"The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War," Greenspan said in a Financial Times commentary.
"It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities," he said, referring to the meltdown in the US subprime home loan market and subsequent massive losses for the banks holding the debt instruments.
"The crisis will leave many casualties," he said, his remarks coming after Bear Stearns, the fifth largest US investment house collapsed Friday and was taken over by JPMorgan Chase for a fraction of its value of only a week ago.
I have said it before, but it bears repeating, Republicans cannot handle money!
The Republicans always overcharge on the nations credit card and then it falls to a Democrat to start a plan to pay down the debt. Yes that usually involves raising taxes, which the Republicans vilify and use that to get back in the White House so they can make the same mistakes all over again.
When will the American voters break this destructive pattern?
Update: I keep hearing the President say that they are taking "strong decisive action". I keep yelling at the screen that what we really need is "smart action" for a change. Doing just anything will not solve this crisis, you have to do the "right" thing.
God I hate this administration!
worst since the Depression would have been more accurate....
ReplyDeleteBush has been a real snit about Economy....karmically interesting enough....hmm, Bears went down this weekend...and they are heavily tied to the Carlyle Group- his whole family is depending on that Group and if Bears and Carlyle get Enroned...well, that would be a HUGE problem....for Bush...
the economy is bad..very very bad...and Bush seems to be the only idiot in the room unwilling to admit it....