Alan Greenspan - This Week's Bullshitter of the Week



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Former Fed Chairman Alan Greenspan said on Friday the 13th that the worst of the economy's troubles will be over once the financial crisis ends. "I think the worst is over (for the U.S. economy) if the financial crisis is over...It can struggle along for a while. It could get worse, it could get better." Huh? Doesn't that go without saying that once everything is fine everything will be fine. The man is famous for talking up an economy and having the markets follow his word. However; in one sentence of his interview he stated that he believes "the worst is over." In the very next sentence he states that he believes there is a greater than 50 percent probability of recession. Since the numbers show the economy was not in recession in the first quarter this means there is a greater than 50 percent probability of the economy getting worse. The best we can say about these statements is that they are utter bullshit.

If this is the best Alan Greenspan can come up with after the foreclosure news then the economy may be even worse off than most fear.

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