Greenspan Arrogance Set Up U.S. for Big Fall: Roger Lowenstein - Bloomberg.com

Greenspan Arrogance Set Up U.S. for Big Fall: Roger Lowenstein - Bloomberg.com

Greenspan Reports that the Recovery is in progress

Collapse, I think, is now off the table,” said Alan Greenspan over the weekend, pedal to the metal. “I’m pretty sure we’ve already seen the bottom… it’s clear that we’ve turned, perhaps in the middle of last month, the middle of July.”

“I do think it is possible that we could get a second wave down,” he cautioned, literally seconds later. “But the important issue is if we don't -- and I think the probability is that we won't -- that we are close to stabilization.”

So the worst is over, unless it gets bad again.


From Agora Financial 5 min

US Banks - Insolvent

“All the major [US] banks are basically insolvent at this point. Until that changes and until credit gets flowing again, it’s hard to see how we have any real recovery.” – David P. Prokupek, chief executive of the Denver portfolio manager Geronimo Partners in Bloomberg article Thursday.

*********************

It could be years before recovery starts. It has been years for the excessive credit spending. The solution to the problem is not more credit spending that the government is promoting. This problem will not be solved overnight. It will take time. The question is how do we want to correct the problem that has been created; and the blame can be laid at Bush...he deserves it; he started it. However, I fear that Omaba is following Bush but in much bigger way, and that is not real change! Just more of the same...only faster!