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Greenspan: Dark Days Ahead for the Global Economy

Posted on Mar 17, 2008
France 24

Those hoping for better news about the state of the U.S. economy—not to mention the bigger picture—aren’t going to hear it from former Fed chair Alan Greenspan anytime soon, judging by his ominous forecast released Monday.

France 24:

“The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War,” Greenspan said in a Financial Times commentary.
“It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities,” he said, referring to the meltdown in the US subprime home loan market and subsequent massive losses for the banks holding the debt instruments.
“The crisis will leave many casualties,” he said, his remarks coming after Bear Stearns, the fifth largest US investment house collapsed Friday and was taken over by JPMorgan Chase for a fraction of its value of only a week ago.

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amunaor's avatar

By amunaor, March 20, 2008 at 3:08 pm Link to this comment

I saw your mention of ‘Deutsche Bank’ and thought I’d send you a little reminder…........



Thursday, September 18, 2003

Showing up to three dozen seizures of
business assets seized under the provisions
of The Trading with the Enemy Act of 1917, beginning October 20, 1942.

This is a detailed summary of information confirmed in declassified U.S. government documents available in The National Archives. These documents prove, for the first time since World War II, the extent and nature of Bush family support for Adolf Hitler and the Nazi war machine, from 1929-1942, when the U.S. Congress began seizing a number of business enterprises and/or assets controlled and/or managed by Prescott Bush and George Herbert Walker, the grandfather and maternal great-grandfather of President George W. Bush.

Much of this information has been available on the Internet for as long as a decade. A number of sites have posted information that upon journalistic investigation turns out to be accurate. Some of the information on the Internet can either not be verified in The National Archives, or has not been found to verify selected claims or representations.

However, there is also a wealth of new information and supporting documentation to show that the early and far-reaching support of the Bush-Walker families is much more widely documented than ever previously reported by a journalist.

In the meantime, all of the available information on the Internet, such as that at, has been denied by the Bush family and historians, or discredited by the “mainstream” U.S. media.

Now there can be no argument about the facts or their historical significance, particularly in light of The Patriot Act, the virtual disappearance of American citizen Jose Padilha, and the invasion and occupation of a sovereign nation (Iraq) under the “pre-emptive” provisions of The Bush Doctrine.
The newly-discovered documents at The National Archives (at location B190/80/7/7) link the Bushes and Walkers to the Nazi war machine via the following records from The U.S. Office of the Alien Property Custodian:

Full Article:

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By JEP, March 19, 2008 at 7:55 am Link to this comment

“he argued that they should not compromise the abiding principles of free competition.”

And this from the fed chairman who oversaw the rise of the monopolists?  Greenspan enabled the oil industry to run roughshod not only over it’s own internal competitors, but also over any alternative energy options.

It is one thing for an industry bully to force it’s own competition out of business, that is the kind of “trust” Teddy Roosevelt busted at the turn of the 20th Century.  In the post-modern era, the oil industry is the best historic example of big fish eating little ones until there’s just one big, fat whale left floating.

But this goes way beyond any opne of them forging an oil monopoly, they forged an ENERGY monopoly that systematically stifled, bought out and otherwise eliminated competition from NEW sources, not just from fellow oil mongers.

SO Greenspan’s allusion to free enterpeise is laughable, at best, and tragic at worst.  If we had been able to promote those alternatives back in the early 70’s, after the Arab oil embargo, we would already be well on our way to a new, greener and sustainable future.

Instead, the mddle class Reaganeers have seen their “shining city on the hill” suffer severe subsidence. Our once-great and “super-power"ful nation is losing it’s shine and its grip on power.

When Truman said “The Buck Stops Here” in refrencing the office of the President of the United States, I don’t think he meant “the dollar” but that is where it is heading.  “The Buck ($) may not actually “stop” here in the Bush years, but it sure ended it’s reign as the currency of choice for the rest of the world.

So I guess, in terms of dollar-dominance world-politics, it is quite accurate, in describing the Bush legacy, to note that “The Buck Stops Here.”

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By Fadel Abdallah, March 18, 2008 at 6:42 pm Link to this comment

As an after-thought to my previous short comment, I would like to add that to view the current economic crisis in isolation from and unconnected to the six years of disastrous wars by evil Bush and gang, is a short-sighted reading on this issue. Even the Greeks, who introduced democracy to the world believed in NEMESIS: the goddess of retribution, who punishes human transgression of the natural right order of things and the arrogance that causes it.

If you wish to get further insight into this, please read Chalmers Johnson’s “NEMESIS: THE LAST DAYS OF THE AMERICAN REPUBLIC.”

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By Fadel Abdallah, March 18, 2008 at 6:24 pm Link to this comment

Great post, zeitgeist! I concur.

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By Fadel Abdallah, March 18, 2008 at 6:14 pm Link to this comment

Before there is hope that things get better, all artificial walls, including Wall Street, must come down. That’s why I am one of the very few who are not disappointed at what’s happening to the the U.S. and world economy.

Capitalism as it has been practiced in the last few decades has grown to be a system without a soul; and in my humble opinion, anything devoid of soulfulness is bound to crumble. Unbound greed, materialism, and usurious interest are bound to come to haunt those who take these as the ultimate values; it’s the classical case of chickens coming home to roost! These are simple facts of life for which one does not need a graduate degree in economics to understand!

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By Frank Cajon, March 18, 2008 at 4:51 pm Link to this comment

Gee, Al, thanks, but…
Since the Wall Street idiots sell off every time you adjust your shorts, maybe it would be better to sort of hold off on the ‘I told you so’s’ and let the market forces play it out themselves without adding another impetus to send things on an even worse downward spiral. Sure, the enconomy is in trouble, and has been since before the subprime loan crisis, when your mismanagement of the Fed, the war spending splurge despite tax cuts for the rich, and the trade deficit turned a previously prosperous economy upside down. Go away, Al, I still have investments and when you shoot off your mouth it costs me money.

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amunaor's avatar

By amunaor, March 18, 2008 at 11:38 am Link to this comment

Perhaps the current light being shown upon these corporate financial criminals, having infected other cultures, in the form of the ubiquitous multi-national, could be the prerequisite medicine by which to introduce appropriate language to bind its rapacious lust.

It has been the failure of the descendant sentinels whose charge it was to mitigate the ‘checks and balances to rein in the ego. Instead, politicians have disregarded those now distant admonitions, as outdated words on a scrap of paper in need of amendment, whose distant melodious choir of voices has become dim and meaningless.

From 1913 onwards, when the bulk of U.S. corporate laws were unleashed, the subsequent stewards of the Constitution continue to ignore the lofty insights of its founders, have instead chosen to wallow in the same corporate trough of base human nature. To those still floundering in a delusional world, thinking we still have even the slightest semblance of Democratic principles woven throughout our body politic, those principles were scattered to the wind in 1913, leaving us with an Oligarchy of Corporate power, the biggest Corporation of all being the Military Industrial Complex – The Merchants of Death.

In this world of unchecked power and bottom-line ego, the financial institutions have become psychopathic predators, who troll the sea of flesh, with baited glitzy ads designed to snare its next victim into a cycle of debt slavery. The evolving nature of the internet has only increased their capacity for the silent plunder of the public. Today, all of the rotten paper the ‘high riders’ have caused to issue forth from the Federal Reserve printers is floating to the surface, and they expect the public, once again, to silently eat it.

Only a serious re-visitation of the Constitution could possibly turn the condition around. Since Corporations are simple creatures of the state, they have absolutely no Constitutional validity or foundation. Depending on the willfulness of its stewards, on these grounds alone Corporations could very easily be challenged and reined in.

Peace, Best Wishes and Hope

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By Vash the Stampede, March 18, 2008 at 10:52 am Link to this comment
(Unregistered commenter)

Yeah, unless you live in a tool shed the stimulus isn’t going to pay shite on a mortgage.

Maybe if you live in your car you could make a payment - best to look at the bright side, right?!?!?!?!?! Meh…

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By don knutsen, March 18, 2008 at 8:35 am Link to this comment
(Unregistered commenter)

Something about rats and sinking ships comes to mind. Where was Greenspan’s voice while Bush shoved thru his tax breaks for the wealthy ? Where was his voice while the credit cards lobbied our supposed “representitives” in congress to favor them over the consumers ? He spoke in high browed economic gobbly-gook that left most asking for a translation. While he was at the head of the Fed GW Bush got everything he wanted and then some. Looks like Greenspan did too, and he left a bag of shit for others to deal with just like GW Bush will. Why do we continue to look to the same individuals who were supposedly aware and yet let this all happen anyway for answers ? The answers are not going to come from Wall Street. The answers are in regulating the banking and credit card companies, not just bailing them out with the people’s money. The same institutions that created this fiasco are still calling the shots, still writing the biggest checks to our legislatures, and they are still the only voices our goverment listens too.

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By omop, March 18, 2008 at 8:27 am Link to this comment

As of now the only gutsy and pertinent comment about the disgraceful Greenspan….... agree with you wholeheartedly that he along with the neocons headed by B and C should be facing a Nuremberg type court of justice.

Amazing is it not that taxpayers monies are used exclusively to bail out crimnals rather than peole who were skewered by the criminals. What a bizzaro country the US has become.

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By Hemi*, March 18, 2008 at 6:57 am Link to this comment

Folks, I think you’ll find this of interest regarding the bail out and the other “screwy” news stories.

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By Expat, March 18, 2008 at 5:40 am Link to this comment

JPS, “If i’ve read the information right, a lot of the CDO activity by these giant banks wouldn’t have been possible under Glass-Steagal.”
Yeah and the Bear-Sterns bailout would not have been possible.  It looks like the rape is nearly complete and no Vaseline, ouch!

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By truthreaderaz, March 18, 2008 at 4:43 am Link to this comment
(Unregistered commenter)

After causing the current economic mess , the “bubbles man” chimes in with his “words of wisdom”.
By opening the money spigot from the federal reseve
bank he caused two massive speculating bubbles
back to back. In the mean time he looked the
other way while his friends in Wall St. devised
all kind of shenanigans to accumulate wealth
and loot the public.  Despite repeated warnings
of the impending disaster he kept saying everything
is under control and there is nothing to fear.
And now he is sermonizing!!  What a brazen pretender.
Unfortunately the perpetrators of the current
mess and their accomplices will get away with very
fattened bank accounts while the average Joe/Jane
will pay dearly and suffer severe pain and hardships
to clear the wrekage that was left behind.

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By jackpine savage, March 18, 2008 at 4:42 am Link to this comment

No one wants to talk about how those halcyon days of the Clinton administration laid the foundation for W’s house of cards.

Gramm-Leach-Bliley would create, in Clinton’s words, “banks too big to fail”.  Looks like one of them just keeled over.  They called it modernization, but in reality it returned us to a financial environment similiar to the 1920’s.  If i’ve read the information right, a lot of the CDO activity by these giant banks wouldn’t have been possible under Glass-Steagal.

Bill Clinton was a fraud…on many fronts.  Between G-L-B, most favored nation for China, and NAFTA you get an economic policy favoring the short-term profit making ability of Wall Street investors to everyone else’s detriment.  The guy spent half his time talking about the “little people” and the middle class…they were bamboozled by him and bent right over. 

Clinton-Bush (i won’t include Bush the Greater…he actually had some redeeming qualities and was moderate; moreover, at least he understood foreign policy, unlike his successor and his son) have spent nearly 16 years raping America for their own benefit…and there’s a good chance that the American people will get more.  Unfortunately, all the Vaseline is gone…and being a petroleum product, we really can’t afford to buy any more with our tanking dollar.

Before anyone talks about how many jobs he created…you can’t have a stable consumer economy based on service sector employment and imports, nor can you manufacture your way out of a recession or take advantage of a weak dollar.

Before anyone talks about his “surplus”...borrowing from Social Security to make your economic program look like it worked is not success.

Before anyone talks about the tech boom…A. it was a bubble and B. it was mostly the result of Reagan/Bush military spending.  There is a reason that the tech boom centered around the same geographical locations that major aero-space defense firms call home.

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By jackpine savage, March 18, 2008 at 4:12 am Link to this comment

I can’t remember exactly when it was, and i don’t have the inclination to dig it up right now, but i did read that Cheney converted the bulk of his portfolio to Euros a couple of years ago.

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By Expat, March 18, 2008 at 3:37 am Link to this comment

^ Glass – Steagal Act is, you will certainly understand why almost nobody is talking about it. Please read the link I posted below.  It’s part of getting us educated to one more example of just how ignorant we are (me included).

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By Expat, March 18, 2008 at 3:26 am Link to this comment

^ can you say Glass - Steagal?  Can you say Bill Clinton?  What do they have to do with each other?  The answer is fantastic (as in incredible).  In light of whats going on, this financial disaster got major steam from Clinton.  Here’s a link to a very good FrontLine article explaining The Glass - Steagal Act and it’s repeal and subsquent ramifications.  IMO, a must read.  I posted this in another blog here regarding Bear-Stearns. et/weill/demise.html

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By Dr. Knowitall, PhD, PhD, March 18, 2008 at 3:14 am Link to this comment

He reminds me of Mr. Magoo.

Could The Fed have been any worse off for having Magoo as its head?

Another way to look at it is, Greenie at least sees that there might possibly, in a stretch, be a slight problem here.  Bush still thinks the Mission is Accomplished.

Greenie for Prez!

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By msgmi, March 17, 2008 at 10:09 pm Link to this comment
(Unregistered commenter)

Where was GHB when GW went under with his oil business…Papa Bush was too smart to bail out GW.
A few days ago, GW tells Americans that the economy is solid with a slight cough.
A few days later Bear Stearns is wiped out.
Then the Fed juices up JP Morgan Chase with $30 billion and the latter acquires BS for $2/share and their billion dollar building. JPMC got the deal of the century.
Seems as if the Fed is involved in making banking institutions prosper with tax dollars…is this a loan, a stimulus for the economy, or a bandaide to fix a deeper cancer in the financial sector? No wonder Halliburton moved to Dubai. Does it matter that JPMC is a sitting member of the Fed Board? While JPMC gets $30 billion, i’m getting $600.00 which will be spent on a Titleist driver while i tighten my belt for more financial pain. That’s right folks the omniscient sychophants of this administration are destabilizing the commodity market and us simpleton citizens will be paying through the nose.

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By CJ, March 17, 2008 at 9:27 pm Link to this comment
(Unregistered commenter)

Greenspan’s right so far as he goes, and as any five-year-old could figure out. For decades he buffaloed president and president after president. Mostly, he talks gibberish, at which he is expert. Photo of him here with finger pointed in the air is all too typically “Greenspanian.” Part and parcel of (likely subconscious) shtick. “The crisis will leave many casualties”? Really, Al? Did I mention his capacity for noting the obvious when he’s not talking gibberish?

I would “read more,” but why bother? For decades people have been reading more from Greenspan, while all he ever did was raise and lower interest rates, per monetary policy according to Milt Friedman, late advisor to late Augusto Pinochet, among others. Milton got a Nobel, if I recall. So did Henry. So much for Nobel Prizes.

Greenspan was and still is revered as some kind of genius—both by media and by those who govern, regardless of political party. Thankfully, he finally split the scene. Except that, like Kissinger, he continues to pop-up from time to time, spouting same old, same old nonsense, when not noting what is patently obvious to the dimmest-witted.

As for the state of the economy, it should be noted that Alan Greenspan did his part to bring it to where it’s at. Read more? Don’t think so; thanks anyway.

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By Jeanine, March 17, 2008 at 8:55 pm Link to this comment
(Unregistered commenter)

Greenspan CAUSED much of this problem, with his moronic Milton Friedman type ‘voodoo economics.’  Come to think of it; Greenspan ADMITTED in his book that the war in Iraq was ...all about taking the oil.  Since Greenspan was an insider, and INTENTIONALLY WITHHELD this information on the fraudulent plot to attack Iraq—HE SHOULD BE FACING TRIAL IN THE HAGUE FOR CRIMES AGAINST HUMANITY ALONG WITH BUSH, CHENEY, ETC…  This wicked, ugly little man should be serving time…not serving Malthusian criticisms.

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By Inherit The Wind, March 17, 2008 at 6:58 pm Link to this comment

Seven years ago you crossed the line from Head of Fed, to Bush’s Head for Pres.  Seven years ago ANYONE with eyes and an economic background saw Bush’s tax cut and knew it eventually meant THIS, what’s happened today.  You had to know, too, but you caved in, like every other spineless Squid in Washington.

Now the chickens have come home to roost and you make the speech you should have made 7 years ago.

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By troublesum, March 17, 2008 at 6:42 pm Link to this comment  Morgan Stanley got $30 Billion; most of us are going to get between $600 and $1600.  Perino says this will take care of mortgage payments so no one will face foreclosure.  Why don’t they just come right out and say “Fuck you, if you can’t make your payments.”  $1600 is adding insult to injury.

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By omop, March 17, 2008 at 5:42 pm Link to this comment

“Seeing dark days ahead for the global economy” is all of a sudden a revelation to Mr. Greenspan.

  Was he not Chairman when the cakewalk into Iraq and the bringing of democracy to Afghanistan began. No communication between his office and the office that handles the overall budget of the American Republic?

  The average American expects as a minimum that those entrusted in good efficient government by the people for the people are qualified and able to do the job.

  Not only is the USA at present in military quagmires, thousands killed and maimed but also almost in bankruptcy mode.

  Those in the know may be buying acreage in Paraguya or holding francs in Swiss banks or elsewhere but there’s close to 300 million unaware of whats in store for them.

  Keeping the population ignorant is not the best way to resolve America’s problems.

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By Louise, March 17, 2008 at 5:39 pm Link to this comment

OK, it’s official!

The guy that helped build the wall just let us know it’s falling down!

Guess we better pay attention huh?

Some of us have been through this before, only on a smaller scale. Daddy Bush was almost as bad as junior. [Who knows, had he been in office another term this might have happened already.] So we warned our kids and our kids have been smart. But the sad thing about this time around, even the smart ones. Even the ones who did everything right are going to get hurt.

And if this proves as disastrous as the last time foolish men called republicans caused a world-wide recession, even the euro may not be worth the paper it’s printed on.

And speaking of foolish men, how come conservatives keep dragging that dead elephant around? Don’t they know the conservative party is gone already? Those guys leading the republican party are frauds! Every single one of them!

Meanwhile, stock up on canned food [make sure you have a manual can-opener] and extra clothes.

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By LibertyWatch, March 17, 2008 at 5:37 pm Link to this comment

A fine mess you created Mr Greenspan with your government treasury busting policy and compassionate conservatives free market exploitation of the world marketplace!

We still have months to endure this false, fascist, corrupt government ideology, before any hope of cleaning up this mess they have created for America to carry. Broken treasury reserves, broken military, broken banking, broken legal and broken medical systems all failing and dying a slow agonizing demise.

Meanwhile W thinks everything is just swell and he works hard everyday to screw us even more!!!

PEACE by popular demand & Impeach W

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By cyrena, March 17, 2008 at 4:10 pm Link to this comment


I have a very strong feeling that they’ve been converting all of the loot into euros from the very beginning. Cheney DEFINITELY has.

I hear there was a really huge fight not long ago, (well, maybe a year or so now) between Dick Cheney and the bush elders. I can’t remember if they were accusing him of stealing several million from Jr, or if Dick was accusing Jr. of stealing several million from him.

Whichever way it goes, it’s all the same, and not surprising. Actually pretty typical of no honor - even among thieves. It’s not at all unusual for partners in crime to start double crossing each other when it’s time to divide up the loot.

Anyway, Cheney didn’t move Halliburton to Dubai a couple of years ago, just to keep all of that money in American dollars. And the main thing that got Saddam whacked, was the fact that he was about to start selling his oil to whomever wanted it, (never mind the sanctions) and he was demanding only Euro in payment.

Now, THATS why he got whacked. Can you imagine what that would have done to Dick and George Sr’s set-up with the Saudis?

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By cyrena, March 17, 2008 at 3:59 pm Link to this comment

Gee Hemi,

Don’t hold back…why don’t you tell him how you REALLY feel!! wink

Thanks though. My sentiments exactly.

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By samosamo, March 17, 2008 at 3:28 pm Link to this comment

Al, you sure are a big dissapointment with your gloating over your handy work. Do something constructive with yourself, like have a stroke.

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By GW=MCHammered, March 17, 2008 at 3:20 pm Link to this comment
(Unregistered commenter)

These old guys still have a hard-on for that antiquated New World Order crap. They can’t even manage our economy, education or infrastructure much less globalize them. And if unemployment figures took into account the estimated 8 million-plus that have given up looking for a job, unemployment would be closer to 10%. Most workerbees I know work for less than they did fifteen years ago. Some doing the same friggin’ job.

We need (historically) higher wages at the bottom and middle and much less greed at the top. Cut government in half and Nationalize healthcare while we’re at it. Terminate the oil war, invest in infrastructure, and alternative fuel. End this mindless greed and start filling the need!

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By truthreaderaz, March 17, 2008 at 2:19 pm Link to this comment
(Unregistered commenter)

The “bubbles man” is still having the audacity to
voice his “valued wisdom”.
After plannig and excuting the dot com bubble and
currently the housing bubble by opening the money
faucet all the way.  While clouds gathered and storms brewed he looked the other way while he kept saying everything is under control and there are no
problem.  That happened twice.
The average Joe/jane will pay dearly for the current
mess while Greenspan’s Wall St. friends will end up with very fattened bank account regardless of what will happen to their own banks and brokerage firms.

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By 1twenty1, March 17, 2008 at 1:10 pm Link to this comment

1.  Housing mortgage financing failures
2.  Liquidity bottom falls out
3.  Fed funds go to 0%
4.  Personal unsecured debt soars
5.  Joblessness approaches 10%.
6.  Private and public bankruptcies triple.
7.  Inflation approaches and eclipses 30%.
8.  Millions of million dollar homes sit unoccupied.
9.  Gold flirts with $2000.00/oz.
10. National debt exceeds 14 trillion.
11. Crime rate doubles.
12. Chrysler goes into receivership.
13. One fourth of all businesses fail.
14. 10 million people’s daily concern: public soup’s flavor that day.
15. George Wrongworst Bush is still accountable for nothing except Barbra and Jena.

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By Douglas Chalmers, March 17, 2008 at 11:28 am Link to this comment

the USA can’t afford another war,  troublesum. Neither can it afford to repudiate its debts either.

But then, the Repugs might be stupid enough to do just that, uhh…..

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By Douglas Chalmers, March 17, 2008 at 11:25 am Link to this comment

“Bailout” still a dirty word in Washington:-

“Can we outlaw the forces of gravity? You know, how much can government do?” Paulson said in a “Fox News Sunday” interview, arguing that markets must go through a painful correction before they can resume normal function…..

Paulson told “ABC This Week” that proposals calling for major government intervention “do more harm than they would do good” by prolonging the time needed for markets to correct…...

In the span of one week, the U.S. central bank announced plans to inject some $400 billion into tight credit markets via two separate programs and provided emergency funding to Bear Stearns….. “The markets are still in a state of tumult, and the risks to economic growth and employment remain heavily weighted to the downside.” ....Dresdner Kleinwort economists…..

Deutsche Bank economist Mustafa Chowdhury said…. “The federal government can ill afford a sizable purchase of mortgages, given wider budget deficits which started at around $150 billion last year and could very well reach $600 billion this year if a recession takes hold,”....

Chowdhury likened the Frank and Dodd proposals to a leveraged bet on housing that had no guarantee of paying off. “The kinds of measures that require substantial fiscal outlays, such as this mortgage purchase plan or an explicit guarantee of agency mortgage-backed securities, require significant political commitment and consensus which is absent right now,” he said…..

Sherry Cooper, global economic strategist at BMO Capital Markets….. “I don’t think that this is going to end up being a taxpayer bailout. I just don’t think that ... people have the stomach for that,”...

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By weather, March 17, 2008 at 11:22 am Link to this comment
(Unregistered commenter)

buddy, let us know exactly how you feel. Thanks for your post.

Alan is the obsequious pontificator whose ego shows up on doppler radar and whose substance is limited to just sounding good, but always at the wrong time.

When the ‘barbarians’ where at the gate, Al brought the flashlight.

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By Hemi*, March 17, 2008 at 10:58 am Link to this comment

How ‘bout you shut the f*ck up and stay out of our sight Rev Al Greenspan. This “I told you so” act is pure bullshit. Bernanke is only the current whipping boy/puppet and you’re simply gloating now that you got out. You knew what was coming because you started the ball rolling. Go back to being Andrea’s sex slave (and isn’t that a pretty picture?) on some middle-east atoll you pompous prick.

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By Eric L Prentis, March 17, 2008 at 10:52 am Link to this comment
(Unregistered commenter)

Chairman Bernanke and the Federal Reserve look irrationally frenetic in their futile effort to avert a US recession. The Fed’s stalling action is making long term conditions for the US economy worse by increasing gas and food inflation and causing the plunge in the US dollar. Americans will eventually have to pay dearly for the Fed’s actions, probably with a long, severe recession. The unprecedented action by the Fed, of saving Bear Stearns from bankruptcy by taking on credit risk of $30 billion dollars from the Wall Street investment bank, demonstrates the Fed’s willingness to protect their friends on Wall Street who now do not have to return billions in bonuses they received just a few weeks ago. The Fed’s possible illegal, contemptible new roll of agreeing to be the lender of last resort for investment banks is truly socialism for the rich and powerful. The Federal Reserve needs to be reorganized to primarily safeguard the American people, so the Fed no longer focuses on helping their clubby, pampered friends. I ask you, where are the good politicians, who are not in Wall Street’s pockets, when the people desperately need their help?

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By johnp, March 17, 2008 at 10:08 am Link to this comment

we tried leaving, nobody wanted us… looking around my town, I can’t blame them either.

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By Expat, March 17, 2008 at 9:25 am Link to this comment

^ look at options.  There are many options, even if you are not rich.  Overseas there are opportunities.  One needs to look at many things; exchange rates, currency conversions, actual costs for rent.  It does take some research, but it’s not rocket science.  Good luck.

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By GW=MCHammered, March 17, 2008 at 9:14 am Link to this comment
(Unregistered commenter)

Queen of the Pump-n-Dump economy.

He and Bu$hCo play/win both up and down. But don’t buy Euros. Buy Dubai, the UAE dirham. Just like your blueblood leaders most likely are doing with your Social Security and Public Retirement deposits.

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By Expat, March 17, 2008 at 9:13 am Link to this comment

^ and we can eat food that is cheap and delicious and debate our differences ad infinitum enjoyably.  The beer and whisky are cheap as well.  Come on over.

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By troublesum, March 17, 2008 at 9:00 am Link to this comment

McCain’s response: Nothing wrong here that another war couldn’t fix.

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By Maani, March 17, 2008 at 8:46 am Link to this comment


Any decent apartments available near you?


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By DennisD, March 17, 2008 at 8:34 am Link to this comment
(Unregistered commenter)

Greenspan: Dark Days Ahead for the Global Economy

Who should know better than the fool that did so much to get it there.

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By cyrena, March 17, 2008 at 8:11 am Link to this comment

Thanks for putting this so clearly Expat.

It’s been coming for so long now, and while I’m FAR from anything close to an expert on the market or the economy, even I saw this coming. Long ago.

Nobody else seemed to be paying much attention though, so I guess they know even less than I do. smile

So, for whatever it’s worth, I’ll buckle my seat belt. I have a feeling though, that those of us who’ve already crashed are probably gonna survive a bit better than the others. The higher up they (thought) were, the farther it is to fall.

Yes, the devastation will be overwhelming. Good time to think about getting the youngsters to safety. The rest of us can hang it and hold on tight.

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By Expat, March 17, 2008 at 7:45 am Link to this comment

^ Friedman’s free wheeling, criminal style of capitalism.  Buckle your seat belts; because the economic whirlwind is coming.  Bernanke is panicking and majorly screwing up.  He has no idea.  Our printing presses for money are working overtime and there is nothing to back up our dollar.  The economic chickens are coming home to roost!  We are going to see the closest thing to a depression since the 30’s.  Inflation will grind us to pulp.  Greenspan, the progenitor of this abomination will skate free and leave devastation in his wake.  There is no reckoning.  Pity.

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By weather, March 17, 2008 at 7:16 am Link to this comment
(Unregistered commenter)

who had the courage and discipline to confront Congress by sustaining interest rates at unconfortably high levels to quell inflation, Greenspan is so intoxicated w/his own ‘irrational exuperance’ that he forgot to mention that unbridled greed flourished under his stewardship. Nice legacy.

Al, how’s your buddy Hank Greenberg&Sons;?

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