Greenspan: U.S. in recession - recommends settling the crisis by committing taxpayers' money

[cyberpj]

Greenspan, on CNBC: U.S. in recession
Tue Apr 8, 6:28 PM ET

WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economy was in recession, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy under.

snip -
In an interview with CNBC television in which he defended his chairmanship of the U.S. central bank against charges that his policy missteps had laid the groundwork for the current crisis, Greenspan said Fed decisions on his watch were rationally constructed based on evidence at the time.

snip -
The U.S. economy will not stabilize until housing markets recover, Greenspan said. To speed that process, the Bush administration should look to the 1980s savings and loan crisis for lessons on settling the crisis by committing taxpayers' money to the project.

"I think if you're going to deal with a situation like this it's an issue for appropriated funds of the Treasury to set up something like the Resolution Trust Corporation, which as you remember was very successful in resolving the S&L crisis," Greenspan said.

article:
http://news.yahoo.com/s/nm/20080408/bs_nm/usa_economy_greenspan_dc;_ylt=AjVZDRRisxwVbbje8juGajioOrgF

[fascisthunter]

1. We'll Start Using Your Own Personal Funds First... How's That Sound

After all, you claim to be a proud American... I'm sure you would be willing to prove it by making a personal sacrifice.

[angstlessk]

2. It was sucessfull in that taxpayers bailed out the S&L and prevented

the crooks from being prosecuted by the owners of the deposits!

[cyberpj]

3. And a Bush was neck deep in the scam wasn't he? They just PLAY dumb you know... nt

[angstlessk]

4. I believe it was Neil at Silverado,..or was it Jeb in the Medicare scandal

or was it Columbia boosh caught smuggeling...damn feels like a Clue game.. Mr Green in the Library with a pipe...only real lives are involved! :grr:

[cyberpj]

6. And - you could go back to Prescott Bush - Poppy's daddy for the real beginning.

Not only is it a game of Clue - but combined with All In The Family.

[CanonRay]

5. Privatize profits, make losses Public.

Whatever happened to the free market...thought this asshole was supposed to be the guru?

[AdHocSolver]

7. Greenspan was the ARCHITECT of the Ponzi schemes that brought us the mortgage "bubble" ...

and the stock market "bubble" (like Enron) before it.

He created the fraud and the "crisis", and now he wants the taxpayers to clean up the mess HE created.

Greenspan to America: Throw more good money (the last of whatever you have left) after bad. The crooks haven't stolen enough from you. What gall!