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« Olympus CEO: 'Japan Is Corrupt, I Feared For My Life' | Main | Cramer: 'We Need A 1000-Point Drop To Avoid The Cliff' »

Greenspan On The Cliff: "Recession Is Guaranteed"

Take the deal!

Short excerpt from Greenspan's interview Nov. 16 with Bloomberg's Betty Liu.

I'm still a skeptic.  The spending cuts agreed upon will not be significant.  Greenspan recommends means testing entitlement programs, which is the fairest way to make large cuts.  The poor and middle class are not affected, and the wealthy give up their benefits in exchange for a tax deduction.


Here's the full interview.

Greenspan on Fiscal Cliff, Taxes, Deficit

Nov. 16 (Bloomberg) -- Former U.S. Federal Reserve Chairman Alan Greenspan talks about the outlook for the U.S. economy, markets and a resolution to the fiscal cliff.

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Reader Comments (19)

Well Ms Liu is pretty but again the hair. Parted incorrectly. This is just totally unbelievable. Why in the name of all that is good do we have to listen to this poor misguided man? Here is one of the main culprits in this huge leverage machine we call our economy discussint a way out. Perhaps we can grab some of his money from his hidden accounts. Dickhead. HOLY SHIT. This man just admitted that this leveraged economy was no accident. Start listening at the 545 to the 600 mark. Can't we just throw this man in jail.
Nov 18, 2012 at 4:06 PM | Unregistered CommenterSKINFLINT
"Can't we just throw this man in jail."

Probably not, even though he should be for the damage his policies have caused. Ignorance and incompetence are not considered criminal enough to justify incarceration. This asshole was so ignorant of reality it made him completely incompetent at his job. Now we're paying for the stupid mistakes he and the other ignorant, incompetent assholes who agreed with him made, that crashed the economy and destroyed american middle class.
Nov 18, 2012 at 5:35 PM | Unregistered CommenterSagebrush

No accident? Greenspan has admitted to a lot more than just that. In a spasm of candor on Jekyll Island a couple years ago, Greenspan spoke of "certainly illegal and clearly criminal" acts. And watch Bernanke when this happens, beginning at 0:15. He tries to keep his poker face up, but Greenspan's spew of truth is too much for the Perfesser to take...

Nov 18, 2012 at 5:47 PM | Unregistered CommenterCheyenne
Cheyenne could this not be admitting that the leveraged economy was a conspiracy? Isn't that criminal?
Nov 18, 2012 at 6:34 PM | Unregistered CommenterSKINFLINT
Skin, in a court of law there are degrees of murder. Unfortunately there are none for treason.
Nov 18, 2012 at 7:25 PM | Unregistered Commenterjohn
I don't know how to take this man. In Dr. Paul's book, there is a passage in which he discusses his views on gold with Mr. Greenspan who was at one time a believer in the gold standard and the belief of property rights for individuals as a means of gaining prosperity. Then he helps to perpetrate the largest bank heist in the history of mankind. At some point he sold his belief system down the river. I don't know if this man is using the stump to callously brag about this situation or to start some sort of dialogue by casually throwing this stuff out there. Just totally out there. Cheyenne, yea Bernanke looks as if he could have just as well run off the stage than sit there and feel the heat. It would seem to me that Greenspan WOULD know what he is saying.
Nov 18, 2012 at 8:12 PM | Unregistered CommenterSKINFLINT
Of course its guaranteed, I've been in a recession for 11 years. Newsflash, the attacks on the World Trade center to cripple the American economy worked in addition to the good old fashioned American fraud and fear mongering.

The last two were just icing on the cake.
Nov 19, 2012 at 2:27 AM | Unregistered CommenterS. Gompers
Greenspan is an Ayn Rand freak. He caused the Depression under Bush, he gave us the Bush tax cuts and he helped send jobs overseas. Social Security has nothing to do with the debt, as Ronald Reagun said. It is OUR money you bankster. Its funded until 2030...he wanted to privatize social security right before the big crash..and this countries seniors would be in the streets, homeless and destitute. The only problem with social security is that more jobs will put MORE money into the system. Greenspan and Bush used the social security fund to balance their budgets. Thats why Al Gore wanted to put social security into a LOCKED box, cuz he knew the bankster/gangsters were going to raid it. Go to single payer health care and save billions in health care to all our states. This man is a fraud, a joke and one of the banksters along with Paulson et al, the Goldman Sachs empire rules this planet. Its these banksters in NY and London, and Brussels who want to get the last dime out of the hides of the people to cover their ponzi schemes bankrupting the world and bringing austerity to our people..
Dec 1, 2012 at 2:19 PM | Unregistered Commenterspktruth200

"Greenspan and Bush used the social security fund to balance their budgets."


Greenspan ran the Fed. He has nothing to do with the budget. And you fail to mention that ALL presidents use the annual SS surplus as part of the budget. Don't try to be partisan around here. Democrats and Republicans are both guilty.
Dec 1, 2012 at 4:19 PM | Registered CommenterDailyBail
Alan Greenspan is, quite literally, the most base form of criminal scum that I've ever had to witness in my 45 years on this godforsaken globe.

And there is one and only one "solution" to both the American and the entire Global problem of the thorough "financialization" of the Kleptocratic, Corporate-owned and Corporate-Run [Corporate Takeover] Fascist Dictatorships that have enthroned themselves to power. Here it is:


Absolutely NOTHING will “change,” much LESS get “better” until AND unless THAT happens. Indeed, if the CRIMINALS are ALLOWED to continue to PLUNDER, it will, in FACT, only get WORSE. MUCH WORSE.

ALL criminals involved in these monstrous, reprehensible, PATHOLOGICAL financial CRIMES, which were clearly, totally and willfully collaborated as a gigantic Scheme to Defraud and totally BILK the very citizens of this, our country, the United States, and, um, the entire world, MUST PAY.

Each one of these Criminals must be Indicted, Prosecuted to the fullest extent of THE NEW LAWS, (all of which will be made retroactive) and, finally, actually PUNISHED SEVERELY; Let me be perfectly clear: Each CRIMINAL that is found GUILTY in the Courts of Law, whether by a judicious Judge or by a Jury of his/her “peers,” shall be held fully accountable for their [blatant] CRIMES, and penalties will surely entail STIFF terms of imprisonment, along with the lawful SEIZURE of ALL ill-gotten gains.

We all know, for example, that George Bush, Dick Cheney…that list goes on and on; And let’s not forget Jamie Dimon, Lloyd Blankfein, Richard Fuld, Hank Paulson, Larry Sommers, Timothy Geithner, Alan Greenspan; And an astonishingly dizzying and countless number of all the other CRIMINALS; All should be on the TOP of the list for the vigorous investigations and thorough prosecutions and then PRISON FOR LIFE.

Make no mistake, We MUST HOLD each of these thoroughly Monstrous, pathological Serial FELONS/PREDATORS/Criminals FULLY ACCOUNTABLE for their outrageous crimes of Fraud, Scheme to Defraud, Financial Elder Abuse, and countless other very serious Felonies. If we don't, then good riddance anyway to everyone.

In fact, every last one of these filthy criminals should be publicly EXECUTED by HANGING; In FACT, I will VOLUNTEER. These are utterly insane Crimes Against Humanity.
Dec 1, 2012 at 4:42 PM | Unregistered CommenterChristina Marlowe
You will never hear me say that both parties ARENT guilty of fleecing the american people. I say the two party system is a two headed snake. Corporate america has taken over this world, headed by Goldman Sachs, the London Banksters who are driving world governments into bankruptcy to continue their worldwide ponzi scheme. Its what I loved about the occupy movement, we need to occupy the planet with our citizens and demand the banksters worldwide are immediately jailed. But they have all the guns, the drones etc, and would kill as many as possible to make sure the world never throws off the real crooks, liars, thieves and the warmongers. There is no way out, unless the people of the planet join forces~ a worldwide occupy movement..
Dec 1, 2012 at 5:04 PM | Unregistered Commenterspktruth200

I've been running this site pretty much everyday for 4 years. There is no worldwide occupy movement coming. Bankers aren't going to jail. The Fed isn't going to disappear. Hell, they still can't even get a thorough audit.

Sorry to be the bearer of bad news, but the most we can hope for is a continued awakening of the sheeple, and a movement toward getting MONEY out of politics. Both would be positive developments.
Dec 1, 2012 at 5:45 PM | Registered CommenterDailyBail
How about our very well paid Congress, President and Banksters start telling the TRUTH!

Watch Them Very Closely. How to spot a LIAR!

Dec 1, 2012 at 6:21 PM | Unregistered CommenterBackgammon
You spelled "DEPRESSION" wrong
Dec 5, 2012 at 8:13 AM | Unregistered CommenterKevin K
I think "DailyBail"'s reply to "spktruth200" is quite accurate. I do think, however, that "spktruth200" has a good point. We do need a worldwide (or 'global' - ever get tired of hearing that word?) response to this 'global' assault on humanity, sponsored by those who just print up more fiat FRNs (Federal Reserve Notes) to buy off those in government, media, and elsewhere, to do their bidding, against the masses, who are essentially dis-enfranchised, as stolen "elections" (since at least 2000) attest.



Getting your money out of any TBTF Bank is ONE thing that you can do. However, there are many, many other things that we all can do, too!

Here are just a few:
1) BOYCOTT – learn this concept well, and EMPLOY IT – against those enslaving you! Start using this concept in your own personal life. You don't need to get everyone else on board with you, right away. "BE THE CHANGE YOU WISH TO SEE IN THE WORLD" - Gandhi
3) QUESTION all ‘authority’ (Big Business/Government, Big Religion, Big Media, etc.)
4) Get out, and/or stay out, of DEBT!
5) USE CASH AS MUCH AS POSSIBLE. Avoid using credit, debit, and customer loyalty cards
6) Bank at a local credit union! Did your bank participate in the massive TRILLION $$ 2008 "No-Banker-Left-Behind" Bailouts?
7) VOTE WITH YOUR DOLLARS! (What do you support, with your time, money, and energy? THIS IS KEY!)
8) Contact your Representatives on critical issues: such as "END THE FED!"
9) Re-read the 2nd Amendment to the U.S. Constitution. It isn’t about hunting. It's about government tyranny, and protecting yourself from it!
10)Buy (products) Made in U.S.A.
11)Invest in precious metals, primarily SILVER (and gold) bullion.
12)Buy ORGANIC food! Support your local Organic Farmer, food store or Co-op!
13)Start your own garden using NON-GMO, non-hybrid seeds!
14)Pray or meditate – reduce your stress!
15)Read a book, you know, an actual book! Open your mind! Try reading THE WORLD ORDER, by Eustace Mullins.
16)Exercise your brain muscle!
17)Listen to soothing classical, jazz, ambient or other music you thoroughly enjoy!
19)Take a quality, daily multi-vitamin!

Dec 5, 2012 at 8:44 AM | Unregistered CommenterAnon
As for ORGANIC food companies, here is some very practical, ‘actionable’ information:

Which, so-called “organic” food companies are fighting Prop 37 in California, to stop GMO labeling, and which organic food companies are funding/supporting GMO labeling (ie, your right to know)?

Boycott the Organic and ‘Natural’ Traitor Brands Whose Parent Companies Oppose Your Right to Know

Which Mega-Corporations own which “organic” food companies?

Download the “NON-GMO Shopping Guide” here:
Dec 5, 2012 at 8:51 AM | Unregistered CommenterAnon
Religious freaks money changers--our problem
Dec 5, 2012 at 9:38 AM | Unregistered Commenterjojo
This from the slug that helped engineer the nation's demise. Burn
Dec 5, 2012 at 4:24 PM | Unregistered Commenterrobertsgt40

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