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Uh Oh. We're Screwed.

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July 01, 2010 – Comments (8)

I just heard Alan Greenspan say on CNBC that he doesn't think we're headed for a double dip recession. I think that pretty much guarantees that we are.

Deej 

8 Comments – Post Your Own

#1) On July 01, 2010 at 7:27 AM, TMFBent (99.82) wrote:

C'mon Deej. Do you have a Ph.D. in economics? Can YOU play sax? Did you hang out with Ayn Rand?

Just because Greenspan turned out to be completely wrong about all the important things... You doubt him?

;)

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#2) On July 01, 2010 at 7:56 AM, TMFDeej (99.29) wrote:

HA.  Good point.  I don't play the sax, but I do play a mean kazoo.

Deej 

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#3) On July 01, 2010 at 8:33 AM, alstry (36.24) wrote:

We are headed for war...it seems the most likely path and the path many have historically chosen.

The only way we can have a recovery, with credit being cut off to the private sector, is to consume massively more than we produce.....and our production is collapsing with credit now being cut off to cities, counties, states and the dramatic slow down caused by the oil spill.

I understand many Fools think consumption is a basic human right and no one has a greater right to consume than America.  That was once true when we produced......we had the right to consume.  However, today we produce relatively little.

Combining credit contraction with the fact that many jobs are being replaced by machines(ie hundreds of thousands of postal workers, millions of manufacturing jobs, etc...) and our service economy soon will have few to service....IF WE DON'T RESTRUCTURE THE CURRENT SYSTEM.

Our choices are becoming very limited if we want to continue consuming at anything close to the current level.  Soon few will want to voluntarily accept our money in exchange for their production....

At that point...what choices do you think we have when 300,000,000 people have now come to believe that consumption in incredible quantities has become a basic right?

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#4) On July 01, 2010 at 9:07 AM, TMFDeej (99.29) wrote:

So away alsry.

Deej 

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#5) On July 01, 2010 at 9:14 AM, alstry (36.24) wrote:

Deej,

It is the nation's refusal to accept its reality that will force our nation to war....just like your refusal.

We somehow came to believe that we can consume massively even if we don't produce.  You somehow believe that all will be OK in the current system regardless of what happens to production in America.

It is that belief that will force our leaders into a position where they will have to force others to hand over their production to our people in exchange for our paper that we are simply printing backed by less and less each day.

Crazy.

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#6) On July 01, 2010 at 9:20 AM, TMFDeej (99.29) wrote:

So away alsry.

Deej 

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#7) On July 01, 2010 at 10:49 AM, JakilaTheHun (99.94) wrote:

Alan Greenspan shouldn't even be considered a legitimate economist. 

There's only one reason he was appointed and managed to stay at the Fed for so long: Populism. 

He was popular.  His loose monetary policy promoted economic growth --- until it all collapsed. 

He was essentially the anti-Volcker. 

I don't trust Greenspan on much of anything. 

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#8) On July 01, 2010 at 9:22 PM, StatsGeek (29.36) wrote:

I think Alstry can be very annoying...

but I agree with his comments here.

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