By Arnab Datta

Sep 14, 2008 11:07am

Greenspan to Stephanopoulos: This is ‘By Far’ the Worst Economic Crisis He’s Seen in His Career

ABC News’ George Stephanopoulos Reports: Former Federal Reserve Chair Alan Greenspan said this morning that this is "by far" the worst economic crisis he has ever seen. "There’s no question that this is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go," he said in an exclusive "This Week with George Stephanopoulos" interview.

Greenspan also noted, "let’s recognize that this is a once-in-a-half-century, probably once-in-a-century type of event."

Looking ahead, Greenspan changed a previous prediction on whether the economy is headed towards a recession. When asked if the chances of escaping a recession were greater than 50 percent, Greenspan responded "no, I think it is less than 50 percent." But in a "This Week" interview last December, Greenspan predicted "that the probabilities of a recession have moved up close to 50 percent, whether it’s above or below is really extraordinarily difficult to tell. I think it’s correct.

On the fate of investment bank Lehman Brothers, Greenspan said he did not know enough of the details to comment on whether the government should step in and help. However, when asked if we will see the failure of more financial institutions, Greenspan affirmed "I suspect we will."

"But in and of itself that does not need to be a problem," he explained. "It depends on how it is handled and how the liquidations take place.  And indeed we shouldn’t try to protect every single institution.  The ordinary course of financial change has winners and losers."

User Comments

guess you republicans are lookin for anything to double talk your way out of things by covering up the truth and spreeding lies about Obama putting words in this mouth and basicly doing everything to spear the democrats and then attack us for tryin to fight back!!McCain/Pain havn’t said and done anything but put Obama/biden down to make themselves look better which had been used time and time again.
wake up america!! votr for someone who will stand up for the middle class and change what has been happening the last eight years!! McCain/palin aren’t going to change anything and haven’t even explained their platform and I can’t wait for the debats and hope Obama/biden call them on all their cards!!!

Posted by: jenn | September 14, 2008, 11:19 am 11:19 am

Yeah, notice there are no troll comments on this one. The truth hurts… republican economic policies putting us ALL in danger whether we voted for them or not. Please people, wake up!

Posted by: Leslie | September 14, 2008, 11:35 am 11:35 am

Yeah, notice there are no troll comments on this one. The truth hurts… republican economic policies putting us ALL in danger whether we voted for them or not. Please people, wake up!

Posted by: Leslie | September 14, 2008, 11:35 am 11:35 am

Oh jenn, I can’t wait for the debates either. Unlike you, tho, I don’t hope McCain/Palin will show the other two for who they are. I know they will. Hey Obama needs your change. It’s his new campaign slogan.

Posted by: Kitty | September 14, 2008, 11:37 am 11:37 am

The policies of the Republican Party are broken. We cannot afford to be in Iraq, Afghanistan and Pakistan. And yes,Iran as well as we have Special Ops forces in country assessing Irans capabilities and vulnerabilities. Our economy is ruined, banks are collapsing on a weekly basis, The Treasury has taken over Fannie mae and Freddie Mac and the auto manufacturers are seeking government bailout as well. Many people in the north will not be able to afford to heat their homes this winter due to the high heating fuel costs.Yetthere are people out there who are willing to vote McCain – Palin and continue these disasterous policies. Please open your eyes and support Obama, let’s hae a change!

Posted by: Snoop | September 14, 2008, 11:38 am 11:38 am

Yeah, notice there are no troll comments on this one. The truth hurts… republican economic policies putting us ALL in danger whether we voted for them or not. Please people, wake up!

Posted by: Leslie | September 14, 2008, 11:38 am 11:38 am

All this shows is that Greenspan left a mess when he retired, and that the Democratic-controlled Congress compounded the problems by doing NOTHING over the past two years.

Posted by: RKH | September 14, 2008, 11:46 am 11:46 am

Wait a minute. Greenspan says this is the worst economic crisis he has ever seen, probably a once in a century event, but it might not be a recession??
Please explain.

Posted by: jock59801 | September 14, 2008, 11:50 am 11:50 am

The decline in the economy coincides with the Democrats taking control of Congress.
Think people.

Posted by: JA | September 14, 2008, 11:52 am 11:52 am

This is why Democrats hold the lowest approval rating in history. Only in placed Republicans run the state such as Florida and Texas is the Economy booming. But in Democrat created cesspools such as Chicago Illinios the place Obama is in charge of is not only the murder capital of the world. Almost 2 out of 3 blacks are unemployed thanks to Obama and his PAY to PLAY politics with REZKO or the Media afraid to report that on Obama the scum bag

Posted by: fartty | September 14, 2008, 11:54 am 11:54 am

This is not saying much for Greenspan himself since he may of created the mess we are in now for not putting a lease on the economy while he was in office. Now we are in a market correction

Posted by: fartty | September 14, 2008, 11:56 am 11:56 am

How bad does it have to get before they wake up?
The Republican base is the backwash at the bottom of the glass. They will support any RNC PIG no matter how immoral and deceitful they are.
The RNC policies have WRECKED our economy and yet they are running McCain who will give us 4 more years of the same failed economic policies.
Sarah Palin LIED about visiting the troops in Iraq, a spokesperson for the Republican vice presidential nominee confirmed Saturday.
If Obama did such a thing his campaign would be over.
Palin is an AIP supporter and her husband was an AIP member who would REMOVE A STAR FROM THE US FLAG.

Posted by: John | September 14, 2008, 11:58 am 11:58 am

George Stephanopoulos get back to reporting the real news instead of opinions of people. What are you a talk show host like Oprah trying to help out your boyfriend Obama

Posted by: dean jan | September 14, 2008, 11:58 am 11:58 am

The stock market took a plummet the moment it became clear, earlier in the year, that Barack Obama would likely win the Democratic primary. And common knowledge, at that time, was that the Dems were a shoe in for victory.

Posted by: JA | September 14, 2008, 12:00 pm 12:00 pm

McCain’s financial adviser, former Sen Phil Gramm is a major cause for the problems by deregulating futures trading and financial institutions. Gramm removed the laws put in place to prevent another “Great Depression” Do a search on Gramm and foreclosure, subprime, Enron, speculators
McCain said Gramm is a genius economist and McCain has said he does not understand economics
This is too serious for McCain that loves fighting wars, but will not answer questions about policy
What has McCain accomplished during 26 yrs in Congress?

Posted by: Julie | September 14, 2008, 12:02 pm 12:02 pm

And we can thank Greenspan for it! He began the expansion in the first place. And left the recession for “Helicopter Ben” to manage throwing more credit out on the market. What happens when you have easy credit, defaults and predatory lending. The banks get bailed out while the debtors lose everything, nad the taxpayers get the bill. Thnks Greenie! Now take your tv wife, and GO AWAY!!! Your lucky you are not in jail. You just might want to leave the country. No worry, WE will still be stuck here paying for your sin.

Posted by: argh! | September 14, 2008, 12:03 pm 12:03 pm

I wish someone would tell me how a minuscule 2-point change in interest rates can be the biggest calamity to befall the United States economic system.
In the past 200 years, interest rates have changed by far more than that in far shorter a time period – yet the financial institutions didn’t collapse.
Obviously risk-management was not a specialty of the mortgage community – propping up housing prices that I estimate to be about 500% of what they should be (I mean really, should a 1200 square foot home on a 6000 square foot lot really be “worth” a million dollars in the bay area?).
I say let the whole system collapse and let housing prices fall to where they belong (in the 100K range) and let the banks that lend responsibly survive.

Posted by: Susan DeOrnelias | September 14, 2008, 12:03 pm 12:03 pm

George Will said, with a straight face, even, that he would have flunked the Bush Doctrine question. Hey George, your memory fading, or what???
The Bush Doctrine At Risk. By George F. Will Sunday, June 22, 2003; Page B07 Washington Post.
Even McCain surrogates will lie through their teeth and expect us all to believe them.

Posted by: David Hart | September 14, 2008, 12:03 pm 12:03 pm

This is the GOP’s mythical Reaganomics crashing and burning in spectacular fashion.
The world turned into one rancid speakeasy ruled by chronic gamblers and get-rich-quick schemers, willing to play anyone as a mark under their New World Order.
And McCain promises more of the same.

Posted by: Becca | September 14, 2008, 12:04 pm 12:04 pm

ok, just out of curiosit, why do you democrats on here think its the republicans fault for the economic crisis? please explain your thoughts instead of just jumping on the bandwagon..

Posted by: tim | September 14, 2008, 12:05 pm 12:05 pm

what ticks me off about these buyouts is that the useless CEO who gave us the mess and ran the bank into the ground get to leave with golden parachutes while the employees are left with nothing.
When are we going to stop giving welfare to corporations and CEOs while the average person starves and is in trouble.
I am so sick of this republican economy and it’s all for the rich.
Talk about elitists!

Posted by: vwcat | September 14, 2008, 12:09 pm 12:09 pm

An economic crisis after two Republican administrations? Sounds familiar. Let’s see. The Great Depression in 1929 started after two and into the third Republican administration. The recession of early 1990s started after two Reagan administrations and into the third republican administration. Now again. Some record these guys have. However, I would not be surprised if this country votes Republican again. Stubborn and stupid.

Posted by: Alex | September 14, 2008, 12:09 pm 12:09 pm

why should we stop giving corporate welfare and not personal welfare? do you realize how many billions we have wasted on that little democratic plan? its the same exact thing, but you “sympathetic” people on the left dont see it everyday, and dont see the money thats wasted on it so its ok. welfare in general is a waste. a complete waste.

Posted by: tim | September 14, 2008, 12:11 pm 12:11 pm

JA wrote:
The decline in the economy coincides with the Democrats taking control of Congress.
Boy are you dumb! The economy starting falling apart by the time the democrats got to congress and too late for them to do much. Besides, anything they can do has been filibustered by the elitist republcians.
this is the result of 30 years of failed republican policies and the failed trickle down theory that also caused the Great Depression in the 30s.

Posted by: vwcat | September 14, 2008, 12:12 pm 12:12 pm

i would rather vote for another republican than give a vote for socialism anyday. as a matter of fact, i think thats what i will do again.

Posted by: tim | September 14, 2008, 12:13 pm 12:13 pm

As a republincan I have to be honest. Plain interview was a disater. I just dont undestand why she was not better prepared. I am starting to belive that really says what ever!!! Take it from a hard core republincan Palin is not fit to me commander in chief. I was supposed to fell more confrtable with her after the interview instead I fet like she is just a an empy suit. Waht really bothers me is the honest factor. I dont think shes been honest. I am sorry I will put America first and that is by not voting for her.

Posted by: Diane R | September 14, 2008, 12:13 pm 12:13 pm

I watched the Gibson interview with Palin. She was shrill, rigid, nervous, and clearly out of her depth. How could McCain try and put her a heartbeat away from the Presidency? That’s the real question. At least Obama made a rational choice when he picked Biden, whom even Republicans consider an expert on foreign affairs. Yes, I am also a republincan who is not being fooled by this palin hype.

Posted by: Linda Hoffman | September 14, 2008, 12:16 pm 12:16 pm

ahhh, have you seen the majority of the bills the democrats have tried to get passed in the last two years?! all of you on the left, have been fooled yet again by your own. the majority of the bills on the big issues , have been completely outrageous, or had just one element in them that was outrageous, therefore not even given a chance to pass. and they did this on purpose!!! they did this for this exact reason. so it made the average “mindless” american believe it was the REUBPLICANS holding up progress. well, im not one of those mindless americans. i realize what they have done in order for your vote and its shameful. to hold up any major progress so they can get votes. its not going to work this time.

Posted by: tim | September 14, 2008, 12:18 pm 12:18 pm

diane…
first off, palin is not running for president.. lol secondly, do you actually think barack obama is better prepared than her?! wow….

Posted by: tim | September 14, 2008, 12:19 pm 12:19 pm

tim – “why do you democrats on here think its the republicans fault for the economic crisis? please explain your thoughts instead of just jumping on the bandwagon..”
One word: deregulation

Posted by: jock59801 | September 14, 2008, 12:23 pm 12:23 pm

tim writes – “i would rather vote for another republican than give a vote for socialism anyday. as a matter of fact, i think thats what i will do again.”
Socialism? Is that what you are afraid of? Ok let’s see. What do you call no-bid contracts worth billions of taxpayer dollars? A free market? Bear Sterns bail out? Freddie/Fannie bailouts? Prohibition to bargain with pharma companies for best price on medications? Protectionist steel tariffs? Oil companies tax subsidies? Punish seniors for going to Canada to buy cheaper medicine? Who brought us all this nonsense?
Socialism is when government owns all the property and plans all business in the country. I have not heard Dems advocating that.
Fashism is when corporations have government in their pocket. You are gonna vote for some kind of an “ism” in any event. Don’t fool yourself.

Posted by: Alex | September 14, 2008, 12:24 pm 12:24 pm

There’s something I notice about NObama in every speech he delivers it is heavily covered by the media; “he’s close and yet so far.” He connects with the people for a few minutes like a good lecturer but once a person leaves the lecture room, they can’t remember a damn thing what the lecturer talked about. He also talks down on people, he puts a distance between him and his audience, like a professor to his students. NObama cannot relate to a common man but he expects you to believe whatever he says and you have no right to question him. He made him self into an icon, untouchable in so many ways. But the more people know about him, the less they like him; due to the fact NObama is speaking in another world, he uses a language foreign to a lot of people. It is English but the way he talks, makes you feel inferior, you’re beneath him. That is my summation of NObama.
NO WAY NO HOW NO VOTE NOBAMA
Women are the majority and we REJECT obama!! WE will protest the Undemocratic party this election and N.O.T. Nothing on top of the undemocratic ticket..empty. NOBAMA!!
I WILL VOTE McCAIN/PALIN.

Posted by: HP Boston | September 14, 2008, 12:25 pm 12:25 pm

This is why Democrats hold the lowest approval rating in history. Only in placed Republicans run the state such as Florida and Texas is the Economy booming. But in Democrat created cesspools such as Chicago Illinios the place Obama is in charge of is not only the murder capital of the world. Almost 2 out of 3 blacks are unemployed thanks to Obama and his PAY to PLAY politics with REZKO or the Media afraid to report that on Obama the scum bag
Posted by: fartty | Sep 14, 2008 11:54:16 AM
———————————
EXACTLY!!

Posted by: HP Boston | September 14, 2008, 12:27 pm 12:27 pm

Of course Barack Obama is better prepared than Palin. He has been living with these issues for years. He has an insatiable curiosity. And he is U.S. Senator. I have nothing against Palin, but she obviously does not know the issues or the world as well as Obama. And with Biden being the most knowledgable of the four, they make a pretty good team.

Posted by: jock59801 | September 14, 2008, 12:28 pm 12:28 pm

Greenspan is most singularly responsible for our current economic catastrophe. Amongst other disastrous decisions, he encouraged the widespread irresponsible behaviour by the banks and mortgage companies leading to the subprime debacle. The biblical message is that money must never be made available so cheaply. With all of his knowledge and at the end of his career, why didn’t Greenspan understand this?

Posted by: ikas | September 14, 2008, 12:28 pm 12:28 pm

jock…
ok, this is my point. im a conservative, not a republican. that being said, i am just as disgusted with what the republicans have been as of late. and you’re right. thats PART of the problem. but you know what i hate? i hate people who come in here and blame everything on what party or the other. those who actually believe it has been the last 8 years alone that have brought on this crisis. its just not that simple. there are many factors that have brought this on from the changes that were made under the clinton administration that made predatory lending a ton easier, to alan greenspans work in the past decade or so. our government wastes SO MUCH money, the average american ha no clue. and it simply cant be blamed on one party or the other as they would lik us to believe. thats not to say they both dont have their faults, but to come in here and throw the generic “the last 8 years have been a disaster” idea out there is cheap andshows that person isnt looking at the big picture. thats my point.

Posted by: tim | September 14, 2008, 12:29 pm 12:29 pm

alex…
you’re right, ive been fooled.

Posted by: tim | September 14, 2008, 12:30 pm 12:30 pm

HP Boston
Your inferiority complex is hardly a good reason for any of the rest of us to avoid Obama. He makes sense to us.

Posted by: jock59801 | September 14, 2008, 12:31 pm 12:31 pm

first off, palin is not running for president.. lol secondly, do you actually think barack obama is better prepared than her?! wow….
Posted by: tim | Sep 14, 2008 12:19:55 PM
——————————-
I think Obuma is ill prepared to be GOVENOR OF ALASKA!!
I am so concerned about the money and media baking of Obuma, it is a dam
CRUSADE!!!

Posted by: HP Boston | September 14, 2008, 12:31 pm 12:31 pm

Greenspan should know he was part of the rape of America the last 15 years. Nothing well ever ” Change ” until the States take back the power from Congress.

Posted by: Tomjoad1776 | September 14, 2008, 12:32 pm 12:32 pm

hpboston…
good point. also look at the top 20 cities in america on the poverty list. i believe it was 16 or 17 of those have had a overwhelming democratic prescence over the years.

Posted by: tim | September 14, 2008, 12:33 pm 12:33 pm

tim
I agree, this has been a long time coming, and the Democrats have often been complicit with the deregulation and regressive trends of the last 40 years. We’re trying to change that, and it will be a lot easier to do under an Obama Administration than a McCain Administration.

Posted by: jock59801 | September 14, 2008, 12:35 pm 12:35 pm

I think Obuma is ill prepared to be GOVENOR OF ALASKA!!
I am so concerned about the money and media backing of Obuma, it is a dam
Crusade!!!

Posted by: HP Boston | September 14, 2008, 12:35 pm 12:35 pm

Republicans are responsible because of their trickle down economy, something Reagen started. Trickle down pliloosophy of giving the corporations large tax breaks and in turn companies would create more jobs, but what happened is corps got greedy and shipped jobs overseas and gave CEO’s huge salaries. So our trickle isn’t trickling anymore!

Posted by: Jeanette Owca | September 14, 2008, 12:35 pm 12:35 pm

if we are on the subject of economics, i realize there are issues. but how can obama sound good? i just dont get it? do you see what he wants to do to taxes? personal and corporate? capital gains? you think jobs are leaving now?! just wait if this idiot gets in there. he should refer to the jimmy carter years, because thats exactly what he’s looking at. this, while we are in alot worse shape globally. beginning of the end.

Posted by: tim | September 14, 2008, 12:36 pm 12:36 pm

As far as I can tell, this economic crisis is not so much a reflection of the ineptitude or corruption of one or another political party, but a reflection of a corrupt financial industry which ran (and continues to run) amok in an economic system with too little regulation and oversight. I’d say if we’re going to finger-point we should be looking in a mirror. We _are_ America.

Posted by: icancanu | September 14, 2008, 12:36 pm 12:36 pm

HP Boston
Your inferiority complex is hardly a good reason for any of the rest of us to avoid Obama. He makes sense to us.
Posted by: jock59801 | Sep 14, 2008 12:31:24 PM
—————————–
You simply have an inferior candidate.

Posted by: HP Boston | September 14, 2008, 12:38 pm 12:38 pm

When Bush took office we had a surplus of funds now, we are in an economic ditch trying to dig ourselves out. The buck stops with Bush and a congress that was Republican controlled for most of his 8 years in office. I know you like to spin the truth, but the truth will set you free. Just admit that the trickle down theory has TRICKLED OUT! We need a change and a fresh look at the problems this country has, and an assimilation of the brightest minds to determine how to solve them. We need intelligence and experience. Obama & Biden.

Posted by: Yvonne Mitchell | September 14, 2008, 12:41 pm 12:41 pm

jock…
i feel the same way, just on the other side.. lol i agree, as a conservative, i want to march down to capitol hill and let them know we arent going to take it anymore!!! and you know what? its going to get to that point i believe. americans are going from irritatd to pissed off. it may take one or two more big downfalls (which is inevitable) and it HAS to happen. but economics is just one issue i dont see eye to eye on with the dems. as mant problems as the republicans have, we the people can nfluence them and thats just simply not happening. economics is just one issue i disagree. to sit and listen to obama talk about taxes all day long and never about decreasing spending sickens me!!! at least lie to me and SAY you wont spend more money, jeez…. lol

Posted by: tim | September 14, 2008, 12:41 pm 12:41 pm

Actually, the economic crisis is mostly OUR fault. As long as there is this culture of consumption, and the yawning disparity between what we expect and what we are willing to pay, we will continue to lose our economic power in the world and no longer be masters of our own fate.

Posted by: jock59801 | September 14, 2008, 12:41 pm 12:41 pm

I do not like Dems and I cannot in good conscience vote Republican. I came to this country from Belarus in 1996. Grwoing up in the USSR and living through its collapse my biggest fear is of orthodox puris geniuses trying to implement some idea into life and rejecting all compromises in doing that. I am getting pretty afraid of this Republican orthodoxy that we should leave the markets alone and wait till benefits start trickling down. Again, the Great Depression, the recession of early 1990s and the present credit cruch have all happen after two or well into the second Rep. administration. What am I supposed think?
I’d rather vote Ron Paul, but I don’t think he is going to be on the ballot in Mass.

Posted by: Alex | September 14, 2008, 12:41 pm 12:41 pm

The DNC and the Obama Movement SUPPRESSED THE VOTES OF CLINTON Delegates at the National Convention in Denver. On August 27th, 2008 the DNC and the Obama Movement maneuvered an undemocratic and underhanded voting script to ensure that Hillary Clinton’s pledged delegates (and the 18 million votes they represented) HAD NO VOTE. Entire state delegations were brow-beaten into voting Present or Passing their votes to other states. August 27, 2008 is a day that will live in infamy for the Democratic National Committee.
If you are a Democrat and you are FED UP with the DNC and the Obama Movement’s tactics, JOIN US! We are Protesting the 2008 Election.
Join PUMA PAC!!!

Posted by: HP Boston | September 14, 2008, 12:43 pm 12:43 pm

Well thank you very much Alan Greenspan. So this is the worst economy ever? Hmmm….and who was in charge that led us to this bad economy? THE REPUBLICANS and yet he’s still going to back another Republican. Unbelievable!!!!!

Posted by: Cathi Rotan | September 14, 2008, 12:44 pm 12:44 pm

HP Boston
If Obama is an inferior candidate, then why do you feel so inferior to him?

Posted by: jock59801 | September 14, 2008, 12:45 pm 12:45 pm

It is beyond belief the hypocrisy and partisan political purility that anyone reading Greenspans words could EVER EVER EVER blame the democrats. Clinton left our great country a SURPLUS FOR CRYING OUT LOUD!The country was doing well with the best employment and salaries in decades! The MOST GROWTH in decades! The Democrats left this country in one of the best economic fiscally strong situations. Enter George Bush and follower McCane who VOTE 90% of the time supporting him. Oh MY God, can you people really study the facts. WE ARE GOING TO SUFFER if Mccane/Palin get’s into the white house. STUPID STUPID STUPID, for racial bigotry and racism, you republicans are going to vote this country down the crapper because you cannot stand the color of Obama’s skin. The writing is sooo on the wall and yet the blind will not see. Country First whatever. racism first. McCane was 894 out of 899 students in his class. Please people, do you think he has the intellect to fix this economy or better yet, do you think he knows his own limitations, he chose Palin, someone who took 6 Years to get a bachelor’s degree in Journalism. They know you dummies are idiots and would PUT racial pride and bigotry before country, so go vote for the idiots. yeah. McCane’s gut and Palins smile will make this country safe and economically strong. What a load of BS. We are going further down the crap hole and I am sooo damn sick an tired of all the racial crap and innuendo when I cannot afford to put gas in my car and meet my morgage. Forget college for my kids, McCane will send them to Iran to fight the next war. God help us all.

Posted by: JohnF | September 14, 2008, 12:45 pm 12:45 pm

Honestly….I don’t see how getting into two new wars (Iraq and with the Russians) is going to help things one bit. Palin-McCain’s talk of putting Georgia and the Ukraine (both nations with large populations that are pro- or ethnically-Russian) is a formula for getting us embroiled in a “hot war” with a nuclear power on their own doorstep. For Russia, it’s the Cuban missile crisis in reverse. They won’t back down.
Russia will now support the Iranians in their endeavors. No more help there. And the Europeans are likely wondering “what a bunch of ignorant tub-thumpers”). Meanwhile China smiles…as both Russian and Central Asian oil and gas goes through pipelines into their economy. And they become more powerful in the East.
Alaska may do quite well with the higher cost of oil and gas (the tax it up the wazoo so they don’t have to pay any State income or sales tax)…but Palin is so out of touch as a Governor to the economic ills facing us in the “lower 49″ that she is worse than uninformed.

Posted by: cinnamonape | September 14, 2008, 12:48 pm 12:48 pm

The DNC allowed sexist bias to HANDICAP the ONLY WOMAN in the race. When Tucker Carlson said that Hillary Clinton was a CASTRATOR, the DNC WAS SILENT. When Chris Matthews said that Bill Clinton’s INFIDELITY was the ONLY REASON for Hillary Clinton’s achievements, the DNC WAS SILENT. When the MEDIA CIRCUS unleashed a sexist onslaught of criticism against Senator Clinton regarding: her laugh, her cleavage, her pants, her wrinkles, her earrings, her “bitchiness,” her emotional “instability” the DNC WAS SILENT.
And now it is Palin the Dems are trying to destroy, the Obuma thugs are on her like a pack of rabid dogs!
JOIN PUMA PAC!

Posted by: HP Boston | September 14, 2008, 12:48 pm 12:48 pm

I think Obuma is ill prepared to be GOVENOR OF ALASKA!!
I am so concerned about the money and media backing of Obuma, it is a dam
Crusade!!!

Posted by: HP Boston | September 14, 2008, 12:51 pm 12:51 pm

As Micheal Vick would say, I don’t have a dog in this fight. Whoever wins will not be able to change anything. Congress has the power and could have stoped LiL Bush anytime it wanted to. The only way short of war to change the Federal Government is a third party. I’m a Ron Paul supporter to bad more people couldn’t open there eyes. But they’d rather fight over that 3.5 trillion the Fed’s take in. You have to take away the money from the Fed’s before you can have change.

Posted by: Tomjoad1776 | September 14, 2008, 12:51 pm 12:51 pm

RKH…Don’t blame this on a Democratic Congress when the Republicans have filibustered a record number of 80 times making sure that the Democrats could get nothing accomplished. So that people like you would blame the wrong people. Typical Republican politicians…party first, country second.

Posted by: Liz | September 14, 2008, 12:52 pm 12:52 pm

To whomever thinks that the economy in Florida is booming: what are you smoking? Unemployment is way up, and mortgage foreclosures are among the worst in the nation. Of course, the Republicans love the McCain-Palin economic plan: tax cuts for the rich and income cuts for the rest of us. Go Obama!

Posted by: Mary | September 14, 2008, 12:53 pm 12:53 pm

HP Boston
I will agree that Obama probably doesn’t know much about Alaska.

Posted by: jock59801 | September 14, 2008, 12:54 pm 12:54 pm

Nor do I disagree with the statements about the relative complicity or either political party. They both pretty much suck when it comes to resolving problems, and, yes, the current administration has spent us frivolously into the third world. It’s just that the problems are not more complex than many people seem to understand, and as long as we settle for the pat answers and folk medicine (read: snake oil) coming from career politicians, the future is bleak. We quiet types have been too quiet for too long.

Posted by: icancanu | September 14, 2008, 12:54 pm 12:54 pm

God help us if McCain is elected. He has run the most disrespectful campaign in history and his advisors are Washington lobbyists. McCain wants MORE tax cuts for the wealthiest Americans and corporations while he raises taxes on the rest of us. He promises MORE war even though Bin Laden has yet to be captured or killed.

Posted by: Keith, PA | September 14, 2008, 12:54 pm 12:54 pm

The DNC CHANGED THE VOTES of 600,000 Michiganders on May 31, 2008 when it stole 4 pledged delegates from one candidate and re-pledged them to another.
* The Obama Movement PAID THE SUPERDELEGATES who endorsed Senator Obama. Crucial Super Delegates pledged their support to Obama after the Obama Movement contributed tens of thousands of dollars to them. These were Super Delegates whose constituents had voted overwhelmingly for Senator Clinton in the the primaries.
JOIN PUMA PAC. PROTEST THE DEMS, THEY ARE CORRUPT NOBAMA!
WE PUMAS ARE DEMS WHO WILL NOT SUPPORT THIS CORUPTION!

Posted by: HP Boston | September 14, 2008, 12:55 pm 12:55 pm

Sorry, acorrection is due:
Nor do I disagree with the statements about the relative complicity or either political party. They both pretty much suck when it comes to resolving problems, and, yes, the current administration has spent us frivolously into the third world. It’s just that the problems are more complex than many people seem to understand, and as long as we settle for the pat answers and folk medicine (read: snake oil) coming from career politicians, the future is bleak. We quiet types have been too quiet for too long.

Posted by: icancanu | September 14, 2008, 12:55 pm 12:55 pm

The Worst? Dems need to sell more subprime loans. The Dem CRA did that.
Dems sabotage our economy then blame it on the R.?

Posted by: D. Johnson | September 14, 2008, 12:56 pm 12:56 pm

OBAMA = CHANGE
McCAIN = CHUMP CHANGE

Posted by: Ed from MA | September 14, 2008, 12:59 pm 12:59 pm

God help us if OBUMA is elected. He has run the most disrespectful campaign in history and his advisers are Washington lobbyists. OBUMA wants MORE taxes for the poorest Americans. HE is a phony, a fraud and a fairytale made up by the undemocratic party!

Posted by: HP Boston | September 14, 2008, 1:00 pm 1:00 pm

I’m in Florida, lucky I got gas before the media played up the Cat.#2 hurrican, gas went from $3.55 to over $5.We are living under the effects of what the Bush family did here in this State the way the Country is living with what Bush 41 and Lil Bush did.

Posted by: Tomjoad1776 | September 14, 2008, 1:00 pm 1:00 pm

HP Boston
Obama won the most pledged delegates. Therefore, if there had been NO superdelegates, and all the delegates had been apportioned the same way, then Obama would have one outright BEFORE the convention.

Posted by: jock59801 | September 14, 2008, 1:02 pm 1:02 pm

HP Boston
Why do you say Obama wants more taxes for the poorest Americans when you know it isn’t true?

Posted by: jock59801 | September 14, 2008, 1:04 pm 1:04 pm

The worst economic crisis in Greenspan’s career…
Thank you Republicans for running this country for eight years!
ENOUGH IS ENOUGH!

Posted by: brent | September 14, 2008, 1:04 pm 1:04 pm

NObama is bragging about his $55 million for the month of August, the media did not mention NObama and DNC they’re short ($12 million) for the month of August. NObama is spending money like water. Democrats running in their district are worried too, the DNC has ZERO in their bank account to fund local democrats for their bid.
The RNC and McCain don’t have a problem when it comes to money, McCain accepted public financing ($84 million), he doesn’t have to raise funds for his own campaign. RNC and McCain have over $200 million cash on hand and continue to increase. McCain went to Chicago to raise funds for the RNC, in 5 hours he raised $5 million; right in NOBAMA’s backyard.

Posted by: HP Boston | September 14, 2008, 1:05 pm 1:05 pm

Greenspan is a lying, thieving hypocrite. He flooded the market with fiat money, creating the last three major fiscal debacles (the S&L crisis, the dot com bubble, and the current mortgage crisis), and now he speaks of “paying for” tax cuts, as if the money we earn belongs to the government in the first place!
Kill the fed. To hell with Greenspan, Bernanke, and the rest of the counterfeiters.
-jcr

Posted by: John C. Randolph | September 14, 2008, 1:08 pm 1:08 pm

Rasmussen’s Daily Tracking Polls shows McCain reaching the 50% threshold mark for the first time….9/14/08
Sunday, September 14, 2008 Email to a Friend
“The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows John McCain reaching the 50% level of support for the first time since Barack Obama wrapped up the Democratic Presidential Nomination. McCain retains a three-point advantage for the third straight day, 50% to 47% (see recent daily results). ”

Posted by: HP Boston | September 14, 2008, 1:10 pm 1:10 pm

HP Boston
You were obviously one of the dumbasses who voted for Bush. Your inferior opinion and jugement has been noted.

Posted by: Gas, Oil, Pipeline (GOP) | September 14, 2008, 1:12 pm 1:12 pm

Anyone read the NY Times article about Palin’s governing style? You should check it out. Cheney Part II.
Or how about the Washington Post’s article on what she actually did as mayor of a town of 5,500. Can you say “not much”? Oh, her BIG accomplishment was building an ice rink that went over budget and ended up in court.
McCain has lost all credibiliy for his “country first” slogan by picking Sarah Palin. She is DANGEROUSLY unqualified.
But you can see Russia from an island in Alaska, so that makes it all better.

Posted by: Gas, Oil, Pipeline (GOP) | September 14, 2008, 1:17 pm 1:17 pm

Results from Republican Economic Policy:
Highest National Debt in history!
Largest Budget Deficit in history!
Record International Borrowing!
6% Unemployment
Housing Market Crash!
Lending Market Crash!
Wages on downward trend!
Inflationary Pressures Up!
Weakening of the American Dollar!
BUT….Tax Cuts for only the Wealtiest Americans!
Oil companies making RECORD profits!
Defense companies making RECORD profits!
Yeah! Go McCain! Four More Years! You know how it’s done! Let’s keep digging folks. McCain and Palin can take us even lower. YEAH!

Posted by: Gas, Oil, Pipeline (GOP) | September 14, 2008, 1:23 pm 1:23 pm

Obama – TAX CUTS for those who make under $250,000/ year. That’s about 85% of Americans.
McCain – TAX CUTS for ONLY the wealthiest people in our nation (ala Pres. Bush)
Who is going to help the majority of Americans nd who is going withthe staus quo?

Posted by: Obama 08! | September 14, 2008, 1:26 pm 1:26 pm

Obama should use this comment in an attack ad but I’m not holding my breath.
The Obama campaign’s attack ads have been HORRIBLE.

Posted by: Sandra | September 14, 2008, 1:47 pm 1:47 pm

Didn’t Ron Paul predict this over a decade ago. Republicans have screwed us over pretty good, and dems are just as guilty. Time for a new approach. Vote 3rd party if you really care about this country.

Posted by: Bringonthedepression | September 14, 2008, 1:50 pm 1:50 pm

How humorous. The man behind most of the economic problems today, the man that increased the money supply out of thin air about 3x, the king of “Bubble Creation” is still being asked for his opinion on financial matters. And some are still listening!

Posted by: Mike | September 14, 2008, 1:52 pm 1:52 pm

Placing blame is more than just a waste of time, it implies that once the blame has been afixed to the “others” the “us” are now free of sin. We won’t solve our problems unless we work together. We can’t work together until we quit the blame game and name calling.
I do want to ask the pro-republican posters one question though, what is this “socialism” you hate and fear so much. Can you define it for us? How is it worse than the corporate cleptocracy we have now? Anyone?

Posted by: Scoot | September 14, 2008, 1:52 pm 1:52 pm

Republican debate at the Reagan center:
Rudi – We are better off than 8 years ago.
Romney – We are better off.
McCain – Of course we are better off.
Ron Paul – No way, and it will get worse.
Gee, which republican tells us the truth?

Posted by: Bringonthedepression | September 14, 2008, 1:54 pm 1:54 pm

The DNC CHANGED THE VOTES of 600,000 Michiganders on May 31, 2008 when it stole 4 pledged delegates from one candidate and re-pledged them to another.
* The Obama Movement PAID THE SUPERDELEGATES who endorsed Senator Obama. Crucial Super Delegates pledged their support to Obama after the Obama Movement contributed tens of thousands of dollars to them. These were Super Delegates whose constituents had voted overwhelmingly for Senator Clinton in the the primaries.
JOIN PUMA PAC. PROTEST THE DEMS, THEY ARE CORRUPT NOBAMA!
WE PUMAS ARE DEMS WHO WILL NOT SUPPORT THIS CORUPTION!

Posted by: HP Boston | September 14, 2008, 1:54 pm 1:54 pm

HP Boston – Both dems and reps suck. Vote 3rd party for real change. Both parties are incestuously corrupt.

Posted by: Ben Straub | September 14, 2008, 1:55 pm 1:55 pm

There’s something I notice about NObama in every speech he delivers it is heavily covered by the media; “he’s close and yet so far.” He connects with the people for a few minutes like a good lecturer but once a person leaves the lecture room, they can’t remember a damn thing what the lecturer talked about. He also talks down on people, he puts a distance between him and his audience, like a professor to his students. NObama cannot relate to a common man but he expects you to believe whatever he says and you have no right to question him. He made him self into an icon, untouchable in so many ways. But the more people know about him, the less they like him; due to the fact NObama is speaking in another world, he uses a language foreign to a lot of people. It is English but the way he talks, makes you feel inferior, you’re beneath him. That is my summation of NObama.
NO WAY NO HOW NO VOTE NOBAMA
Women are the majority and we REJECT obama!! WE will protest the Undemocratic party this election and N.O.T. Nothing on top of the undemocratic ticket..empty. NOBAMA!!
THIS DEM WILL NOT VOTE FOR THE UNDEMOCRATIC PARTY!
I WILL VOTE McCAIN/PALIN.

Posted by: HP Boston | September 14, 2008, 1:56 pm 1:56 pm

HP Boston says
THIS DEM WILL NOT VOTE FOR THE UNDEMOCRATIC PARTY!
I WILL VOTE McCAIN/PALIN.
- Thanks for supporting war with Iran. I am sure that will do wonders for our economy moron.

Posted by: Huh | September 14, 2008, 2:00 pm 2:00 pm

I think Obuma is ill prepared to be GOVENOR OF ALASKA!!
I am so concerned about the money and media backing of Obuma, it is a dam
GRUSADE!!!
NO WAY NO HOW NO VOTE NOBAMA
Women are the majority and we REJECT obama!! WE will protest the Undemocratic party this election and N.O.T. Nothing on top of the undemocratic ticket..empty. NOBAMA!!
I WILL VOTE McCAIN/PALIN.

Posted by: HP Boston | September 14, 2008, 2:02 pm 2:02 pm

HP Boston
I see Obama is still making you feel inferior. I don’t see it, myself. One of the reasons I like him is because he talks to us as if we are intelligent adults, which is a very refreshing change all on its own.

Posted by: jock59801 | September 14, 2008, 2:03 pm 2:03 pm

HP Boston – Both dems and reps suck. Vote 3rd party for real change. Both parties are incestuously corrupt.
Posted by: Ben Straub | Sep 14, 2008 1:55:54 PM
___________________________
Nay nay Ben.
WE dems who are voting for McCain are 2 TWO VOTES AGAINST OBUMA!!!!!
PUMA POWER!!!

Posted by: HP Boston | September 14, 2008, 2:04 pm 2:04 pm

HP Boston – Thanks for nothing. You partisan idiots are definitely part of the problem. However, as things deteriorate financially in this country, partisan idiots like yourself will be seriously outnumbered. Enjoy the spending insanity while it lasts.

Posted by: Ben Straub | September 14, 2008, 2:06 pm 2:06 pm

Alan Greenspan deserves to be put in jail for his management of the Fed Funds rate during his tenure. To all those that have a clue on how money works in this country, he is America’s public enemy #1. Shame on ABC for allowing this ego maniac the time to vent his criminal views.

Posted by: Brent | September 14, 2008, 2:07 pm 2:07 pm

Is the Keynesian approach coming to an end? The economy did well on borrowed money for decades, but the bills may be coming due. I believe Ron Paul may have been correct in his assertions.

Posted by: Ben Straub | September 14, 2008, 2:09 pm 2:09 pm

HP Boston if you think this country is in big trouble now and MCCains get in you have seen nothing.Might as well call us either lil China or Russia Pretty scary for an older persons point of view.If Bush don’t have us in another war before he gets his bad aqq out of office I will be surprised
This womoan john baby has asked to help him know nothing but how to grease her own palm and those of her buddies and her use of power wow —–heaven forbiddddd.

Posted by: indp voter | September 14, 2008, 2:10 pm 2:10 pm

HP Boston
You were obviously one of the dumbasses who voted for Bush. Your inferior opinion and jugement has been noted.
Posted by: Gas, Oil, Pipeline (GOP) | Sep 14, 2008 1:12:56
————————————
Nah this dumb ass voted Dem as I have my whole dumb life. I am more tuned to the values of what that PARTY USED TO STAND FOR. IT IS A SHAM AND JUST AS CORRUPT AS THE OTHER!
PROTEST VOTE FOR THE REPUBS AND NO ONE WORTH VOTING FOR IN THE UNDEMOCRATIC PARTY.
PUMA POWER! NO WAY NO HOW NOBAMA

Posted by: HP Boston | September 14, 2008, 2:12 pm 2:12 pm

Well, Obamabots,
You can point the finger of economic blame at the Republicans, and you will partially correct.
That’s like being politically correct.
But, to be accurate, you also need to point that finger of blame at the party in control of the legislative branch.
Take a good look at who has been in control of both the Senate and the House of Representatives for the last two years.
Then, assess exactly what Pelosi, Reid, Obama, Biden and the rest of the majority Democrats have done to get our economy on the right track.
The answer is…NOTHING…
That’s right…
A do-nothing Congress dominated by the likes of Senator Barack “Present” Obama (D-REZKO) and Senator Joe Biden (D-MBNA) has done virtually nothing except complain and blame.
That performance is indicative of the type of executive leadership that both Obama and Biden would bring to the White House.
More of the same “do nothing”, whining performance that we have seen from Democrats in Congress.
Anybody But Obama…

Posted by: Jayhawk | September 14, 2008, 2:13 pm 2:13 pm

Alan Greenspan guided our economy until 2006. He was 80 years old when he retired and many wanted him to stay longer. So how old is too old to run our country?

Posted by: bct424 | September 14, 2008, 2:14 pm 2:14 pm

Worst economic crisis in decades? Talk about toning down the truth.
Take what you see every day in the news – staggering home foreclosures, rising commodity and energy prices, biggest increases in unemployment in years (84,000 jobs lost last month alone), a colossal federal budget deficit and trade deficit, negative national savings rate, record debt foreclosures – Take all that, and you have simply a recipie for a severe recession.
Economies are cyclical, so this scenario could happen regardless of government policy.
Now add to that: A trillion dollar debt, a trillion dollar war, a trillion dollars that it will cost the US to care for our 200,000 veterans who have served (including 40,000 injured) in Iraq for the next 70 years.
It is utterly simplistic to be talking about “recession”. What we have in America is the parallel of the economy of Germany or the UK before their collossal implosions in the early to mid-20th century. In both of those cases, the goverments ebraced the three demonic evils – Religion, War, and occupation of foreign countries. History repeats itself.
Alan Greespan is being conservative in his comments… he is talking about the tip of the iceberg.
The only solution to America’s financial crisis is a leader with the guts to lead America to a pay-as-we-go federal budget.

Posted by: clifton | September 14, 2008, 2:15 pm 2:15 pm

HP Boston – I will say it again, both parties are corrupt. It is time to throw a 3rd party candidate in there that actually does want to do what is best for this country. At least you are admitting you are a dumb ass. That I do agree. Anybody that votes rep this turn around is a dumb ass, especially voting for a candidate that sings about more invasions.

Posted by: Ben Straub | September 14, 2008, 2:15 pm 2:15 pm

I have long been a Republican since Reagan. I am no longer. I have changed. One the policies of this administation are exactly why the fist Bush lost to Clinton. It’s the economy stupid. Now we have a two-term pesident who knows less than his father. Now they’e trying to put in place a Bush look-alike. What differences have we seen? Even his own party doubted him until Palin. McCain’s campaign has acted dispicable in this election. They have said nothing new. I think onald Reagan would be ashamed of the Republicans now. They have taken the low road. This economy, these wars, have happened on their watch. Remember..”the buck stops here?” well accept responsibility..you sold us all out.

Posted by: dan kolich | September 14, 2008, 2:19 pm 2:19 pm

Anybody that votes rep this turn around is a dumb ass, especially voting for a candidate that sings about more invasions.
Posted by: Ben Straub | Sep 14, 2008 2:15:50 PM
———————————
Whatever…as one dumb ass to another just go vote it is every Americans dumb ass right!!

Posted by: HP Boston | September 14, 2008, 2:23 pm 2:23 pm

HP Boston – Too bad that some votes are thrown at candidates that will do great harm. Again thanks for nothing!

Posted by: Ben Straub | September 14, 2008, 2:26 pm 2:26 pm

Sings about more invasions? How about voting for the woman that knows foreign policy because she can SEE Russia from Alaska?!
McCain said before he knows how to get bin laden….why won’t he tell bush how to do it?
He’s 72, he forgot.
Send all the pumas for the new surge needed in Iraq.

Posted by: LA in Indiana | September 14, 2008, 2:27 pm 2:27 pm

HP Boston – Too bad that some votes are thrown at candidates that will do great harm. Again thanks for nothing!
Posted by: Ben Straub | Sep 14, 2008 2:26:16 PM
—————————
you are so welcome…………

Posted by: HP Boston | September 14, 2008, 2:28 pm 2:28 pm

Obamabots seem to whine a lot about Sarah Palin’s executive experience as Governor of Alaska, the state with the largest land area in the United States.
Let’s take a look at a few Presidents who gained executive experience as Governor prior to being elected as President:
Franklin Delano Roosevelt was Governor of New York.
James Earl Carter was Governor of Georgia.
Ronald Wilson Reagan was Governor of California.
William Jefferson Clinton was Governor of Arkansas.
George Walker Bush was Governor of Texas.
Now, whether you like or dislike any of these Presidents, they were all Governors prior to being elected President.
No one seemed to question the experience of a former governor even when it was being governor of a relatively small state like Arkansas.
So, being Governor of Alaska should be ample experience for the office of Vice President.
After all, Alaska gets as many electoral votes as Delaware, the home state of Old Joe Biden.
Anybody But Obama…

Posted by: Jayhawk | September 14, 2008, 2:30 pm 2:30 pm

Every time in the 20th and 21st Century we have had a financial meltdown, it has been under a Republican President.
Greenspan is a Republican.
President’s set budgets two-four year’s in advance and appoint regultors NOT Congress. All it does is approve or disapprove both.
The Democrats only have a small majority in the House for the last year and a half and a majority of one (on occasion) in the Senate.
There is no way they could override Bush’s budgets from four years back.
The meltdown is Bush’s–like his father’s.
Clinton said “It is the economy, stupid.”
The son isn’t any smarter than the father.
And McCain admits he knows nothing about economics nor does Palin.
Republicans know how to cut taxes for the rich and corporations, but do NOT know how to run an economy for the rest of the country. We just pay their bills.
It is time for a MAJOR TAX REVOLT. And that is exactly what McCain will get if he is elected.

Posted by: susan | September 14, 2008, 2:32 pm 2:32 pm

dan: I am just like you — I’m a lifelong republican who has just gotten completely fed up with the Bullsh%@t the republicans have been dishing out for the last eight years. The country is in the worst shape I have ever seen — the economy is in the dumps, we owe gazillions of $, we are mired in two wars (one of which seems completely unnecessary), foreign countries hate us, and we are no closer to getting osama than we were in 2001.
I’ve finally had enough of the republican party. I’m voting Obama.

Posted by: flipper | September 14, 2008, 2:36 pm 2:36 pm

Ben Straub and Dan Kolich –
You guys have your eyes open. People who still believe in the integrity of either party have a ways to go, don’t they? I’ve been watching The System for too many decades to continue thinking that the power elites really give a damn about the world beyond themselves either now or in years to come.

Posted by: icancanu | September 14, 2008, 2:36 pm 2:36 pm

Both parties are responsible for the huge national debt. Obama’s proposed tax cuts will only increase the debt and the result will be a deeper recession than the one we already have. Dimwit Dems have done nothing in Congress to change the situation in spite of all their big promises. Prepare to live like the folks in the Third World. Obama promises to let many more of them in to enjoy poverty with us. Maybe the new neighbors can teach you how to cook beans and slap flatbreads into your Weber grill as you go back to nature with the poor of the world.

Posted by: jeanned'arc | September 14, 2008, 2:37 pm 2:37 pm

Palin rules Alaska with fear, like Bush has done with this country during the last 7plus years. They are afraid to speak what will she do to the rest of America muzzle us too?! Her husband wanted to separate from the union, will she use her power to FREE Alaska while putting the rest of us in bondage!
America vote Issues not RACE!!! Even the junkie on the street know they are lying! What’s your reason for ignoring the facts?

Posted by: audrey | September 14, 2008, 2:37 pm 2:37 pm

Yea I remember when many were saying anybody but Kerry, and look where we are now. Yea, keep going back to that dry well.

Posted by: Cathi Rotan | September 14, 2008, 2:39 pm 2:39 pm

icancanu – I have come to the conclusion that the system is corporate fascism out of control. Our Keynesian system is failing because eventually you do have to liquidate the debt. People like HP Boston are probably picking up paychecks from Karl Rove to spread crap on these sites. America is in trouble. Its nice to see that there are some people like you that really are looking into issues. Ron Paul and Nader have opened my eyes to many things.

Posted by: Ben Straub | September 14, 2008, 2:40 pm 2:40 pm

You said it, Ben, but given the disdain of those currently, and soon to be, in power, I really can’t flip my wide-eyed optimism switch anymore. Even given guys like Nader and Paul, we are individually what? Voices in the wilderness? Collectively what? A voice in the wilderness!

Posted by: icancanu | September 14, 2008, 2:45 pm 2:45 pm

Historical data shows that the Democrats are better for the economy and stock market.
Millions of Jobs Added
Truman 1949 -1952 5.2
Eisenhower 1953 – 1956 2.7
Eisenhower 1957 – 1960 0.8
Kennedy/Johnson 1961 – 1964 5.7
Johnson 1965 – 1968 9.8
Nixon 1969 – 1972 6.1
Nixon/Ford 1972 – 1976 5.2
Carter 1977 – 1980 10.4
Reagan 1981 – 1984 5.2
Reagan 1985 – 1988 10.8
Bush 1989 – 1992 2.5
Clinton 1993 – 1996 11.6
Clinton 1997 – 2000 11.5
Bush 2001 – 2004 (0.1)
Bush 2005 – 2008 5.1

Posted by: AkaDad | September 14, 2008, 2:46 pm 2:46 pm

A Reagan Republican turned Obama Democrat?
Okay…
Here’s the flip side of the coin…
Up until a few months ago, I had been a Democrat since I cast my first vote for James Earl Carter.
To my dismay, America witnessed how the Carter style of economics led to double digit inflation, double digit interest rates (for homes), gas lines, and a host of other failures.
America also witnessed how the Carter style of foreign policy (or lack of it) led to the capture of Americans and the hostage situation in Iran.
Ultimiately, the extreme failures of Carter and the Democrats led to the election of Ronald Reagan and George H.W. Bush.
Just a few months ago, I left the Democrat Party, largely because of the failure of the newly elected Democrat majority in Congress and the conduct (or lack, thereof) of Barack Obama and his minions in the primary.
Now, as an “independent,” I find myself leaning towards doing what I have never done in 34 years…voting Republican in a Presidential election.
And, my change is not an endorsement of the McCain/Palin ticket.
Rather, voting Republican will be my chosen means to protest the failure and lack of leadership in the Democrat Party and the void of experience, qualification, judgment, and character in Barack Obama.
In past elections, I have witnessed a choice between bad and worse and had to vote grudingly for the bad.
In this election, Obama and Biden represent not just worse, but the worst, by far, that has been offered since I cast my first vote in 1976.
So, like many, I will vote to reject the far-left, liberal, even socialist potential represented by Obama and Biden in favor of free enterprise and capitalism represented by McCain and Palin.
The recent polls indicate that many Americans, like me, are making the same choice.
Anybody But Obama…

Posted by: Jayhawk | September 14, 2008, 2:47 pm 2:47 pm

KKKarl Rove gave us Bush/Cheney
KKKarl Rove is getting ready to give stupid americans McCain/Palin
KKKarl Rove is now in the news saying McCain’s lies have gone too far. KKKarl Rove works in McCain’s campaign.
C’mon stupid america, put KKKarl Rove back in the white house so he can continue to destroy america from the inside.

Posted by: LA in Indiana | September 14, 2008, 2:48 pm 2:48 pm

icancanu – I agree. We just have to see what arises out of the ashes so to speak. I do believe that as things get worse on people’s pocketbooks, they will start to look for answers and accountability. Right now the reps have convinced so many to fear Iran, and the dems have got so many to fear a warming earth. While both concerns have some legitimacy, they are mired in fearmongering and excessive hype. People should learn about central economic planning, and how the fed facilitates war funding making war possible on borrowed money from China. People should learn about how inflation wipes out the middle class. Don’t lose heart, there are plenty of concerned people out there.

Posted by: Ben Straub | September 14, 2008, 2:51 pm 2:51 pm

The recent polls indicate that many Americans, like me, are making the same choice.
Anybody But Obama…
Posted by: Jayhawk | Sep 14, 2008 2:47:39 PM
—————————————-
kudos to you and me Jathawk. Are you Puma?

Posted by: HP Boston | September 14, 2008, 2:59 pm 2:59 pm

Give me a break Jayhawk. Reps have a record that in no way better on foreign policy than Dems. Iran’s revolution was a direct result of Eisenhower’s deposing the democratically elected prime minister there. Mind you, Eisenhower cut and run from Korea, Nixon and Ford cut and run from Vietnam, Reagan cut and run from Lebanon, Bush Jr. got the country into a quagmire in Iraq.
A democrat led the country through WWI and WWII, a democrat made a difficult decision to use an atom bomb in Japan, Clinton put Miloshvic behind bars without losing a single soldier in combat.
Reagan, of course, conquered Grenada. We have to be fair here.

Posted by: Alex | September 14, 2008, 3:00 pm 3:00 pm

Recession what recession?
It’s a recession if your neighbors out of work, it’s a depression if you are, and everythings always okay if your a republican
It’s not that bad, John McCain 2008
It could be worse if we were attacked again, George Bush 2004

Posted by: McCains soup line starts here | September 14, 2008, 3:05 pm 3:05 pm

For the first time in my life I will be proud to vote for a Republican!
Community organizers are a dime a dozen!

Posted by: HP Boston | September 14, 2008, 3:09 pm 3:09 pm

George: Tuned into your broadcast for the first time in a while but was disappointed. You stack the deck with hard left wingers that undermine any possibility of a fair review of the week’s events. Your segment with Greenspan however revealed his honest assessment of the current economic scene.

Posted by: Walter | September 14, 2008, 3:18 pm 3:18 pm

Senator Obama was a community organizer over 20 yrs ago, so its typical for the republican liars to go back so far to attempt to belittle.
Community Organizing is how ordinary people respond to out-of-touch politicians and their failed policies. They are the people who work toward change when the same old politicians in Washington stopy paying attention to the people they are supposed to serve.

Posted by: LA in Indiana | September 14, 2008, 3:24 pm 3:24 pm

Can any of you people here tell me what you are trying to accomplish by spewing hatred, negativity, generalities unsupported by fact, and other evidence of your close-mindedness? Yikes. Go spend time with your families, do some volunteer work, or organize for the political party of your choice. Do SOMETHING CONSTRUCTIVE. The US of A cannot survive in an atmosphere of negativity like the one displayed on this board and so many others. After reading these comments I feel unclean, like I just took a swim in a toilet. FLUSH!

Posted by: efemmeral | September 14, 2008, 3:24 pm 3:24 pm

Its all over the news now…people won’t vote for Obama because he’s black.
Most of us already knew that.
Racism is still alive and well. Racism will be the downfall of this country.
Welcome to the real world folks.

Posted by: LA in Indiana | September 14, 2008, 3:27 pm 3:27 pm

Ah yes LA be sure to set it up…
OBAAMA loses GE B/C of racism.
OBUMA WILL LOSE B/C HE IS NO HILLARY CLINTON.
Soon he will be dumping Biden b/c he can not win without HILLAY!!!

Posted by: HP Boston | September 14, 2008, 3:39 pm 3:39 pm

In 2006 the democrats LIED to their base about getting out of the war, the reason they voted them in. We’re still there. NOTHING has been accomplished except trying to investigate bush, impeach bush, hate bush and hate bush.
The upcoming election boils down to handing our country over to the #1 & #3 most liberal people in the government with shady, shady backgrounds. That he even was elevated to the democratic nomination says a lot about where nearly 50% of the voters are failing, failing to assess character in leadership and failure to see truth.
Y’all hate bush so much you can’t see the truth and how much your lovely party has contributed to the housing crisis by demanding “fair housing to all” and therefore made BAD BAD economic decisions.
Drilling for our own oil will catapult this economy and that’s just a fact. It’s all about energy and Americans are sick of liberal environmentalists getting in our way. Had we started tapping our own resources years ago, we might not have had a 911.

Posted by: obamamama | September 14, 2008, 3:43 pm 3:43 pm

HP this has nothing to do with Hillary Clinton. Because over half this country does not want Bill Clinton back in the white house, she wouldn’t have won. The intelligent people in this country know that, its the stupid people that don’t.
Our country will dumb down just to put stupid Palin in the white house? No, its because they’re afraid of the skin color of Barack Obama. I keep hearing day after day “they will think they’re in charge if he wins”.
Who is “they”?
I don’t have to set it up, its already in place. This country would rather put a woman in charge without the education and the knowledge to increase our standing in the world. So its not about Country First, its about Racism.

Posted by: LA in Indiana | September 14, 2008, 3:45 pm 3:45 pm

George thanks for bringing a fair panel for once.

Posted by: Grace | September 14, 2008, 3:45 pm 3:45 pm

Sir, you caused this mess!

Posted by: John | September 14, 2008, 3:45 pm 3:45 pm

Rasmussen’s Daily Tracking Polls shows McCain reaching the 50% threshold mark for the first time….9/14/08
Sunday, September 14, 2008 Email to a Friend
“The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows John McCain reaching the 50% level of support for the first time since Barack Obama wrapped up the Democratic Presidential Nomination. McCain retains a three-point advantage for the third straight day, 50% to 47% (see recent daily results). ”

Posted by: HP Boston | September 14, 2008, 3:47 pm 3:47 pm

There is something fundamentally rotten at the core of the republican party when they can celebrate the elevation of a candidate to run for our highest office that is so unqualified as to be laughable. Over and over again they say the opposite of what they truly believe – in this case, “country first” when in fact this choice shows that republicans, and John McCain, care nothing for our country.
Republican’s have always pulled whatever slimy stunt they deemed necessary to win an election, and congratulate themselves on their gutter politics. But with Sarah Palin, they and John McCain, have hit an all time low. It is despicable and disheartening to think our great democracy is being threated by people with no love for our country. If republican’s had any shame, or patriotism, they would hang their heads and weep.

Posted by: angry lefty | September 14, 2008, 3:49 pm 3:49 pm

Ah yes LA be sure to set it up…
OBAAMA loses GE B/C of racism.
OBUMA WILL LOSE B/C HE IS NO HILLARY CLINTON.
Soon he will be dumping Biden b/c he can not win without HILLARY!!!

Posted by: HP Boston | September 14, 2008, 3:49 pm 3:49 pm

Greenspan is a Republican hack. He approved the Bush tax cuts knowing that it would be detrimental to the economy. He should take responsibility for this mess, for had he spoken out when he should have, we might not be experiencing this economic meltdown. So Repubs, if lower taxes are the answer to everything, how come the economy has taken a nose-dive in spite of the Bush tax cuts? So much for his executive experience.

Posted by: April Campbell | September 14, 2008, 3:50 pm 3:50 pm

Don’t confuse them with facts April, they will just start screaming that Palin is a reformer and stopped the bridge to nowhere.
More Bush tax cuts should solve the problem.

Posted by: LA in Indiana | September 14, 2008, 3:55 pm 3:55 pm

Both Republicans and Democrats agree that the economic policy of the past eight years has FAILED miserably.
That’s why the GOP had to distance themselves from Bush at their own convention. They didn’t say the word “CHENEY” once! It’s basically, “We screwed you for eight years, but now we will make it better. We’re all about change now”
Obama has an economic plan that is fundimentally different than that of George Bush and his administration. It offers tax breaks to 85% of the nation. (Those who make less than $250,000/year)
Please give me ANY example of how McCain’s economic plan differs from George Bush. Anyone? Seriously, anyone?
I can’t see any “plan” at all. Health care, taxation, international spending are identical to the Geroge W “plan”. Make policy that only benefits the wealthiest 10% in our nation.
What exactly is the “change” McCain and Palin are promising?

Posted by: Tina Fey Rocked | September 14, 2008, 3:56 pm 3:56 pm

The press needs to give a more fair and balanced coverage of Sarah Palin and her family. Here are pics and videos of Sarah’s unmatchable sacrifices for the betterment of Alaska:
http://www.grizzlybay.org/SarahPalinInfoPage.htm

Posted by: Sam | September 14, 2008, 4:05 pm 4:05 pm

BIG PROTEST AGAINST PALIN BY ALASKAN WOMEN!!!
Alaska TV news says “biggest protest ever in Alaska!”
See the pictures and the homemade signs of the people of Alaska, that won’t be fooled by this Palin FARCE!!!
Alaskan women aren’t fooled by McCain’s poor choice of Palin, why are you??
http://s521.photobucket.com/albums/w335/frsbdg/Alaska%20Women%20Reject%20Palin/?action=view&current=Bristol.jpg

Posted by: Davis | September 14, 2008, 4:06 pm 4:06 pm

I wonder if McCains’s ecnomic advisor, Phil Gramm, thinks Greenspan is just whinning or having a “economic depression’ of sorts. The audacity and arrogance of Gramm to say that to the American Public, who can easily see that we are in deep doo doo financially. I want a first hand apology from Gramm for saying this and I want it on the front page!
The McCain/Palin ticket is a joke and an embarrassment to our free deomocracy!

Posted by: eyeonyour | September 14, 2008, 4:11 pm 4:11 pm

I am heartsick. I began college in 1969. I truly felt that my generation believed in peace and brotherhood. I truly believed that we were going to create an equal and honorable society. Look what we have done. We gave the world George Bush; we lie to go to war; we have created an elitist and corrupt society; we are in incredible debt. This is the world that we have created to leave to our children and grandchildren.
Some of the women whom I stood beside in the women’s movement are allowing their own strong-willed nature to become more important that the general good they have struggled for. They are letting the symbol of our movement (Hillary Clinton) become more important that the causes she stands for. For God sakes, will Americans really vote for McCain and Palin? Will they really vote to continue the path we have been following during the last eight years??? Boomers, wake up and remember your souls.

Posted by: Janet Malinak | September 14, 2008, 4:13 pm 4:13 pm

MORE PALIN PROTEST PICTURES FRON THE ALASKA DAILY NEWS!!!
Biggest protest against “anything” ever in Alaska!!
Alaska women aren’t being fooled by mcCain and Palin – ARE YOU???
http://www.adn.com/photos/v-gallery/story/525182.html?/1521/v-section_front/gallery/525186-a525252-t3.html

Posted by: Davis | September 14, 2008, 4:14 pm 4:14 pm

Greenspan said that McCain tax plan would in effect put the United States much much further in hole!

Posted by: GHM | September 14, 2008, 4:21 pm 4:21 pm

Did you notice both Bush and McSame do everything obama recomend.
Guess what!!
Why in effect Obama is already running the country.

Posted by: GHM | September 14, 2008, 4:25 pm 4:25 pm

“I wonder how many times you have to be hit on the head before you find out who’s hitting you? It’s about time that the people of America realized what the Republicans have been doing to them,” – Harry Truman.

Posted by: LA in Indiana | September 14, 2008, 4:34 pm 4:34 pm

This is what happens when Clinton got in bed with the GOP and decided to deregulate the banking industry in the late 90′s. We can thank for the GOP and DFL on the economy.

Posted by: alpaig52 | September 14, 2008, 4:49 pm 4:49 pm

Gee, could someone refresh my memory, but isn’t it Greenspan that is to blame for the current housing crisis.
Him and Clinton lowered the interest rates extremely low to bolster a weak economy. Then, they are the ones who allowed the mortgage industry to get involved in predatory lending.
Chris Todd, Obama, etc have all benefited from some of Greenspan’s decisions to lower the interest rates.
This mortgage mess did not happen over night – I believe it can be traced directly to Greenspan and Clinton
Of course, Andrea Mitchell’s husband is coming out to make a POLITICAL POINT against Obama – they are both in the tank for Obama and everyone knows is.
Again, abc’s lame effort for Obama.

Posted by: disgusted in Illinois | September 14, 2008, 5:17 pm 5:17 pm

I meant to say Andrea Mitchell’s husband (Greenspan) is coming out to make a political point against McCain – we all know they both are in the tank for Obama.
Can’t believe a word this guy says – sorry!!!! ABC you are trying!!

Posted by: disgusted in Illinois | September 14, 2008, 5:19 pm 5:19 pm

We need a viable 3rd party with enough strength that no one party has a majority and can ram rod things through. I refuse to vote for the lessor of two evils. I would rather vote for the person I want, and lose, than vote for the person I don’t want, and win.
Greenspans monetary policy in the 90′s set whoever the next president was up for failure. Bush added to the failure by starting a religious war that the US could not afford.

Posted by: Mike | September 14, 2008, 5:20 pm 5:20 pm

As far as the Alaska protests – Obama has set a stage production – it is his hired supporters.
Alaska is stupid if they go along with Obama. They are on the verge of greatness, and to allow Obama to ruin that for his own good is really being plain dumb.
Signs should say Obama Democrats against Palin – yeah!

Posted by: disgusted in Illinois | September 14, 2008, 5:22 pm 5:22 pm

I laugh that abc and nbc paraded Greenspan on Sunday morning when it was his policies that caused the whole mess.
OMG – abc and nbc how low can you go??????

Posted by: disgusted in Illinois | September 14, 2008, 5:23 pm 5:23 pm

I wonder why the Independent voters are shifting toward McCain and Mccain has taken the lead!!?? Maybe Ayers, Wright, Rezko, Sinclair etc. and the list goes on and on, had something to do with it!
Obma’s speech; change,etc.etc.etc.change
blah,blah,blah,change we need, blah,blah

Posted by: Ed | September 14, 2008, 5:34 pm 5:34 pm

There is something fundamentally rotten at the core of the Democrat party when they can celebrate the elevation of a candidate to run for our highest office that is so unqualified as to be laughable. Over and over again they say the opposite of what they truly believe. Obama, Wright, Ayers, Rezko, Michelle have demonstrated how they truly feel about our country.
Democrats have always pulled whatever slimy stunt they deemed necessary to win an election, and congratulate themselves on their gutter politics. But with Barack Obama, they and Joe Biden, have hit an all time low. It is despicable and disheartening to think our great democracy is being threated by people with no love for our country. If Democrat’s had any shame, or patriotism, they would hang their heads and weep.

Posted by: Ed | September 14, 2008, 5:43 pm 5:43 pm

All thanks to W. his admin. and this f up of a war and the GOP lead congess yes GOP the dems have such a small control nothing can get done and if the get help fom across the isle the president good ole George never used the Veto pen till the dems came up with something Bush so thanks GOP hopefully your reign ends in Nov . Thanks For Nothing well I guess you gave us something kinda like the socks dad gets for christmas only a hell of alot more expensive

Posted by: richardcranium1 | September 14, 2008, 5:47 pm 5:47 pm

Hey JayHawk at least those presidents served whole terms as Gov some 2 and have done other things and all of those states have Cities with bigger populations then Alaska That would mean the mayors of those cities have more experience the Palin although you do make a point with GWB and Texas. That is being Gov of Texas sure didn’t help him .

Posted by: richardcranium1 | September 14, 2008, 5:55 pm 5:55 pm

This is a failure of government on both sides of the aisle. Instead of bailing all of these fat cats (now skinny) out what are we going to do to prevent this from happening in the future. Anyone have a clue on either side of the aisle??

Posted by: bfd088 | September 14, 2008, 6:24 pm 6:24 pm

I wish all you right wing smear mongers would just shut up already about reverand wright. The man was a decorated marine who volunteered to serve his country. Did you?
Yeah, I agree, he said some pretty strange things, but fundamentally I don’t believe he hates his country. He, like everyone else, has the option to move. And he didn’t. He, like everyone else, had the option to serve, and he did.
So shut up.

Posted by: ShutUp | September 14, 2008, 6:30 pm 6:30 pm

I was an undecided voter until Obama’s comment about the selection of Gov. Palin being same old Washington politics.
Let’s take a look at Obama’s “new Washington politics”. He runs with Ted Kennedy, Harry Reid and Joe Biden (life long Washington politicians). He degraded Hillary and called Bill Clinton a racist in the campaign. But now with the polls showing him behind he wants to buy his way into the White House by bringing Bill Clinton into his campaign.
Senator Obama might have started his campaign 19 mths ago as a common decent mid-class American but he has turned to the other side just like most greedy and selfish politicians. In the past 19 mths Obama has become a multi-millionaire personally. He has spent millions of the American citizens dollars in this campaign. He signed up for a fixed campaign fund but decided not to adhere to his word. To me that means he may not be able to balance a budget. He is spending away all of the campaign funds. He reported record donations in May/June, strange because that’s when the Tax Rebate checks were mailed. He accepted the poor peoples rebate donations instead of encouraging them to buy the necessary personal items they needed for their families. The rebate was to stimulate the economy not fill Obama’s pockets.
Fellow citizens/voters take a hard look at who is actually demonstrating “change” and true to his word. McCain said he wants to shake up Washington and break the politics as usual. He did that with his VP choice, he brought in a fresh middle class perspective.
Gov Palin’s reference “difference between hockey moms and a pit bull is lipstick” was a wonderful reference to those tough women who manage a family. Obama’s reference “lipstick and a pig” is a despicable comment towards those hard working women.
I have made my decision and will continue to pray the American people will make theirs by truly evaluating what political team will do the best for all of us.

Posted by: dottie | September 14, 2008, 6:56 pm 6:56 pm

Doesn’t anyone have concern about the massive millions of dollars the Obama campaign is spending. They brag about the fund raising amounts but they sure don’t report how much of that money is going out the door. In twelve months of campaigning the Obama team has spent more than $200 million and continues to spend more. His glamorous Hollywood style acceptance ceremony cost more than $5 million.
In all this time and massive spending Obama still only receives a 41% rating that he is the person to be president. Talk about “same old politics”, spend, spend, spend that’s all he has done for a year.
Take a look at the recent unemployment figures. Obama’s state of Illinois is in the top 5 for the highest unemployment rate. What has Senator Obama done to help his state create jobs?
American voters it’s time to step back and take a good look beyond the glitz, glamour and feel good speeches and look at this man’s qualities to lead a country. What has he done in his political career to advance the quality of life for the citizens of his state and country? If your vote is in favor of Obama in the White House I hope in two years you remember how he got there and who put him there.

Posted by: dottie | September 14, 2008, 6:57 pm 6:57 pm

John 11:58am – I couldn’t agree with you more! W calls them “the elite”, his base, “the have’s and the have mores”! And when he leaves office with that $400,000 a year presidential pension secured and the $10,000 a pop honorarium; he and his good buddies from Halliburton, Bechtel and the Carlyle Group (who’ve been making loads of money off the war in Iraq) will just kick back, with the economy in the crapper, while the ‘little people’ suck on it!
It wasn’t just a coincidence that Pope Benedict, while in Paris yesturday, condemned “unbridled passion for power, possessions and money as a modern day plague”.

Posted by: Leukevent | September 14, 2008, 7:28 pm 7:28 pm

Dottie: I don’t believe you. I think you are a liar when you said you started out undecided. You are a partisan hack whose mind was made up years ago. Those who are undecided do not see Harry Reid and Joe Biden as the devil.
Stop posing as a convert. Call a spade a spade. You would support the republicans even if they were a complete disaster for the country — and in fact they will be.

Posted by: dottieisaliar | September 14, 2008, 7:58 pm 7:58 pm

The thruth is, what we been waiting for is here now, now is our time, we are who we been waiting for.Obama is here not just for us, but for the entire world. He is the only one who can save us, and the World. Obama with Michelle can heal the World,and bring everything we want for us.
That is why all the important people and the more educated ones voting for Obama.Only the stupid uneducated ones will vote for Mcsame and that nobody Palin.Becous they dont understand.
For our future, and our childrens future vote Obama.

Posted by: Karl | September 14, 2008, 8:30 pm 8:30 pm

Zero-bama raised $66 mil, of which he used $10 mil to build his Temple of Doom on top of Mile High. No wonder the economy is under Greenspan’s nose.
If you get Zero-bama to manage the country, he will use $1 tril to build a Highway to the Moon. Hey, he may create a lot of jobs to do it, hard labor, just when Stallin sent his political enemies to build the trans Seberia.

Posted by: d0 | September 14, 2008, 9:19 pm 9:19 pm

For our future, and our childrens future vote Obama.
Posted by: Karl | Sep 14, 2008 8:30:11 PM
===
Mr. Marx,
you should go for Workers of the World, Unite! as carved on your tomb stone, and Revolution We Can Believe In! as under Mao’s coffin.
The small devil only has a smaller capacity, so Change We Can Believe In!

Posted by: d0 | September 14, 2008, 9:25 pm 9:25 pm

d0, your post makes no sense. I can’t even figure out what you are trying to say, although i suspect that you do not like Obama.
The problem with the economy is basically the deregulate-til-you-explode policies of the Bush administration. Banks are failing left and right. Things haven’t been so bad since the great depression. And McCain wants to keep the same Bush policies? Is he nuts?
It isn’t clear if any leader can dig us out of this mess. What is clear to me is that at least Obama will try. Leaving the same policies in place, like McCain has proposed, is just letting everything collapse.

Posted by: d0bizarre | September 14, 2008, 9:31 pm 9:31 pm

The Bush economic doctrine is to allow the banks to make oodles of money, and the investors (read: the rich) walk away with a killing. Then when things turn bad, who is left holding the bag? The taxpayers!
Great economic policy: NOT.
And McCain wants to continue it. How much longer can our country handle this level of irresponsible government.
Please, if you want to stabilize our country, vote Obama.

Posted by: EconGrad | September 14, 2008, 9:40 pm 9:40 pm

I’m a first time democratic voter. I can’t believe I’ve really switched sides, but I have. I am just so disgusted with what the Bush administration has done to our country. In almost every respect this president has been a disaster (OK, I can name a very FEW things that have been positive, but precious few). And McCain is so aligned with Bush. A vote for him really is a vote for just continuing the same policies. I’m not going to vote again for the same things that have turned our country into such a mess.
So I’m a first time democratic voter. Obama 08.
Maybe if the republicans put up someone decent next time, I’ll come back to the fold.

Posted by: FirstTimer | September 14, 2008, 9:45 pm 9:45 pm

So, what about Obama’s plan will improve the economy, again? Higher taxes for the top, right? How does that money convert into a more stable economy…sorry folks, the answer is simple, lower corporate taxes, at least on par with Europe’s…
Or, whatever Greenspan says…I still don’t get why everyone doesn’t just listen to the guy, he’s like Yoda!

Posted by: Wade | September 14, 2008, 10:25 pm 10:25 pm

So, what about Obama’s plan will improve the economy, again? Higher taxes for the top, right? How does that money convert into a more stable economy…sorry folks, the answer is simple, lower corporate taxes, at least on par with Europe’s…
Or, whatever Greenspan says…I still don’t get why everyone doesn’t just listen to the guy, he’s like Yoda!

Posted by: Wade | September 14, 2008, 10:25 pm 10:25 pm

Hey EconGrad, you are referring to Freddie and Fannie. These institutions, as you might be aware, are hybrids – quasi private/government entities who have the luxury of having their risk exposure backed up by the US treasury. Fannie and Freddie are the only two Fortune 500 companies not required to inform the public about any financial difficulties. So much for the SOX act! But who started this mess? Fannie Mae was created in 1938 as part of Franklin Delano Roosevelt’s (a Democrat) New Deal – an attempt to instill optimism into the people during the depression by creating change through massive government programs of which Fannie was part of. The new deal was a flop and Fannie and Freddie are proof of that. Social security, also part of the new deal, will be next to fall. Now 70 years later we have Obama echoing those same old failed ideas again – big government to save the world.

Posted by: Norman | September 14, 2008, 10:44 pm 10:44 pm

…We will never know what the true cost of the ‘New Deal’ was or how badly it has effected the US economy over the years. But one thing is for sure, we will be paying for this epic mistake for many generations to come.

Posted by: Norman | September 14, 2008, 10:55 pm 10:55 pm

Blame belongs with McCain’s financial adviser
GOP policies come home to roost in Freddie Mac, Fannie Mae bailout
SFGate com
“Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation’s mortgage market. But what is Sen. John McCain’s excuse? Both act as if the financial meltdown of the U.S. economy has nothing to do with the policies of the political party they represent – but she at least may not know any better.
The mortgage swaps distancing the originator of the loan from the ultimate collector were only made legal as a result of the Commodity Futures Modernization Act that former Texas Republican Sen. Phil Gramm pushed through Congress just hours before the 2000 Christmas recess. Gramm, until recently co-chair of the McCain campaign, also had co-authored the Gramm-Leach-Bliley Act that became law in 1999, with President Bill Clinton’s signature. That gem, which Gramm had pushed for years with massive financial industry lobbying, destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies. Those two acts effectively ended significant regulation of the financial community, and no wonder we have witnessed an even more rapid and severe meltdown in housing values than during the Great Depression.”

Posted by: Stan Long | September 14, 2008, 11:45 pm 11:45 pm

Lehmann Brothers is liquidating; Merrill is in a last minute buy-out, AIG
and Washington Mutual are on the rocks and McCain’s advisor has a nice editorial in today’s Washington Post stating “things today just aren’t that bad” – Love the name of the editorial ‘Quit Doling out that Bad Economy Line”.
Obama/Biden ’08

Posted by: Wake Up People | September 15, 2008, 12:06 am 12:06 am

Couple history points for you idiots:
- the push toward deregulation was started by Reagan (who appointed Greenspan to run the Fed) and was kept going by the Republicans for the next 20+ years
- Greenspan was one of the biggest supporters of deregulation of the banking and mortgage industries and largely at fault for this mess
Middle American needs to quit focusing on the emotional crap the Republicans have them worried about (religions, guns, abortions, flag-burning) and realize we need EXPERIENCED people that understand policy to run the country. Palin is an embarassment…sheesh….

Posted by: ihavemorebrainsthanyoudo | September 15, 2008, 12:12 am 12:12 am

John and Cindy McCain looked very patriotic visiting ground zero, hand in hand. Barack Hussein Obama looked like a guy who couldn’t get a date to the prom. Where was Michelle Obama? Does she really hate America so much that she celebrates the terrorist attacks of 9/11 at home in a turban?
Barack Hussein Obama and his anti-American wife spent 20 years listening to spews of hatred and “God Damn America” in a so-called church of God. Apparently Michelle believes America caused 9/11. All these radical teachings have been instilled in their brains by Jeremiah Wright.
For over two decades Obama turned to, was counseled by, and formed a strong personal bond with a minister who is a divider and a hatemonger. This simply cannot effectively act as a unifying force for the USA.
The best result out of Obama’s campaign may turn out to be progress in the form of all American cultures accepting that each individual, regardless of race, is to be rightfully held accountable for their actions, affiliations, as well as the doctrines that they adhere to and cultivate in others.
The embarrassing litany of anarchy, filth and hate that Rev. Wright spews should not be excused away as simply “the way our people speak”. Wrong is wrong and is not to be determined on a sliding scale according to skin color.
Obama has told too many lies. He has too many ties to anti-Americans and terrorists.
Have you thought about what might happen if Obama really is a closet Muslim and becomes president?
Vote for John McCain in November. Country first!

Posted by: NINE-ELEVEN! | September 15, 2008, 12:39 am 12:39 am

We need to get out of Iraq and regroup. Lets get some of those overworked troops home back to their families. We already have our hands full and our beautiful country is having a very difficult time sustaining all these wars. We need to regain strength and use our intelligence to rebuild our allies and pursue peace. We will also have to take a good look at our country and bring in the brightest minds to confront special interests and help build a better road than the last 8 years we have taken. We at same time must prepare for the threats and potential wars that are waiting for us to make another mistake–such as the Bush/Mccain war on Iraq.

Posted by: Conrado | September 15, 2008, 1:19 am 1:19 am

Would be nice if ABC had covered the real ‘abc’s of Greenspan’s talk today –especially that he is an advisor to hedge fund Paulson & Co. Why is that important? Hedge fund manager John Paulson earned billions of dollars last year by betting against the housing market. Critics of Greenspan are specific: “It’s one thing for Greenspan to sell books and give speeches to try to salvage his reputation…Nixon did that too, with more success and less profit. It is quite another for him to benefit in a far more direct fashion from the devastation he created, by hooking up with the fund that scored the biggest kill from the worst aspects of the negative real interest rates that Greenspan put into effect.” That quote is from Naked Capitalism, Yves Smith. ABC owed it to it’s listeners to question Greenspan on this point –especially if it considers itself a news organization.
Are our news media sleeping or captured?

Posted by: kyoto27 | September 15, 2008, 1:47 am 1:47 am

Yeah, Mr. Greenspan,
And it is your own devil-may-care attitude toward regulation that lead us to the worst economic crisis of your career.
You have done all you could to assure that the extremes of the market were not fettered, and here we are at one of the extremes: venture capitalists have egged each other onto ever thinner ice. Now some have fallen through, the ice-edge breaks off every time you grab it, and you’re calling 9-1-1.
Well, we may throw you a rope, but we sure are not crawling out after ya.

Posted by: Soldier's Mom | September 15, 2008, 2:13 am 2:13 am

Americans are asleep. British columnists are calling this melt-down the end of capitalism. This is the vaunted end result of the Republican religion of the free market. All these smart business people, that the small people rely desperately upon for jobs have been shown to be be greedy idiots. By definition, if you make a mess this bad, you are an idiot. A kindergartner throwing darts at a dartbord could have done as well as the current crop of elite CEOs. The Republicans cannot absorb the lessons of this economic crisis. Their minds are closed. For them economic theory is a religion, not subject to revision upon unbiassed examination of outcomes. We are in fact highly socialized at this point, with the nationalization of Fannie Mae and Freddie Mac. Your mortgage check is going to the United States Treasury. Meanwhile, McCain knows nothing about economics, which is not surprising since he graduated almost at the bottom of his class. McCain/Palin is beginning to remind me of Hoover. The Republican response has been tepid and laggard every inch of the way as this crisis has unfolded. We need someone bold, a new FDR. That’s not McCain, who is just a hack for the same old supply side economics. As if tax-cuts could ‘solve’ this systemic problem. Tax-cuts are fine-tuning , not the whole bag of tricks, but it’s all the Republicans can dredge up. McCain’s age is symbolic here, as he peddles the same old recycled ideas that have been irrelevant in this mess. In fact, while the Republicans were preaching the “efficiency” of tax-cuts to the entrepreneurial class, the rich thought they’d discovered the true path to wealth creation, and it had nothing to do with jobs. All this money sloshing around the global economy in a giant ponzi scheme. You don’t make jobs when you purchase securitized mortgages, as the hedge funds did with their wealthy clients’ money. What we’ve had for the past many years was the idea that a huge sector of an economy can be based on the idea that an individual can get rich by selling his home. This works if you find a sucker, However , it most emphatically cannot work for an entire nation to think this way. Tax-cuts, a nice idea, but unfortunately human beings don’t react the way the Republicans told us they would. What were the Wall Street bonuses about? What were these people doing that was positive for the economy? We now know they were digging us deeper into a ditch, taking their obscene compensation packages when times were good, and then having the taxpayers bail out the good ol’ boys when the losses came. I think what we need is a retroactive tax increase, because the tax cuts sure did not play out as promised. People don’t work harder when taxes are cut. All they do in America is try to do get rich off the housing market, stock market, or the commodity markets. The idea in America is to get rich off “investments” so you no longer have to work.

Posted by: Tina | September 15, 2008, 2:17 am 2:17 am

Democrats have had congress the last two years and things have gone from bad to worse!

Posted by: spidyweb33 | September 15, 2008, 3:52 am 3:52 am

The Democratic Party,
Cleaning up Republican deregulation bank-jobs for decades.

Posted by: Leonard Peltier | September 15, 2008, 4:37 am 4:37 am

This isn’t Congress buddy.
Unless you include the 8 years of monetary deregulation.

Posted by: Leonard Peltier | September 15, 2008, 4:39 am 4:39 am

gee if it isn’t kitty the dip sh*t on another blog spouting off repub trimpe as usual.

Posted by: depravedmaniac | September 15, 2008, 10:50 am 10:50 am

This is to FARTTY:
I think you really should go and read a few book on economics.

Posted by: lion | September 15, 2008, 11:32 am 11:32 am

Tim”i would rather vote for another republican than give a vote for socialism anyday. as a matter of fact, i think thats what i will do again”.
Listen to another imp speak. 70million plus Americans lack health insurance and even those who have cannot guarantee exceptional treatment.
We despised Kerry cuz he spoke French, and boycotted “french” fries (which is by no means French made)…YET the French have among the best healthcare system in the world..together with the Cubans (Socialists by the way)and Scandinavia (Swedes, Fins, Danes etc) who have a welfare state.
Their education system (Scandinavia) is better and they have a considerably higher standard of living than the avergae US citizen…
And u have the audacity to say that is socialist and so u will vote Republican? The days of the “superpower” USA is gone. The rest of the world has caught up and we better be prepared to adjust and adapt to change else we will become like dinosaurs. Macau has taken over from Las Vegas, London is the financial capital of the world and Dubai has some of the worlds most outstanding infrusture..
all of these at one time were all the USA’s pride and joy. Think Tim, and vote wisely and desist from impish analysis

Posted by: zigidust | September 15, 2008, 11:35 am 11:35 am

I read several of the fear fueled comments and should reply.
Alot of the economic situation today was caused by Clintons NAFTA. As a global force we never should have allowed all the out-sourcing, and forgiveness of trade defficets it allows. Talking about a wake-up. Stop the Rep. vs Obama and vote RON PAUL!!
thats real change and really helps the tax burdened middle class.

Posted by: pablo | September 15, 2008, 11:58 am 11:58 am

What I find objectionable is that ABC News will even grant that self-serving pompus ‘Wall Street Cheerleader-in-Chief’ aka Alan Greenspan any air time at all.
History will come to recognise him as one of the most incompetent governors in the history of the Federal Reserve who frequently added fuel to the fire using reckless monetary policy whenever there looked like there was a natural correction coming in the markets.
20 years of financial partying and binging by the financial institutions resulting in the creation of these ‘Financial Instruments of Mass destruction’ all under the ingorant, irresponsible Greenspan Fed (if not actually aided and abetted by the Fed itself) is coming home to roost and ABC News actually allows the man to offer insight and advice on a problem which was largely his creation.
Please do the whole world a favour and shut the windbag up. Don’t give him airtime.

Posted by: Citizen Joe | September 15, 2008, 1:40 pm 1:40 pm

Although, I am not as knowledgeable on economic issues as too explain why this is happening, as most of the comments here are neither based on intelligent fact but rather political spin, I do know that we have had a Democrat held Senate and House since November 2006..So put blame on one political party or a repub vp nominee is truly irresponsible.

Posted by: curious indep | September 15, 2008, 1:52 pm 1:52 pm

Wait a second…the Democrats have the majority in the House and Senate, the last two years, and you all are blaming Republicans??? What? If you all are going to blame one person, don’t blame Bush, blame the man in this article…Greenspan…he couldn’t stop raising interest rate a few years back when he thought he saw inflation…he didn’t. The last two years your Democrats should have been trying to pass mortgage legislation to prevent this…instead it was all about the war!

Posted by: Darren | September 15, 2008, 2:08 pm 2:08 pm

I certainly hope McCain will reintroduce his immigration reform proposal as President. We need that immigrant labor now more than ever. It is what makes our economy fundamentally sound.

Posted by: Ricky | September 15, 2008, 2:25 pm 2:25 pm

I think Dems are really inept. I had hoped they would hold Bush, Cheney, Rumsfeld, Rice, Wolfowitz and Powell accountable, but they failed miserably. Bush has been doing exactly what he wanted with or without Dems controlling the Congress. Republicans were just a rubber stamp Congress in 2002-2006. No big surprise. Result: they spent, spent, spent. It was all about the war and spending with them. Bush did not use his veto even once when Republicans held Congress. Now Bush threatens to use veto every day and Republicans keep filibustering everything. Blame Democrats for the current economic mess? I don’t think so. It’s not going to be that easy for the free market ideologues this time.

Posted by: Alex | September 15, 2008, 2:27 pm 2:27 pm

“When asked if the chances of escaping a recession were greater than 50 percent, Greenspan responded “no, I think it is less than 50 percent.”"
Greenspan is either senile or lying. The only question is whether the economy will escape a depression. In the past 12 years, the US economy has been kept alive by the .COM and housing bubbles. Now the party’s over. Meanwhile, industries were moving to China and Mexico, and white collar jobs were being outsourced or filled by cheaper H1-B and L-1 visa holders.
“zigidust” is right – the decline began with the Clinton administration and its support for NAFTA, GATT, and “favored trading partner” status with China. The Glass-Steagal Act was also repealed under Clinton, which forbids investment banks from dealing with commercial banks. Bush inherited this mess, but failed to do anything about it.

Posted by: Michael | September 15, 2008, 3:03 pm 3:03 pm

The Republicans have borrowed about $500B from China and shoveled it to the top 1% (via tax cuts). Then they shoveled billions more middle class dollars to big oil companies and gave them record profits. Now Wall Street is lining up for it’s parting gift. Should be another half trillion. The only advantage of welfare for the poor is that its much cheaper than welfare for the rich.

Posted by: Steve in Austin | September 15, 2008, 3:46 pm 3:46 pm

Glass-Steagall! Phil Gramm sponsored that bill and went on to a $M job at UBS, the Swiss banking giant. I blame Clinton for signing this, but blame the Republicans more for sponsoring it and letting the rot set in for almost a decade.

Posted by: Steve in Austin | September 15, 2008, 3:49 pm 3:49 pm

JA…ummm, you should do your research before you open your ignorant mouth…the wonderful gov Christ just opened up 650 million in the state of florida’s “rainy day fund” because of the horrible economy…way to go and make it a partisin thing that gets nothing accomp though…do some thinking before you think…really!

Posted by: ash | September 15, 2008, 4:46 pm 4:46 pm

Sen. John McCain has proved himself to be unqualified and incapable of effectively leading the United States of America into the future by, among other things, his reckless, irresponsible, impulsive, and dangerous judgment in picking Sarah Palin as his running mate. Sarah Palin is a minor distraction not even worthy of discussion. However, Sen. John McCain has shown his contempt for the intelligence of the American people by making this unequivocally cynical decision to use an unknown, untested, and corrupt, serial liar like Sarah Palin to deceive voters into believing he stands for change. Sen. John McCain also disgraced himself by demonstrating a lack of courage in his choice of Sarah Palin at the last moment over much more qualified Republican men and women simply because she appeals to the base of the Republican Party, a group of voters he was going to lose. What Sen. John McCain doesn’t understand is that by appeasing the extreme right wing of the Republican Party, he is going to lose the voters that really count, i.e., moderate and independent voters, and, in doing so, certainly lose the election. Obama/Biden 2008!!!
http://www.reuters.com/article/topNews/idUSN1043793620080910?feedType=nl&feedName=ustopnewsafternoon
According to the Pentagon, we are losing Afghanistan.
http://news.bbc.co.uk/2/hi/middle_east/7610405.stm
“No victory in Iraq, says Petraeus”

Posted by: caliguy55 | September 15, 2008, 4:48 pm 4:48 pm

1. Markets go up and down no matter what anyone says or does.
2. When there’s a huge investment and it climbs and climbs endlessly beyond what seems reasonable.. guess what.. if it’s large enough it will in fact drop a dramatic distance when it drops. This is not “cup half full vs half empty” this is rationalism. It is recognizing the reality of a situation.
3. A lot of people tried to say the so called bubbles were “endless, don’t worry about them they’ll never come down sizably, they will always climb” or some variation on this. Refer to #1 and remember it always.
4. That’s what happened with the dot-coms, that’s what happened with the real-estate. Whoever listened to the people in #3 above and didn’t engage brain with #1.. LOST. PERIOD. And I sympthatize with the ones who honestly just didn’t know. It is not always obvious where you stand at #1 above.
5. You should apply these to everything financial. I would say it is indeed good thinking to vary your investments in as “unconnected of markets” as possible as much as possible and look at each of your investments and apply this thinking to them.
Our own personal failures to think about this and think outside of our tremendous gains, “geee, my stock in abcxyz.com just went up 500%.. 1B sounds a bit large for a seller of gadgets that sold $2M last year… hmm…” At some point you have to sell in order to realize your gains… and prevent a huge loss…
I think a lot of the crashes and bubbles were not caused by government or big business, but rather by personal greed and idiocy.
A continued bit of wisdom –
1. Generally speaking — The president does NOT affect the economy, he only gets the blame for it. The congress affects the economy.
2. Most financial changes starting in the congress take YEARS to have an affect, so some problem we have today is not necessarily the fault of the current congress and probably not the fault of the president. (am I trying to protect Bush? NO.)
3. Therefore — to speak clearly on any of this subject, you need a rather large recent historical background on congressional laws that have been passed and what the economy has been doing. (and what the economy has been doing in reaction to the laws..)
4. Remember this when you hear people mouth off about this or that president or this or that congress or who’s fault it is that something happened.
5. Remember also the prior statements I made about the markets. NO MATTER WHAT ANYONE DOES, MARKETS GO UP AND DOWN. 6. If you take a chart with a curving line that goes up and down and you slant the chart diagonally uphill, you can make it look like we’re never decreasing. This is what the “leaders” of our country do to deceive us. And they make statements based on this slanted chart instead of the more harmless and realistic horizontal one.
These are basic principles that I use when reading everything. If what’s said completely disagrees or contradicts obvious rules, I throw it out the window and just IGNORE what that person says. As the one gentleman says, “THINK”. Yes think. Use my rule-set.. use your own rule-set.. but THINK.
I’m in the non-partisan “American” party. I am going to vote based on who I think is the better candidate, NOT from party loyalty or other emotional garbage that others try to throw at me to change my mind, and in fact I’m going to start to count the number of garbage messages generated by a given candidate and count them AGAINST that candidate. My thinking is, if they’re generating garbage, then that’s all they have to offer.
-Rog

Posted by: Rog | September 15, 2008, 5:15 pm 5:15 pm

And the worst is yet to come if McCain and Palin are elected. God help us.

Posted by: disgusted | September 15, 2008, 8:20 pm 8:20 pm

The old fool is responsible for the housing bubble, which leads to the turmoil of financial market by kept on lowering interest rate.

Posted by: Henry | September 15, 2008, 9:19 pm 9:19 pm

we all know it is coming, just as matter of time, Mccain and Palin got right idea for the country and they will choose best people run the country with them, no matter which party they are in. I don’t trust Obama team.

Posted by: Jen | September 16, 2008, 12:36 am 12:36 am

A typical Democratic response to a problem. Start screaming and crying like a bunch of scared children when lightning and thunder appears. Mommy, Mommy, Obamy, Obamy, help me, help me, I’m scared. :( It’s a financial correction that was bound to happen no matter who was President. You Lib’s can thank your whore master idol William Jefferson Clinton for his deregulation policies with no oversight to watch those greedy bastards on Wall street, Democcrats and Republicans alike, their all guilty. That being said fools show me how that drug using glorified street punk is going to make a difference?. The biggest, obvious, dumb ass mistake Ojerko made was not to select Hillary as his VP running mate when it was so obviuos she was the best qualified candidate for your party. Is that good decision making? No, it’s me first and screw the rest of you. Now if you don’t stop crying go back to your room untill the thunder stops in Nov. when McCain/Palin win.

Posted by: bombem | September 16, 2008, 10:29 am 10:29 am

MCCAIN PALIN – GEORGE W. BUSH
INTERNATIONAL ACCOMPLISHMENTS AS PRESIDENT
* I attacked and occupied two countries.
* I am the first president in US history to order a military occupation of a sovereign nation against the will of the United Nations and the world community.
* I withdrew from or abrogated more international treaties than any president in US history.
* I refuse to recognize the jurisdiction of the World Court.
* I refuse to allow international or Red Cross access to US prisoners of war.
* I no longer abide by the Geneva Conventions.
* I took the world’s sympathy after 9-11 and in less than a year made the US the most resented country in the world, possibly the biggest diplomatic failure in US history.
* I am the first US president to have a majority of the people of Europe (71%) view my presidency as the greatest threat to world peace and stability.
* I am the first US president to have the people of South Korea feel more threatened by the US than by their immediate neighbor, North Korea.
* I refused United Nations election inspectors access during the 2002 US elections.
* I am the first president in US history to have the United Nations remove the US from its Human Rights Commission.
* I am the first president in US history to have the United Nations remove the US from its Elections Monitoring Board.
———————————————————————-
ECONOMIC ACCOMPLISHMENTS AS PRESIDENT
* I spent the U.S. surplus and shattered the record for the biggest annual deficit in history.
* I set the all-time record for biggest annual spending increases, more than any other president in US history.
* I set a record for the most private bankruptcies in any 12-month period.
* I set the all-time record for the most foreclosures in any 12-month period.
* I set the all-time record for the biggest drop in the history of the stock market.
* I presided over the biggest corporate stock market fraud in any country in the history of the world.
* After taking the entire month of August off for vacation, I presided over the worst security failure in US history.
* In my first two years in office over 2 million Americans lost their jobs.
* I cut unemployment benefits for more out-of-work Americans than any president in US history.
* I presided over the biggest energy crises in US history and refused to intervene when corruption was revealed.
* I presided over the highest gasoline prices in US history and refused to use the national reserves as past presidents have.
* I cut health care benefits for war veterans.

Posted by: Steven | September 16, 2008, 1:27 pm 1:27 pm

Concerning government takeover of independent companies: So what is now really the basic difference between capitalism and communism? If we were to say that it is okey for government takeovers under specific financial crisis, then communist countries could choose to tell their bank managers to lend money to people who hardly understand how a cell phone works. Then communist countries could have their financial deficits increase due to massive war expences and unnecessary high energy costs – in a way to plummit their economies, and thereby cause the ‘good’ reason for government takeover of independent companies.
If AIG has money problems due to hurricanes, and if the hurricanes are due to bad energy decisions – why continue using oil instead of solar/wind power? Instead of government subsidies for large investment firms, government should pay so that every household can have their own solar/wind power plant for their home and electric car (free energy). I do not like the ‘logic’ that it is automatically better with capitalism, it has to be a REASON for it to be better, not just using different words for the same things. Or if consequences are the same in the end, then what is the point? Capitalism SHOULD be about making better things, smarter. Not just changing names, or moving government stupidity into company stupidity. If the politicians were really smart, they would insert laws into the system to ensure that nobody within the financial system could ever make money off of crashing the economy of listed companies. If the politicians were really smart, they would let the central bank decide how high taxes should be on all real estate, so that they could stop excesses when it comes to property value rises. Simple stuff like that..

Posted by: Lars | September 16, 2008, 4:08 pm 4:08 pm

Did I hear Greenspan say that the fundamental economics are fairly stable or am I dreaming he said that? Can you help me out on this one, ABC?

Posted by: Nancy | September 16, 2008, 6:24 pm 6:24 pm

Don’t be nervous about the economy. If the system will not correct itself and failure is inevitable, then fail it must. I believe that the current situation can be changed only if those responsible for it’s demise are held accountable. If not then America will do what it always does, change the current system to a more transparent one where stock holders can see what is really happening and will be able to change direction even if the management of those firms are looking for their own self interests (sometimes these interests are not in the interests of their shareholders. Or they believe they can fool the public with illusions) Yes change will happen and human life will continue either through choice or failure. Let’s hope that those responsible take the consequences of their actions. And no, the same old illusions to fool the public into taking responsibility will not work because sooner or later reality has to be dealt with.

Posted by: Ken | September 16, 2008, 7:08 pm 7:08 pm

Look folks we can blame each other’s party ’til the cows come home, but the fact is, about 6% of folks are dumb as rocks and bought into bad loans and about 3% are now in default. Problem is you can not legislate stupid out of the equation.
If you’re going to blame anything it is the complete lack of social studies and history in our schools.
“Those who refuse to learn from history are condemned to repeat it.”
Those who received ill advised loans now want sympathy for their bad faith acts. You all know where sympathy is in the dictionary.

Posted by: Dan O | September 17, 2008, 9:39 am 9:39 am

“The biblical message is that money must never be made available so cheaply. With all of his knowledge and at the end of his career, why didn’t Greenspan understand this?
Posted by: ikas”
What? Cheap money? Bible?
I think you got it backwards…. the Judaic and Christian Bible, like Islam, prohibits Usury, which is the charging of high interest… in some societies ALL interest is considered immoral, and why not? It’s a form of slavery… the wealthy getting richer by NOT working.

Posted by: Chris P. | September 17, 2008, 7:02 pm 7:02 pm

I’ve noticed is that it’s not worth reading the posts by people who get a kick out of making new words from Barack Obama’s name.

Posted by: Chris P. | September 17, 2008, 7:05 pm 7:05 pm

I agree Chris P. as do I think people who use Mcblame, Mcshame, McBush and other twists of Mr. McCain’s name. I find that they equally have little to contribute to political and social dialog. Both camps are a little too angry to discuss meaningful solutions to real problems.
Just an observation.

Posted by: Dan O | September 17, 2008, 9:19 pm 9:19 pm

The Bible also says: Neither a borrower or a lender be.
I realize that is unrealistic in today’s society, but many of us over 60 grew up with parents who paid cash for everything with the possible exception of a house.
Today, your pet can get a credit card.
This current crisis has been a long time in the making and both sides can take blame. It’s time that these politicians do the work of the people and just for the record, it’s not Obama, who despite what people have been brainwashed by the media into thinking, has little experience. But he sure is an eloquent speaker. He has been in the senate for nearly four years and campaigning for almost 2 of them. How many of you feel that if a Senator is running for office, he should resign his post? Bob Dole did.

Posted by: Barb | September 19, 2008, 9:48 am 9:48 am

Ah, who said the ecomony is booming in Florida?
Maybe day labor where you work ten hours a day and get what the contracter figures is flat going rate for the job, maybe thirty dollars. Day labor is big down here. So are flat commission service jobs. You don’t sell anything you you don’t make any money.

Posted by: Annie | September 24, 2008, 12:58 pm 12:58 pm

Phil Gramm an econonmic genius? How about realizing that a guy who took the 3rd grade three times is not the person who should be steering the world’s greatest economy.
Gee, what Republican (Delay, Cheney, Bush, et.al) could have seen this financial mess coming? What about the “self correcting” mechanism of the free market?

Posted by: Nate | September 26, 2008, 4:32 pm 4:32 pm

OMG! Thank-you “Calliguy55″! Finally, someone with some financial sense! Your truth about the market cycles was so awesome to read, not just some political-blame-game junk.
It was the sort of simple intellegence that is lacking in (what seems like) 90% of Americans.
Well said Calliguy 55!

Posted by: Carin J | October 3, 2008, 3:24 pm 3:24 pm

CORRECTION!! I mistakenly credited “Calliguy 55″ with an itellegent comment. It was not “Calliguy 55″ with the intellegent comments, but rather “Rog”.
My apologies and a big “Well said” to Rog.

Posted by: Carin J | October 3, 2008, 3:44 pm 3:44 pm

Alan Greenspan is as great man. Obama is going to ruin your lives America with his incredibly dumb economic policy.
1. Government should NEVER step in to “bail out= socialize” PRIVATE companies. To do so means to WORSEN recession and cause depression. Who pays for the “bail out”? Hello? YOU DO. YOU have to work more, tax more and/or pay more for goods/food [inflation]. YOU DO.
2. Government should have let the FREE MARKET sort it out. It would indeed mean JOB LOSS, AND THE CRUMBLING OF BAD COMPANIES. AND THAT IS GREAT! Because it would enable RAPID re-employment as NEW companies are formed. But now, this is not going to happen.
3. Obama wants to tax our heros more: corporation and the rich man. The result? Corporations will charge YOU more because they have no choice. The rich man that invests billions into our markets will move it out to other nations thereby furthering recession.
Heres my advice America:
1. YOU are self-responsible, not government. So get with it and be responsible instead of blaming government
2. NEVER NEVER NEVER let government bail out, sponsor or nationalize any company. Communists “tried that” and ended up with collapse. Go to any DMV and you will see “government in action [state]“. Go to any Starbucks or WalMart and you will see “PRIVATE” industry in action BECAUSE in private industry EVERYONE is responsible for results or they are fired [unlike government].
Economics is simple.

Posted by: chuck Economist | October 4, 2008, 6:40 pm 6:40 pm

People always know how to allocate blame but never look in the mirror for themselve.
This guy called Greenspan were going a fantastic jobs to prevent financial catastrophe when he was in charge.
And suddenly, he was the guy to blame for all the problem when thing left behind cannot be untied or handled.
OK, fair, you may not understand how it works when you took over but at least you should have a gut to ask him to admit and ask for his help and decision. But do we?

Posted by: puzzle | October 11, 2008, 8:47 pm 8:47 pm

To have a better understanding of what caused the financial crisis and how we can remedy it please read a post titled “Why is the United States undergoing a political and Financial Crisis?” and watch the third video down labeled “The Money Masters” at:
http://www.theartdeptchronicles.blogspot.com

Posted by: Aaron4unitruth | October 22, 2008, 10:13 am 10:13 am

As someone who is currently entrenched in the economic crisis, I can honestly say that WE are the cause of all this. I make $53,000 a year in Northern Virginia and have a $1,500 mortgage for a $145,000 condo. Because of my poor credit, I signed up for a less-than-ideal 20-year mortgage, and am struggling to make ends meet. Sometimes my student loan payments are late, other months, I pick my credit cart payment to be late. Luckily, I paid off my car, or I might be in worse situation.
Despite all of this, I recognize that I DID THIS to MYSELF. Yes, perhaps the subprime mortgage industry enabled me to put myself into this financial danger, but I SIGNED ON THE DOTTED LINE. For those people who feign ignorance to what they were getting themselves into, grow up and accept responsibilities for your actions. I don’t think that policies or golden parachutes had all that much to do with the mess I made for myself–it was my own self-perceived invincibility.
How’s this for an economic stimulus–let people who are behind in their mortgage have two months mortgage-free so that they can catch up on other bills? The payments can be tacked on to the end of the mortgage, and it would mean the world to people who live paycheck to paycheck.

Posted by: indebttoo | November 3, 2008, 4:22 pm 4:22 pm

“COMBINED PROBLEM’S TRUE CAUSE OF FINANCIAL MELT DOWN” !!!!!
American’s are losing money from with in because of illegal’s working for half wage’s.”Somebody’s” happy their paying less at American’s expense.
American’s are losing money from out sourcing our job’s to foreign country’s. These people working for $10 dollar’s a day or less.Somebody’s happy their paying less at the American’s expense.”NOTE”Product price does not come down.Somebody’s happy at the America’s expense.”FREE TRADE”
“OUR ELECTED”, get their cost of living wage at American’s expense.While American’s wage’s “FALL”.
I’ll bet you can multiply a “WALMART CHECKER’S WAGE’S”, By one thousand time’s? It wont come close to a “CONGRESS OR SENATE OR CEO WAGE”. Unfair or not?
Think about it what really pay’s America’s bills?
“Housing Crash,Stock Market Crash?
American’s stable “WAGE’S” pay the bill’s?
THINK ABOUT IT? “NO PAY,NO PAY?
The bottom feed the top?
Predator’s Legal theft of unfair interest rate’s both credit card and Loan’s rob the People’s ability to pay their bills?
THINK ABOUT IT? The People are being squeezed beyond their ability to pay fair rate’s.”Somebody’s happy their making money at the people’s expense”?
I thought “OUR” Elected Official’s are supposed to protect the American people?It really is in their Own best interest to do so?”THINK ABOUT IT”?NO PAY, NO PAY,{NO FAULT OF THE PEOPLE:}
When We The People Are Not Working? See how you Like the Trickle Up affect. All because Someone’s not doing their JOB?I wonder Who??? Who will take a stand to help America???
Inflation is also strapping the people.We the people have not gotten a cost of living wage.
These problem’s combined have devastated America’s well being.
1 illegal’s
2 Out sourcing job’s
3 Unfair trade,Unfair marketing to the people.
4 Criminal Legal interest rate’s,fee’s fine’s etc.
5 Outrageous wage’s at the top at people’s expense.
6 A decade of Inflation while the peoples wage’s flat line.
7 Taxation without representation.
8 Giving with the right hand while taking with the left.
9 I’m sure I’ve left out a lot more” PORK”.END OF STORY.
STEVE SRADER AMERICAN
I APPROVE THIS MESSAGE.

Posted by: STEVE R SRADER | November 15, 2008, 1:11 pm 1:11 pm

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