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View Full Version : Greenspan: "This is the worst economy I've ever seen"



ABrownLamp
09-15-2008, 04:44 PM
In an interview with Bloomberg Television, Greenspan argued that the country couldn't afford the tax cuts being proposed by John McCain without an equally massive reduction in spending. "I'm not in favor of financing tax cuts with borrowed money," he said (http://ap.google.com/article/ALeqM5iE2JCSH5p9r2GBkQWS9TWAMzmuvQD9362OS01). "I always have tied tax cuts to spending."

http://www.youtube.com/watch?v=fO9idrZs30M

http://www.huffingtonpost.com/2008/09/14/greenspan-this-is-the-wor_n_126274.html

phinman1
09-15-2008, 04:53 PM
Let's face it. We're going to be ****** for a while here in the good ole US of A. Is it that hard to see why? Heard it explained perfectly.

Basically went into war with a large deficit, and decided to put the war on the credit card so to speak. Basically, a macrocosm of the debt mentality of American consumers. Also, the war caused oil to go up. As the economy began to falter, the Fed kept the economy going with a flood of liquidity and lax regulation, which basically led to the housing bubble. Now the house of cards is coming down. Everything is catching up to us. It's going to get worse. Wait and see.

ABrownLamp
09-15-2008, 05:02 PM
Not only that but weve got a Pres candidate who thinks giving tax breaks to the upper 2% will somehow help the situation. And almost half of the US population (who obviously dont fall into that category and who wont get a tax break under his plan) standing up for the tax rights of the rich. Makes no sense to me.

phinman1
09-15-2008, 05:11 PM
Not only that but weve got a Pres candidate who thinks giving tax breaks to the upper 2% will somehow help the situation. And almost half of the US population (who obviously dont fall into that category and who wont get a tax break under his plan) standing up for the tax rights of the rich. Makes no sense to me.

Probably because you are over analyzing the situation.

It may make more sense to you if you realize the simple fact that America is full of complete morons.

MDFINFAN
09-15-2008, 05:21 PM
Let's face it. We're going to be ****** for a while here in the good ole US of A. Is it that hard to see why? Heard it explained perfectly.

Basically went into war with a large deficit, and decided to put the war on the credit card so to speak. Basically, a macrocosm of the debt mentality of American consumers. Also, the war caused oil to go up. As the economy began to falter, the Fed kept the economy going with a flood of liquidity and lax regulation, which basically led to the housing bubble. Now the house of cards is coming down. Everything is catching up to us. It's going to get worse. Wait and see.

This a repub economy...deregulations, and too low of taxes to the wealthy, plus increase spending...they're the ones who made these laws and we're the ones to die by these laws..we need balance..don't get me wrong, the dems are no better, that's why I used balance, the regulation the dems like, the low taxes the repubs like, but across the board, not just the wealthy, with a something both parties don't do well, and that's cut spending.

ohall
09-15-2008, 06:54 PM
You've got to love this DEM lead congress.

tucker
09-15-2008, 07:32 PM
how is this the dem's fault? this would be happening no matter who was in charge

ohall
09-15-2008, 09:14 PM
how is this the dem's fault? this would be happening no matter who was in charge

I agree, but I figured I'd throw some blame around myself. Both parties are to blame.

WSE
09-15-2008, 09:47 PM
recessions suck

I still love the days of Clinton...say what you must about the mans personal life, but peace and prosperity sounds damn well right about now.....

ABrownLamp
09-15-2008, 10:33 PM
Lets not forget who was left with a surplus and who will leave office doubling the debt. Since 2001 Congress has been controlled by the Pubs. And there is no question that there was out of control spending going on. The Dem controlled Congress has turned out to be a POS, but the previous Congress basically rubber stamped his every wish

FinFatale
09-15-2008, 10:40 PM
I agree, but I figured I'd throw some blame around myself. Both parties are to blame.


totally in agreeance

FinFatale
09-15-2008, 10:42 PM
Lets not forget who was left with a surplus and who will leave office doubling the debt. Since 2001 Congress has been controlled by the Pubs. And there is no question that there was out of control spending going on. The Dem controlled Congress has turned out to be a POS, but the previous Congress basically rubber stamped his every wish

well we are not forgetting that. lets not forget that unlike previous years we have had a WAR going on that has proven to expensive.............

SpurzN703
09-16-2008, 12:09 AM
What a time to be growing up in the USA huh kiddies? Lucky us

MDFINFAN
09-16-2008, 10:56 AM
well we are not forgetting that. lets not forget that unlike previous years we have had a WAR going on that has proven to expensive.............

Became expensive because of poor leadership, management, bad plans, both economically and foreign policies, and unsound decisions...

But you guys want more of the same, and I know you guys see it..the signs are everywhere on this one..McCain's plans, look at his website pleas, I bet you...you will see a continuation of Bush...please look and stop the personality election of a president and do it on what they want to do...

MDFINFAN
09-16-2008, 10:59 AM
You've got to love this DEM lead congress.

yea, after loving the repub congress for the first 6 years of bush's term where all the policies were put in place and now we'll reaping the benefits..I agree, even thought I'm not a party guy, I'm glad the dems weren't following bush lead like the repubs or this could have been even worst.. time to reverse course and that's not McCain...his site says it call..more of the same.

Dolphan7
09-16-2008, 12:06 PM
No doubt this country faces some major challenges in the near future. Greenspan urges cutting spending.

Which candidate said he would veto any bill with pork in it and let us know their names?

MDFINFAN
09-16-2008, 12:35 PM
No doubt this country faces some major challenges in the near future. Greenspan urges cutting spending.

Which candidate said he would veto any bill with pork in it and let us know their names?

Which canidate is being unrealitic and giving you lip service.. while giving more tax breaks to the rich...

You know he won't be able to do anything in washington except veto if he kept his rheotric.. Oh yea, I also noticed him saying he will try to give some tax relief to the middle class, but on his web site he doesn't mention it as a part of his plan....so I'll say he's doing the say anything that sounds good to ya lines..it's the written lines that tell the story...on his website.:up:

Dolphan7
09-16-2008, 01:36 PM
Which canidate is being unrealitic and giving you lip service.. while giving more tax breaks to the rich...

You know he won't be able to do anything in washington except veto if he kept his rheotric.. Oh yea, I also noticed him saying he will try to give some tax relief to the middle class, but on his web site he doesn't mention it as a part of his plan....so I'll say he's doing the say anything that sounds good to ya lines..it's the written lines that tell the story...on his website.:up:Right! I am supposed to believe you over a man who has championed cutting government spending for decades, and has a proven track record in that area.

Yeah you're right, the guys is lying through his teeth. Great research!:up:

MDFINFAN
09-16-2008, 01:50 PM
Right! I am supposed to believe you over a man who has championed cutting government spending for decades, and has a proven track record in that area.

Yeah you're right, the guys is lying through his teeth. Great research!:up:

over 90 % with Bush, our nat'l debt has double, I didn't ask you to beleive me, look at the facts...McCain has cut nothing out, actually he hasn't been in position to....but your post did sound good...:up:

ohall
09-16-2008, 02:07 PM
yea, after loving the repub congress for the first 6 years of bush's term where all the policies were put in place and now we'll reaping the benefits..I agree, even thought I'm not a party guy, I'm glad the dems weren't following bush lead like the repubs or this could have been even worst.. time to reverse course and that's not McCain...his site says it call..more of the same.

I would simply point out things went south when the DEM's took over.

However I know the economy runs in cycles. It will come out of it so long as the American public and businesses are not ever taxed.

Whenever any economy expands there is going to be a period of time of retraction.

Eshlemon
09-16-2008, 05:02 PM
Neither candidate has provided a pragmatic plan other than a laundry list of campaign promises that one candidate will have unfettered Congressional backing and one won't.

Dolphan7
09-16-2008, 06:48 PM
over 90 % with Bush, our nat'l debt has double, I didn't ask you to beleive me, look at the facts...McCain has cut nothing out, actually he hasn't been in position to....but your post did sound good...:up:Both dems and pubs are to blame for the out of sight spending. Only one candidate is saying he will work to cut over spending and get back to a balanced budget, and has a track record to back it up.

I know BO says he wants to do somethings, but he doesn't have the track record.

That is the difference.

tucker
09-16-2008, 07:06 PM
I would simply point out things went south when the DEM's took over.

However I know the economy runs in cycles. It will come out of it so long as the American public and businesses are not ever taxed.

Whenever any economy expands there is going to be a period of time of retraction.i agree, but couldnt you say that the dems were put in the situation from the republican led congress?

just saying...

Dolphan7
09-16-2008, 07:48 PM
It was the repub congress that helped give Clinto that huge surplus, then I wonder what ever happened to that type of leadership in congress, either dem or pub.

ohall
09-16-2008, 09:38 PM
i agree, but couldnt you say that the dems were put in the situation from the republican led congress?

just saying...

Sure you could. I think we agree it runs in cycles, so you could always blame someone else if the timing is correct.

However for me, the biggest way congress or the President can affect the economy is if they over or under tax us. IMO outside of that it's just the economy running its natural course.

MDFINFAN
09-16-2008, 11:33 PM
Both dems and pubs are to blame for the out of sight spending. Only one candidate is saying he will work to cut over spending and get back to a balanced budget, and has a track record to back it up.

I know BO says he wants to do somethings, but he doesn't have the track record.

That is the difference.

D7, what I'm trying to say, and maybe not getting the point accross is our budget deficit and our national debt has continuely gone up...especially under repub presidents.. in other words McCain has no record to show he's control anything...again he's never been in position to show that..if he has a record, it's not showing up in the deficit numbers or the national debt..

The only thing he's done is not take earmarks.. especially since the Keating situation..

MDFINFAN
09-16-2008, 11:36 PM
It was the repub congress that helped give Clinto that huge surplus, then I wonder what ever happened to that type of leadership in congress, either dem or pub.

it was a combo of the two..but I agree, that type of leadership on both sides disappeared right after bush took office.. we had 6 years under a repub and president admin...debt bills after debt bills, regulatory oversight slack big time, VP meeting with companies in secret... yeap but blame the dem too..they'd had 2 years to over turned the previous 6...:shakeno: but with a repub president who was hell bent on wars and borrowing to fund them.

ohall
09-17-2008, 12:30 AM
D7, what I'm trying to say, and maybe not getting the point accross is our budget deficit and our national debt has continuely gone up...especially under repub presidents.. in other words McCain has no record to show he's control anything...again he's never been in position to show that..if he has a record, it's not showing up in the deficit numbers or the national debt..

The only thing he's done is not take earmarks.. especially since the Keating situation..

You have that backwards. Obama has no record. He has been a Senator for less than a year and the other 1.5-years some ppl call him a Senator he has been running for President.

Don't bring up a lack of a record, it makes your guy look very weak.

Dolphan7
09-17-2008, 12:35 AM
D7, what I'm trying to say, and maybe not getting the point accross is our budget deficit and our national debt has continuely gone up...especially under repub presidents.. in other words McCain has no record to show he's control anything...again he's never been in position to show that..if he has a record, it's not showing up in the deficit numbers or the national debt..

The only thing he's done is not take earmarks.. especially since the Keating situation..

McCain has never been in a position to control government spending and pork barrel spending and earmarks and all that waste. He is just one of 100 Senators and 470 Congressman.

But.....and it is a huge but....he has stood up to these things time and time again.....when he could.......that is his record.

And he has plans as POTUS, when he will have some control over these things, to continue to fight for reducing government spending and waste.

No other candidate can make that statement.

BO has said he wants to make changes, but doesn't quite understand exactly what all that means, in fact he is just trying to get his skinny butt into the WH at all costs if you ask me. I just don't see him as passionate about it as is McCain.

ohall
09-17-2008, 12:45 AM
McCain has never been in a position to control government spending and pork barrel spending and earmarks and all that waste. He is just one of 100 Senators and 470 Congressman.

But.....and it is a huge but....he has stood up to these things time and time again.....when he could.......that is his record.

And he has plans as POTUS, when he will have some control over these things, to continue to fight for reducing government spending and waste.

No other candidate can make that statement.

BO has said he wants to make changes, but doesn't quite understand exactly what all that means, in fact he is just trying to get his skinny butt into the WH at all costs if you ask me. I just don't see him as passionate about it as is McCain.

McCain has never supported a bill that has had Earmarks in it. At least that is my understanding. If someone thinks McCain is going to support any economic bill that he thinks that will hurt this countries economy obviously doesn't understand what this man is made of. There is a 26-year long record to show what he's made of. What does Obama have? Oprah as a fan?

Dolphan7
09-17-2008, 01:20 AM
McCain has never supported a bill that has had Earmarks in it. At least that is my understanding. If someone thinks McCain is going to support any economic bill that he thinks that will hurt this countries economy obviously doesn't understand what this man is made of. There is a 26-year long record to show what he's made of. What does Obama have? Oprah as a fan?
He organized a whole community once, I think.:up: