After helping create this economic catastrophe “Alan Greenspan” said this could get real bad.
Former U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the current global recession will “surely be the longest and deepest” since the 1930s and more government rescue funds are needed to stabilize the U.S. financial system.
“To stabilize the American banking system and restore normal lending, additional TARP funds will be required,” Greenspan said in a speech to the Economic Club of New York. The U.S. Treasury’s Troubled Asset Relief Program designed to help bail out banks has been partially successful, he said.
Greenspan said the pace of economic deterioration “cannot persist indefinitely.”
He reiterated, however, that a housing recovery is a necessary condition for the end of the financial crisis, and said that “the prospect of stable home prices remains many months in the future.”
why anyone would take anything that he has to say seriously anymore is beyond me, one of the main reasons he is yapping again could be he wants to protect this banking buddies and doesn’t want to see the banks nationalised , because that would mean less money for rich folks in banking.
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