Greenspan: “the financial crisis was “by far” the worst in history”

-------- Original Message --------

Subject:	FWC -- Greenspan: "the financial crisis was "by far" the worst in history"
Date:	Wed, 24 Feb 2010 03:23:35 -0800
From:	Jas Jain

"The financial crisis was caused by a "fundamental misjudgment in the marketplace," Greenspan said." No, Mr. Greenspan, it were the crooks in the marketplace, whom you defended and supported, that caused the crisis. The crisis was scripted! . Didn't some crank concluded, a dozen years ago when Greenspan was being celebrated as the Maestro, that America had created a financial system and conditions that would lead to the global Greater Depression and repeatedly warned about "It is the debt, stupid!?" (Yes, that was in 1998 when I started warning people against the corporate crooks that had taken over the American economy and the financial system via control of the government, including the Federal Reserve).

 

Can you imagine that unelected Greenspan has had more power than any single American for the past 30 years! Greenspan set the stage and Bernanke has guaranteed the global Greater Depression by bailing out the culprits. Dynamite duo! Thing about postponing simple recessions and depressions is that they get bigger and bigger until no amount of manipulation can stop the financial catastrophe inherent in these manipulations. 

 

Only an ignoramus can be optimistic about America's future because the same crooks that created the crisis have even more power today than three years ago. Yes, Warren Buffett is an ignoramus when it comes to forecasting the future of the US economy on which he has bet it all. 

Jas

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http://www.bloomberg.com/apps/news?pid=20601087&sid=a1aLQ51QXlDA&pos=3

Greenspan Says Crisis 'By Far' Worst, Recovery Uneven

By Joshua Zumbrun

 

Feb. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis was "by far" the worst in history and called the recovery from the global recession "extremely unbalanced."

The world economy has undergone "by far the greatest financial crisis globally ever," Greenspan said today in a speech to the Credit Union National Association's Governmental Affairs Conference in Washington...

The financial crisis was caused by a "fundamental misjudgment in the marketplace," Greenspan said. Greenspan defended markets, because other forms of economic organization are worse.

Greenspan said he wants the subprime mortgage market to return. "I hope we can find a way of resurrecting the subprime market," because it was working well until those mortgages were widely securitized, he said.