A little Christmas cheer from Greenspan.
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I like the positive spin here; however, they did not mention anything about problems with credit card debt. My understanding is that we are no where near the end defaults on credit cards. I hope it's not as bad as a lot of analysts expect it to be.
I feel that the fear over credit cards is somewhat overblown, though this is my mere intuition.
The economy (especially consumer side) won't recover for a long time, and whatever rebound we see will be rather anemic. That being said, once the credit markets return to some degree of normality, we will see dealflow picking up again. I certainly hope that Mr. Greenspan is correct in his timeframe, though I am a bit more bearish than him.
Alan Greenspan? WTF has that guy ever been right about? (oh, yeah. Back in the seventies he was a proponent of the gold standard, so I guess he was right about that.)
I just don't get the adulation thrown this guy's way. He presided over (and in large part created) the two largest bubbles our economy has ever seen. His chump ass ought to be in jail, not giving interviews.
By the way, Gini, my vitriol is not directed at you or your post. I just can't stand that clayhead and all the hero worship he gets.
Bonne Soiree.
If Greenspan predicts a turn around in 6-12 months then I'll just assume we're going to keep digging ourselves into a depression.
Like Edmundo said, he presided over the two largest bubbles we've ever seen (and it still looks as if we've learned nothing). Why should I listen to him?
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