico or Uganda etc. Ad Nauseum.
ReplyDeleteHow fitting
ReplyDeleteAmerica's green span ended forever by Greenspan.
That little stooge faced zombie served up America on a platter to the NWO.
The way out of this mess is to bring back
ReplyDeletethe guillotine and start slap chopping.
Revolution!
I think it's time to start making the mirror test mandatory in politics.
ReplyDeleteI bet 99% of those bastards don't cast a reflection.
Revolution!
Relax folks it's just a little govt experiment.
ReplyDelete"let's see what happens when we take all the houses and jobs away"
Man flies plane into building in Texas.
ReplyDeleteMan bulldozes house to avoid foreclosure.
Govt destroys America to implement NWO.
Not much difference...
Everything gets trashed.
Captain America has even gone AWOL
1:10 No he hasn't, for I am Captain America. Wherever an American is being shitholed, I am there. When he is being robbed, I am there. When ever he is being deceived, I am there. For I am Captain America the President of the United States of America. But you can just call me Captain America, President of the United States, I am the President, Nobel Peace Prize Winner,Rogue Scholar Obama. Or you can just call me Michelle's husband.
ReplyDeleteNo it is I who is captain amurka, I was a failed school boy, failed fake military guy, fake texas guy really from maine, my daddy got me everything I have, I never earned anything honestly, you can call me dubya, or w which ever puts food on your family, call me dumbya bush
ReplyDeleteFuckhead 3:51
ReplyDeletewait 'til Jeb gets the nod in '12
HUUUUUUUUUUUUUUUU YAAAAAAAAA
MoFo
Miss Me Yet ??
ReplyDeleteWhat you have read above goes to show you that the leadership of the world is completely inept to lead you, my beloved people of Earth.
ReplyDeleteSoon, my little ones, I shall reveal myself to you as your true savior. You shall place your faith in me, and I shall deliver you from the auspices of wicked men.