Alan Greenspan
- Thread starter Pujo21
- Start date
this guy is a tool of course. why does he care about ss he is +70 years old and he is wealthy enough is it does not effect him what so ever.
say what we want about him though, when this mans talks about the economy or the market he can make you or break you in a 5 minute speech.
say what we want about him though, when this mans talks about the economy or the market he can make you or break you in a 5 minute speech.
Yes a towel in his mouth some times might be good. Dam fool helped cause some of our problems late 2000 with his rate increases that he now all but admitts could have been left alone.
This guys forgotten more than ANY of us know about money
He is basically in a no-win situation no matter what policy he tries . There are always going to be winners and losers with every decision he makes.
What exactly has he done wrong?
He is basically in a no-win situation no matter what policy he tries . There are always going to be winners and losers with every decision he makes.
What exactly has he done wrong?
I totally agree, but the way he can sway the market just by what he "reports" is pretty phenominal...
Il'l tell you what IMO he did wrong and it relates to what DJV was refering to. I'm no econ major, but I had always heard that it takes 6-9 months to see what effect an interest rate increase does to the economy. He raised it 6 times in 9 months (I think, something close to that) and basically blew the market out of the water all by himself. Maybe things were "overvalued", but I think he went way to far in trying to cool things off, atleast to fast.
Captain Crunch said:
dude, there are short term and long term effects from raising the interest rates...there is no it takes 6-9 months...
everybody here acts like they could do such a better job running the economy..yeah right
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The irony in this thread.
Most of the (for the little guy)liberals diss Greenspan
yet he is responsible for the most economical advantageous time in the struggling American's lifetime with low inflation and lowest mortage's and interest rates in decades.
Yet I don't here a peep out of the the fat cats who interests on money was cut to historical lows and the dive the market took after his blunder. ---Interesting!!!!!!!!!!!!!!
Most of the (for the little guy)liberals diss Greenspan
yet he is responsible for the most economical advantageous time in the struggling American's lifetime with low inflation and lowest mortage's and interest rates in decades.
Yet I don't here a peep out of the the fat cats who interests on money was cut to historical lows and the dive the market took after his blunder. ---Interesting!!!!!!!!!!!!!!
Finally the truth has been spoken: Social Security, in its current form, cannot be sustained because of the budget deficit and the retiring baby boomers, future cuts in Social Security and Medicare will be needed to prevent tax increases that would damage the economy. Since this is unacceptable to the Gimme Generation, Democrats immediately went into hysterics.
But Greenspan is absolutely right. People need to get it through their thick skulls that Social Security is broke. There is no trust fund. The lockbox is empty. Current beneficiaries are paid off by later ones. In private business, this is called a Ponzi scheme, and they put people in jail for it. What is being perpetrated on the American people with Social Security is so fraudulent, it makes Enron look like a bike ride.
Right now, as you read this, Social Security is $26 trillion in debt. President Bush has proposed allowing younger workers to invest part of their own Social Security money, but this is just a half-measure. The program needs to be privatized as soon as possible. Under a private system, beneficiaries would see a dramatically higher return on their investment than the current system. As it stands now, you will get far less from Social Security than you put in when you retire.
Remember: there is no Social Security fund waiting for you when you retire. It's all a big lie.
But Greenspan is absolutely right. People need to get it through their thick skulls that Social Security is broke. There is no trust fund. The lockbox is empty. Current beneficiaries are paid off by later ones. In private business, this is called a Ponzi scheme, and they put people in jail for it. What is being perpetrated on the American people with Social Security is so fraudulent, it makes Enron look like a bike ride.
Right now, as you read this, Social Security is $26 trillion in debt. President Bush has proposed allowing younger workers to invest part of their own Social Security money, but this is just a half-measure. The program needs to be privatized as soon as possible. Under a private system, beneficiaries would see a dramatically higher return on their investment than the current system. As it stands now, you will get far less from Social Security than you put in when you retire.
Remember: there is no Social Security fund waiting for you when you retire. It's all a big lie.
It's a big lie because the government borrowed the money with worthless money to repay it. And none ever was. They just keep taking and never give back. It just shows you cant keep over spending. And at the same time give tax breaks you cant afford to give. There going to borrow more from S S to pay for the tax break. Why do I say that. Because you and I know they will not cut spending enough to help. In fact they cant. Reason being they would have to shut down wash DC because they have no money to spend. With out money we need no congress. And all the special interest groups could all go home. They have to put everything back on the tabe to make it all work able. Yes even some of our very wealthy americans might get screwed some. But it's for there own special interst in the long run they would come out ahead.
People have always said when it first started that Social security was a scam.
The people who have been robbing it better fix it !
These congressmen and senators don't care because they are locked in on BIG FAT PENSIONS.. I say no money for Old people on Social Security..Then no money for the politicians pensions. Take away their BIG FAT PENSIONS and watch how Social Security gets fixed !
The people who have been robbing it better fix it !
These congressmen and senators don't care because they are locked in on BIG FAT PENSIONS.. I say no money for Old people on Social Security..Then no money for the politicians pensions. Take away their BIG FAT PENSIONS and watch how Social Security gets fixed !
history will be the judge of Greenspan, many of the people in his position are not popular. I heard his latest speech and agree, you cannot increase the debt, at this level year after year.
he suggested cutting government spending, wether cutting government spending or rasie taxes something will have to be done to avoid large defecits. that will be for the congress and the president to decide in 2005.
dont shoot the messenger. as for the market crash that was going to happen anyways, the only question was when....
thanks
selkirk
he suggested cutting government spending, wether cutting government spending or rasie taxes something will have to be done to avoid large defecits. that will be for the congress and the president to decide in 2005.
dont shoot the messenger. as for the market crash that was going to happen anyways, the only question was when....
thanks
selkirk
Yes he opened eyes. But I never heard a plan from him about how to do anything. How do we cut the deficit. Stop spending. We cant even get close that way. For one you cant cut enough. When you take in less then you spend. You may need to start taking in more. In other words just maybe the tax cuts did go to far. S S really has little to do with it. But of course since they borrowed it broke they use it as a wedge. This one wont fly so easy. It cuts through all party lines. But they always seem to bring it up in a election year. This effects tons of Moms and Pops. Most just middle America 75000 grand a year or less. They better start doing instead of just talking.
I DONT KNOW ABOUT YOU FELLAS BUT THERES NO WAY I TRUST THIS JEW COUNTING MY DOUGH.
WHEN ALLAN TALKS I RUN TO MY BANK AND GET MY MONEY BEFORE HE DOES THIS GUY SCARES ME TO DEATH.HOW CAN ONE HEBREW HAVE SO MUCH POWER:shrug:
I WILL NEVER FORGET THE GREAT CASCADE ROBBERY OF 2003 THE DAY LENNY AND CASCADE SPORTSBOOK STOLE 660 DOLLARS FROM ME THEN CALLED ME A SUCKER(THANK GOD THESE CROOKS ARE OUT OF BUSINESS)
WHEN ALLAN TALKS I RUN TO MY BANK AND GET MY MONEY BEFORE HE DOES THIS GUY SCARES ME TO DEATH.HOW CAN ONE HEBREW HAVE SO MUCH POWER:shrug:
I WILL NEVER FORGET THE GREAT CASCADE ROBBERY OF 2003 THE DAY LENNY AND CASCADE SPORTSBOOK STOLE 660 DOLLARS FROM ME THEN CALLED ME A SUCKER(THANK GOD THESE CROOKS ARE OUT OF BUSINESS)
