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Greenspan: "The Stock Market Is Great", But The Economy Feels Like In "The Late Stages Of The Great Depression"
While conflicting economic data leaves hope for both buills and bears, Alan Greenspan warns that, unlike Yellen, "US economic growth is not strong." He then slays another pillar - suggesting the exuberant job growth is anything but (as he focuses on weak productivity as he pinpoints entitlements as "crowding out capital investment" in America. The maestro then breaks the golden rule of central bankers and explains how The Fed was, in fact, the main driver of the P/E multiple expansion in stocks; and when asked if this ends as badly as last time? He concludes "It depends...When real interest rates start to move up, that's when the crisis could hit." The interview is somewhat stunning in its honesty (for a central banker) as he warns global "effective demand is extraordinarily weak - tantamount to the late stages of the great depression."
Some other excerpts...
"Lower long-term rates is not a conundrum, its an indication of how weak global economic growth is."
"effective demand is extraordinarily weak - tantamount to the late stages of the great depression."
"Monetary policy is not responsible for economic weakness - it's a fiscal issue."
The Fed is responsible for the inflation of the stock market
"Almost all the problems are due to a lack of long-term capital investment" - reflecting perfectly on our detailed explanations of company's preference for shareholder enhancement through buybacks rather than investing in the corporate growth of the economy... "nobody wants to invest in the long-term because nobody knows what is going to happen."
Greenspan...
And finally:
"Stock market is great - the economy is not."
You are right Alan...
* * *
We suspect this will be the last time Greenspan is invited on The Truth Channel.
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Right, this guy was a free-man. Then he sold his soul to the banksters. Now he wants to redeem himself. Right!
Screw all these guys coming clean after retiring and getting their lolly. If you did not say anything when it mattered, just STFU and crawl under a bush and die.
Reminds me of Eisenhower's "Military Industrial Complex" speech as he left office. He should have warned his first day in office and then done something about it.
" late stages of the great depression" that sounds bullish. We're almost out that means!
Fear not. Were rolling Tonka toy tanks into Estonia
This lack of demand thing is just dumb. Hint: it's never lack of demand. It's always price.
Why does ZH give this sleazeball Zionist Jew minion so much air time?
I'm pretty sure we're busy watching him hang himself. Also its likely he stole the cheese from the rat race(maze), so it'll be interesting to see if that turns up anywhere.
Who gives a flying fuck what this has-been tool 'Bela Lugosi' says a la an Ed Wood Plan 9 from Outer Space production. There is so much wrong and evil here. The best I can do is guide and arm my children (14 & 13) against such lunatic sophistry, aroogance and hatred. For it will become their fight to fight.
who would think that stealing from the poor and middle class and giving to the rich would end badly!
"Late" stages? That can only mean Dow 100,000 here we come.
Frosty...don't arm them with an AR15, cause they won't find any ammo.
See even when these guys let a little truth slip they lie, "late Stages"
Good God man we're really just getting started.
Soplifters and employees who steal from them.
I stopped when they decided the Craftsmen tool line would be made in China. Stupid accounting decision.
Anyone that listens to Alan Greenspan spew deserves what they are about to get IMO. Greenspan is just being called upon by MSM to attempt to make you believe his charade one more time. They figure if they pull Greenspan out every once in a while to boost your expectations of a market return you will keep pumping up the dead bubble economy that has already sprung fifty million leaks to Sunday. In effect, Greenspan is holding another carrot out before the audience and is egging everyone on to believe they can get the carrot that he is dangling on a stick in front of your faces. Frankly, we are not looking at metrics that indicate we are coming out of the "Great Depression" because we have already surpassed the "Great Depression" milestones by leaps and bounds. This crash since Bear Stears went down is still ongoing with no let up in sight. Greespan knows that he is feeding everyone pure public relations garbage but he does not care, and never did. A man that has lied to America for the last 50 years is not about to start telling you the truth anytime soon, BuckO.
NOTE: It's time to really lampoon Greenspan before the SOB dies thinking we believed any of his drunken meanderings, frankly.
yet Greenspan is now telling people to own Gold
There was a time before he sold his soul.
http://www.321gold.com/fed/greenspan/1966.html
TruthTalker, he sees that a dollar collapse is coming and is trying to redeem himself. Too little, too late. I don't see the baby boomers pulling their savings out the market to buy gold.
Greenspan is a snake in the grass bait & switch grifter that had the World fooled for many decades up to Bear Stearns March 10th 2008. By the close of the bell on the NYSE March 10h 2008 Greenspan's historiography, and abject failure to grasp expectations, was made abundantly clear to everyone that understands the law of large numbers, leveraged TBTF, and derivatives. I, for one, am pleased the assclown is being outed by every keyboard in the World. God knows Greenspan is working for himself and NOT humanity. Greenspan cannot now turn, and state otherwise.
You blind goyim. Understanding and meaning of true economy in the real sense abandoned by goyim long ago. “Economy” today defined by kosher organised collaboration. “Economy” is what kosher media tells you what it is. You believe what we say. You believe real wealth is how many abstract digits in account you have. Not blood and soil anymore. Make you have fear of losing abstract digits. We control you by making you worship digits. We make you do unnatural things to protect digits we create. We use abstract words to control and enslave your natural souls. We make you love material wealth and demoralization as much as kosher tribe. You goyim elevate kosher parasitism to godhood. Oy Vey!!!
You, Sir, are not a real Rabbi .... Rabbi's don't talk like that .... I don't even think you're Jooish ! Signed, Not so gullibull, Goyim !
Haha. You be polite to Rabbi so not be labeled anti-Semite. You know nothing about Rabbi. You never even laid eyes on Talmud. Your Hagee and Olsteen teach you “jooish” god’s chosen. We pay them very, very good. You are not so “gullibull”. You are hopelessly gullible. OY OY OY!!!!
Giving warnings about the coming implosion will not absolve oneself from the guilt of the hand they played in contributing to it.
History isn't so easily scrubbed.
Haha cause of the problems today yet he is trying his best to distance himself.....kind of like Nixon and the laughable "elder statesman" tag he was trying to embrace......
Yes yes I was just another run of the mill shyster, thief, liar when I held power...but now I'm an elder statesmen with wisdom and experiance listen to me....
To hell with you Greenspan.....we all know you only appear on CNBC for the $200 appearance fee they give to blow dried talking heads....
Greenspunk is nothing but a lying elitest cock sucker...the fucking douche ws the archeitecht of this disaster, then just puts a dick in the other side of his mouth and now critisizes what he did when the dick was on the original side of his mouth
Fucking putz mother fucker will burn eternally for this
http://www.cnbc.com/id/102458578?__source=yahoo|finance|headline|headline|story&par=yahoo&doc=102458578
entitlements as "crowding out capital investment"
I guess he's referring to: bankers, 22 million government employees, 320,000 elitist.
About time.
Hey, Brownspin .... we're tanking .... spinning down the throat of the toilette .... we're in the early stages .... the late stages would be the recovery mode ?
We're at the lowest point before we flow up and over the trap and into total freefall. He's correct, just not precise, as always.
Of all the wonderful Jews in the US .... who does the MSM shove down our throats .... Greenspam and his dufus wife .... the reporterette !
Greenspin .... in his struggle .... to be urbane, witty and well spoken .... has invented a sort of Jewish "Ebonix" .... I shall dub it .... Jewbonix Econospeak !
Why is this douche bag, enemy of the working man, still breathing?
II thought this country was full of patriots ready to leverage their lead to shut those people up?
Why is this guy still breathing?
Can someone, please, shut him up?
You.
You have his address?
What if you burned down all the housing inventory of 2007? Remember, that was a option. Bet no is the answer, the taxpayers would of footed the bill. So how did this spin out of control Alan Greenspan?
Elevated Stock Market keeps things quiet as the captains of industry have their coffers full. This enables Obama and company to unilaterally change what ever he wants with little push back. I think Obama stated some months ago in a quasi threat to companys "You like your Stock Prices Right"
Keep the 1% happy and they can manipulate the entire nation.
Everyone must read Paul Craig Roberts latest at King World. His speech in Moscow. OUTSTANDING
http://kingworldnews.com/
He's a demented Putin worshipper.
"Après moi le déluge."
If only he could afford some Depends, we'd be spared.
Can I get a little love please?
Presto! And the 5k NASDAQ disappears again!
He's been drinking with Jim rickards.
Watched the youtube clip and had the following clip suggested. Seems like a longer form of the same. Worth the watch for me.
https://www.youtube.com/watch?v=_mmL8X_2Ces&list=LLRzrDITucxX7P1T9Ce9bnDg
Regardless of Greenspan's background, there are at least three good takehomes. 1. Gold has no counterparty risk, is the best money, and has its highest value in times of stress. 2. Solving the banking system situation we are in is relatively simple: make the banks hold capital to cover their bets and keep contagion out of the real economy. 3. It takes time and community understanding before the actions of government/banks sink in and have full affect on behavior be it currency inflation or the pricing of risk.
Ya forget # 4 - Jail time for Sandy Weill, Robert Rubin, Larry Summers, Alsn Greenspan (reduced because he has been admitting guilt), Ben Bernanke, ...lets start there ... as a benchmark.
10 years each and no parole.
"Two thousand zero zero party over oops out of time...so tonight we're gonna party like it's 1938."
No, no. The depression is just getting started.
" tantamount to the late stages of the great depression" = " tantamount to the beginning stages of the greater depression"
There, fixed it for ya Alan.
Folks love to blame "the 1%" for their problems instead of looking in the mirror. Given that it only takes an annual income of a half million or less a year to be part of that one percent, chances are many of you dupes work for 1%'ers.
Do you harbor enmity towards these folks - your employer, that is?
1% is defined by WEALTH not income - otherwise you give all those tax didging billionaires (who have tiny incomes on paper) a free ride!
Otherwise you're just working for the 1% as a PR shrill.
I 'lost' that 'position' (working for the 1%) 11 years ago. You?
Wow a central banker stating the obvious... He must be getting dementia.
A Gspam knows he's getting old. He may have had an epiphany, and he now understands that he can't take it with him. What fate awaits the old liar? He has already enjoyed great worldly rewards for his actions. I think he wants to have a record of himself telling the truth about something.
To take with him.
A great stock market would reflect a great economy.
Being very lazy I always liked the idea of being an investor, using Capital to ride on the back of others who do all the hard work.
It puts you on the right side of the trickle up effect:
a) Those with excess capital invest it and collect interest and rent.
b) Those with insufficient capital borrow money and pay interest and rent.
It used to be quite easy in the early days, but later on everyone wanted to be an investor and no one wanted to do anything useful. For every person doing something constructive, they had ten investors riding on their backs.
Anyway, I managed to make it to 109 without a single day of hard work producing anything useful. I just used Capital to ride on the backs of others that did all the work.
Can’t complain.
Too many investors and no one doing anything useful.he still hasn't learned to shut-up
this useless f*ck still pretends he knows something
The role of the IMF in burdening countries with unsustainable debt.
Here is an interesting and SHOCKING insight into the IMF shenanigans played by the them in relation to the ongoing Greek conundrum.
As I have already pointed out here, in 2009/2010, DSK the french director of IMF tried to negotiate a bank haircut in the first PIGS domino --when the Euro crisis began-- by asking the banks in Ireland to accept a huge "haircut" in order to make Ireland's public debt sustainable. The banks involved were Anglosaxon (no skin of DSK's french nose).
That scheme was shot down by DSK's main shareholder : Tim Geithner, who represented the Anglo bank interests. And Ireland's public ledger got totally screwed in the subsequent deal, leading to huge austerity nationally.
Now a new TV enquiry shows that the SAME DSK took a totally DIFFERENT line when it came to the IMF handling of the same type of crisis in Greece. The IMF BENT its owns rules with Greece making the debt deal totally unsustainable for the incumbent Greek government!
In other words DSK did a Geithner on Greece!
WHY ? The reply is simple. The French banks were HEAVILY exposed in Greece and DSK did not want to make them bleed by proposing a huge haircut in Greece like he had for Ireland.
DSK was thinking of his OWN future as political candidate in the next presidential elections in France! (Whence his leniency to the extent of bending over backwards to make NEW lending rules especially for Greece that were tougher than what was normally used).
Both Mutti and Sarkozy loved that ! As did Berlu, 'cos all three countries' banks had skin exposed in Greece.
The poor Greeks got shafted by the IMF, and DSK got POLITICALLY shafted by the Nafissa scandal all the more that he'd previously shafted her in the hotel ! (poetic justice there).
This just goes to show the corrupt, demented mindsets of our Oligarchy class, especially those who run our hallowed institutions like the IMF/FED/ECB !
Enjoy this read :
http://www.marketwatch.com/story/imf-bent-its-rules-to-hobble-greece-wit...
It should be noted, the public should be aware, that dsk was detained in NYNY the exact same day George Soros unwound his gold position.
Same day! Coincidence????
Comments from the peanut gallery are welcome.
Greenspan allowed on CNBC inducing fear sentiment like this makes sense if viewed from an IMF perspective as about now the time has come for the credit infused bubble to be popped, exactly in line with how IMF has made and popped bubbles in Japan, tiger economies etc.
Create bubbles - check
Pop bubble - about to
Create loans from nothing and force privatization etc etc IMF classic style.
Additional bonus this time - CBs broke, so introduce the mega mother printer of SDR and make it world bail out currency enabling privatization and stealth theft on global scale.
Genius
greenie is the idiot responsible for the entire world's current economic mess, why are you giving this douche free air time? he should have been shot for what he did.
so about 7 YEARS into the depression and the fuckwit greenspan calls it 'like a depression'
If you look at the FACTS this was obviously a depression when it started in 2008.
These wankers need hanging, apart from Greenspans part in this awful fucking mess, he's taking the piss by telling us what most of us knew 7 YEARS ago.
I feel insulted that ZH reprinted his dirty words - ignore the prick and hopefulloy he will die quietly of an 'undisclosed illness' and then the shrills can geton with re-writing history so he looks like a 'great man' to anyone who is lazy in their analysis - which is most people it seems.
umm like fucking "duh". You were instrumental in getting it that way. Jezzus H Christ, He must be trying to rewrite history now.
WTF - economic weakness is being caused by fiscal issues, not monetary policy???
What does he think is the root cause of the "fiscal issues"
Stock buybacks wouldn't have been at such extreme levels if interest rates were so low. The government couldn't run these huge deficits if the fed wasn't monetizing treasury debt and they had to rely on tax revenue.
He's either lying, senile or his adult diapers were full and he wasn't thinking straight.
yellen has run out of volume - so shitbag greenspan states a contradiction of health to pull in the shorts
the pig yellen runs over the shorts and forces covering
and presto, you have volume
that's this week's strategy - next week is a different story - pig yellen is such a visionary
#PIGYELLEN #PIGGREENSPAN
Did i hear Greenspan says the weekness in the global economy is comparitve to the GREAT DEPRESSION?
isn't QE meant to be socialism for the rich at the expense of the poor?
Well, I think most 'non-Bulltard Pinko Fascist Commies' understand perfectly well what the future holds. And, it ain't pretty. Keep 'Starving The Beast' and you will be better fit to weather the storm...
Two tiered economy that will fold as the stock market buyers (including through representation) dwindle in physical number. Pyramid financing always has a probable end.