Greenspan Predicts: 3% Growth, 10% Unemployment

Thanks for creating this massive asset bubble Mr. Greenspan. You sold out your Austrian roots for Keynesian inflationism. 3% growth? Maybe if you borrow and print money, but that is only going to make the coming collapse worse.

Why do the pundits, Republicans, the media, and conservatives on your panel, like George Will, delight in nitpicking, and sabotaging our President, and ultimately our country???

marta lee – Country has already been sabotaged. Obama inherited a mess that can only be fixed by liquidating the debt on the books and changing our ways. Last I checked the derivative mess is 0.6 quadrillion so sabotage has already happened.

Gasoline at $4 to $5 a gallon during Dubya final years with the blessing of this kind of corrupt government officials for the profit of big corp and oil companies – get rid of the fed and sec the Chinese way. Execute them.
Look at the un-employment number and thank to them.
Now Sen Cornyn of Texas is speaking. Speak about another idiot from Texas who does not care for the poors or unemploys. How many times these rich Repubs do anything for the poors.

Hey idiot Cornyn, do nothing will keep the Healthcare cost increase every year. Stupid reasoning that the gov cannot do anything … the gov should control the profit of those insurance companies and control the price of health care to make it more affordable to all workers. When is the last time you look at the insurance bill on your paycheck … Sorry, you never did because you are not like us.

Hopefully Greenspan’s numbers won’t slip a bit, because then we might be looking at near stagflation. However, I think there are some signs of hope here. California is in bad shape though, and with 2nd stimulus and health care reform, the Federal gov’t could really mess things up badly, which would lead to more pessimism, economic woes, and layoffs. Hopefully, Obama will not overreact.

Sad prediction and in my view will get a lot worse. The families across America who were middle income are getting blasted. They can’t get aid or support and get turned down at every angle for benefits from the government. This is a sad day in US history.

Wasn’t he the one who admitted to a ‘fatal flaw’ in his economic theory and practice? Something about not accounting for the greed on Wall Street in the private sector? Sorry, I won’t buy what he’s selling…..

Why would anyone listen to Greenspan. That’s like listening to Rumsfeld on how to execute a war effectively.

If you lost your job between October 2008 and now, you can thank the GOP/Conservatives.
If you are unemployed and gain employment in the next 3 years, you can thank Democrats and President Obama.
If you look at history as a witness, The Democrats have always cleaned up the mess the GOP/Conservatives have created and never mismanage the economy where it become a crisis as surely as you can say Hoover and G.W. Bush.

threeriverscrossing – I don’t agree with your partisan statement. Most wars in our past were carried out under democratic leadership and ended under republican leadership. This of course changed drastically under Bush. The job losses are a result of the bursting of an enormous asset bubble that has been growing under both democratic and republican administrations for about 30 years. Greenspan was an architect of the inflation. Ron Paul was his counter, but was discarded to the fringe even though he warned for over a decade of what was coming. He of course was right. I blame both parties so do the same instead of being partisan because democratic policies are aweful too.

Greenspan has been invalidated as an financial expert after the 2008 economic collapse and should be permanently and fully retired by ABC as such. He served way too long in his office and grew omnipotent as a result. If his tenure is there to serve as a lesson for the future, the lesson is one term for the fed chairman and bye-bye.

Katrina vanden Huevel Is a MORON.

Katrina vanden Huevel Is a MORON.
Posted by: ChicagoBob | Oct 4, 2009 12:01:31 PM
Takes one to know one doesn’t it? LOL

Why is anyone printing anything this fool says? He was a worthless blowhard before his time with the fed and spread lies and false information to ultimately create an unstable economy ripe for the picking.
Don’t waste our time with his regurgitation of what others say now.

The 20th Century economic equivalent of Nostradomus!

We are already at 10% unemployment at least. The official “unemployment” count does not count recent graduates. Many of the students who graduated in May/June are still out there seeking jobs and not finding any. Recent grads do not have the luxury of the government covering some of their COBRA payments for health care. Many of these are the students who worked so hard to get Obama elected that are now being screwed by the economy.
Posted by: recent grad | Oct 4, 2009 1:08:33 PM
Luckily McCain didn’t get in. You’d really be screwed.

I WATCHED THE INTERVIEW..AND FRANKLY I WAS BEGINNING TO WONDER WHY THE MEDIA KEEPS GOING TO THE SAME WELL…KNOWING AS WE DO THE WELL IS DRY….GREENSPAN SPOKE A LITTLE GREENSPEAK ONCE AGAIN TELLING US HOW THERE IS A “GLIMMER” OF HOPE IN PRODUCTIVITY NUMBERS AND THAT SOONER OR LATER HIRING HAS TO BEGIN DUE TO THOSE NUMBERS BEING TOO HIGH…GREENSPEAK WAS USED WHEN HE TRIED TO MAKE IT SOUND LIKE IT WAS TOO ARCANE TO QUITE EXPLAIN…..(THEN AGAIN HE IS AGAINST THE POSSIBILITY OF A SECOND STIMULUS, WHICH WOULD BE A DISASTER PILED ON ANOTHER DISASTER SO MAYBE HE WAS JUST TRYING TO JUSTIFY A POINT THOUGH HE KNEW THAT WHAT HE WAS SAYING WAS NONSENSE…LETS HOPE ITS THE LATTER.)
THE REALITY: THE PRODUCTIVITY NUMBERS MEAN ABSOLUTELY ZERO…NOTHING…EMPLOYERS WILL SIMPLY HIRE MORE TEMPORARY WORKERS AS NEEDED…THATS ALL THERE IS TO IT….THERE IS ABSOLUTE NO INDICATION WHATEVER, HIGH OR LOW THAT THIS DEPRESSION IS ANYTHING BUT AT ITS VERY BEGINNING AND THAT IT WILL CONTINUE TO EXPAND AS SOON AS CHINA OWNS UP TO WHAT IT DID…THAT IS WHEN IT LAUNCHED ITS OWN OVERBLOWN STIMULUS….THAT GREENSPAN BROUGHT UP THE POINT OF HUMAN RESOURCES IS GOOD HOWEVER, WE ARE IN FACT LOSING HUMAN RESOURCES AND THAT WILL HAVE DIRE EFFECTS IN THE LONG RUN….AND INDEED THIS IS PART OF THE SOLUTION, THOUGH THE SOLUTION IS VERY COMPLEX AND YEARS AWAY..
ALL IN ALL, THERE IS NO LIGHT AT THE END OF THE TUNNEL, IN FACT I FOR ONE CANNOT HONESTLY SAY I SEE ANY INDICATION OF AN END TO THIS TUNNEL RIGHT NOW..THE COLLAPSE WILL CONTINUE AND YOU CAN THANK OBAMA THAT YOU STILL HAVE A JOB IF YOU STILL HAVE ONE, OR STILL HAVE A BUSINESS IF YOU STILL HAVE ONE, OR A HOUSE IF YOU HAVE ONE..IT WOULD HAVE BEEN A LOT WORSE IF NOT FOR HIS POLICIES…HE HAS SHOWN MERCY AT A GREAT COST TO HIM IN THE FUTURE…AND HE KNOWS IT…
FOR THOSE OF YOU WONDERING..THE REAL REASON WE ARE WHERE WE ARE IS THIS ECONOMY(GLOBAL) IS SIMPLY TOO BIG, TOO FAT, TOO INEFFICIENT AND SO ITS DYING. IT RECOVERS ONLY WHEN IT GETS A LOT SMALLER…PERIOD. LIKE IT OR NOT, THIS IS THE TRUTH..A TRUTH YOU WILL NOT GET FROM THE MEDIA..NOT EVEN FROM GEORGE STEPHANOPOULOS..WHO IS OK MOST OF THE TIME…

it’s time we start praying to the lord for all of what’s going on to turn around and things get better, and stop blaming each other, it’s aready gown bad, let’sfind away to turn things aronud.

“Why do the pundits, Republicans, the media, and conservatives on your panel, like George Will, delight in nitpicking, and sabotaging our President, and ultimately our country??”
It’s called exercising professional skepticism.

Whether you like Greenspan or not (and yes, he is very much in the blame for our current mess) he is a very bright individual. He is right, the economy is turning around. You might not be feeling it yet personally, but it will come. Jobs always lag behind and although people complain about the stimulus (myself included), as Greenspan noted 60% has yet to be spent. So I’m in a wait and see mode and all I can say is that we’re a lot better off than 8 months ago…

When we will stop listening to Mr. Greenspan’s mouthings. The man has no formal training in econmics at all. In fact, his ignorance of the subject led him to the raise interest rates that plundged this country into the financial abyss we now find ourselves.

And does his 10% unemployment rate prediction include those part-timers who need full-time? Or those who have given up hope of finding a job and don’t look any more? Even today, officially it’s 9.8% but if you include these others it’s 18% unemployment.

Exercising Professional Skepticism????
Thems is high-falutin’ words for Bitchin’ & Moanin’
Thank Goodness McCain/Palin comedy team went down in defeat.

I think one should be beware of those that obfuscate. Greenspan is near the head of that class of economists. By keeping interests rates low for prolonged periods Greenspan bears lead responsibility for the sub prime collapse . He was not the only culprit. Barney Frank, Chris Dodd and the gangs at Freddie Mac and Fannie Mae are also near the top of the list. While the Fed has recently taken exceptional action to stem the financial collapse one is left is left puzzling, does the Fed do more harm than good? American working man and women have been finding it difficult to maintain their standard of living for a number of years. Currently the nation has an unemployment rate of near 10% and many forecaster expect that rate to be elevated for years. Yet Greenspan testifies before congress (in an area he has no discernible expertise) that we should continue the high immigration cheap labor immigration policy and reward those that have broken immigration law.

I’m not sure why we’re giving this man a voice in the news – considering the damange he did in this recession.

Which company, big or small, is going to expand its business under the current economic calamity and mayhem? Which company has the confidence to invest money they don’t have to hire? Where are the incentives? NONE!

Greenspan writes in his book about how the financial system has controls that are so strong…never mind exactly what they are…they are just strong so we don’t have to worry about financial institution risk. Joe Nocera, NYT, explains the controls and how they are so lame on January 2, 2009. Greenspan comes back and skips the causes of the crises, and says, oh by the way, no hurtful institutional regulations. ABC needs to start fulfilling its role to this society by asking this guy some tough questions.

10% unemplyment? That really sucks. I say get rid of Greenspan and get somebody that will predict better numbers.

As a student in Michigan, which is currently at 14.7%, I say that any news that may lead to hope is good news. A daughter, granddaughter, wife, daughter in law, sister in law, of GM workers, I can say that by giving some hope to people, its better than telling them that they will never work again. My father, who has been on unemployment for 2 YEARS because he was a factory worker, has seen Greenspan’s message and felt some hope that there will be in the future. Here in Michigan, if you were a factory worker for 25 years, were told to go into the industry because you would be set for life, hope is all that we have left. Our homes are gone, the education for our children is being ripped from their willing arms, there is really no future left here if we did not have hope.

I have just reread the wikipedia page on Mr. Greenspan. He has such great credentials to be a financial expert. He bases his economic theories on the fiction of Ayn Rand. Now we pay the price. I have read a few of Mrs. rand’s works and watched a movie based on her book. Very entertaining. Not fact, and not a valid base for economic theory. His views have destroyed our nation and the worlds economy. “Greenspan said: “I have found a flaw.” From the Wikipedia article on him. Flaw indeed Mr. Greenspan! For those of you thinking of a Libertarian candidate to vote for, this is what you get with that choice. Are you happy with it?

That’s simple: It is called 3% growth for fat cats…10 % unemployments for the rest of us (more like 20 percent when you factor in unreported unemployment). I guess in Republican thinking..”gee, we got 80 % employment at Wal-Mart, McDonalds, Hampton Inn and Merry Maids”…..80 %..that ain’t bad…”

It will take the Reps. to get us out of the governmental mess that we face, they will clean up the mess that obama leaves us. Much the way Carter left us, and Reagan cleaned up the mess.