Article

2010-02-24 Home Front: Politix

Greenspan: U.S. recovery "extremely unbalanced"

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by gorb 2010-02-24 07:07|| || Front Page|| [4 views ] Top

#1 Translation - Ain't We Got Fun

Posted by Besoeker 2010-02-24 10:46|| 2010-02-24 10:46|| Front Page Top

Posted by Bugs Slick2363 2010-02-24 11:27|| 2010-02-24 11:27|| Front Page Top

#3 "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression"

Obviously it's just the markets self-correcting. Greenspan's beloved efficient market is just doing it's job....and all is well with the world.

Posted by One Eyed Slins3386 2010-02-24 12:51|| 2010-02-24 12:51|| Front Page Top

#4 You have to wonder about Greenspan when he comes out with this jaw-dropper:

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.

Posted by tipper 2010-02-24 19:16|| 2010-02-24 19:16|| Front Page Top

#5 Greenspan may have been right. When something gets widely securitized, it means there is a huge pipeline to support it. People know that there is larger inherent risk in the pipeline, so they pass the subprime loan to the next stage like a hot potato, figuring if they minimize their exposure, there will be less of a problem when it comes crashing down. Apparently the big institutions couldn't avoid the risk as well as they thought they could.

Now if you don't have the pipeline, then people are going to be more careful about who they give a subprime loan to. That was when ACORN stepped in and threatened a racial discrimination lawsuit anyone who wouldn't write these loans to, err, "folks who obviously couldn't afford it". Obviously, the folks who obviously couldn't afford it then morphed into every Tom, Dick, and Harriet in the US who had an apartment budget and mansion taste.

Posted by gorb 2010-02-24 20:54|| 2010-02-24 20:54|| Front Page Top

#6 Greenspan sleeps with Andrea Mitchell. His mind has to absorb some of the bitter bitch madness

Posted by Frank G 2010-02-24 20:57|| 2010-02-24 20:57|| Front Page Top

#7 The true reason the recovery is "extremely unbalanced" is that the actual people running the recovery are themselves extremely unbalanced, in the sense that their super-large egos and self-proclaimed omniscience completely outweighs any connection to reality or common sense.

Posted by Pheaper Peacock1728 2010-02-24 21:41|| 2010-02-24 21:41|| Front Page Top

23:30 lex
22:34 Heriberto Uloth5220
22:32 AlmostAnonymous5839
22:23 USN,Ret. (in Michigan)
22:10 Mike
22:09 mom
22:05 mom
21:41 Pheaper Peacock1728
21:28 Raj
21:18 jack salami
21:09 jack salami
21:07 trailing wife
21:05 Scooter McGruder
20:58 trailing wife
20:57 Frank G
20:56 Nimble Spemble
20:55 Mike Kozlowski
20:54 gorb
20:54 Frank G
20:49 Rex Mundi
20:49 trailing wife
20:45 gorb
20:42 Rex Mundi
20:39 Rex Mundi