Alan Greenspan speaks: Obama’s stimulus was a giant waste of money

by editor on July 1, 2011

Alan Greenspan says you’re wrong if you think President Obama’s massive $timulu$ had absolutely no impact on the economy. To the contrary, the former head of the Fed says it weakened the dollar and made everything from food to commodities cost more.

Far be it from us to speak for Greenspan, though, so let’s let CNBC deliver the details:

In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.

“There is no evidence that huge inflow of money into the system basically worked,” Greenspan said in a live interview.

“It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion,” he said. “Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”

That’s quite a little legacy Ben Bernanke and Barack Obama are leaving: Massive debt, a weaker dollar and a crippled economy.

And to paraphrase President Obama, “It worked so well the first time, let’s do it again.”

Watch the entire video, he has a lot more to say on what we’ve done and where we’re going, and it ain’t pretty.

Source: CNBC

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tracycolorado
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tracycolorado

According To Recovery . Gov , There Is One Hundred , Thirty , Billion , Dollars Of Unspent Stimulus Money . Where is this Money , Did it Magically disappear ? Maybe Olivia Can Enlighten Us

hisham
Guest
hisham

You must call her: “Eenie meenie, chili beenie, Oblivia is about to speak!?
Us: “Is she a friendly troll?”
You: “Is she friendly?” “Just look!” (go to commercial break, pop a bag of microwave popcorn, return and wait for the bottom of the eight ball to clear up so you can see her answer.)

hisham
Guest
hisham

What Alan G. said just cemented my cynicism regarding quisling RINO’s and Democraps and their legions of hell-hounds, balrogs, slithering kleptocrats, snorkeling I-pod flashers, Paige rapers, knee padded interns, goblin faced IRS enforcers, fairy dusted foreign advisors, traitorous ‘greenie weenie’ tree hugging EPA malcontents, Czars and Czarinas without borders, dance like a moth-ball and sting like a flea infestation UN interference, international law and Sharia law quoting Supreme Court Justices, and We The People are doing the rope-a-dope until November 2012!

Big Al
Member
Big Al

You should have saved that for Coddy!

Neo-7
Member
Neo-7

“Wink smarky , wink”— Since when is political payback a waste of money ? I mean he promised the folks that put him into office someone else’s money. What’s the problem ?—- Oblivia

To quote Biden , ” …. You’re telling me that you have to go spend money to keep from going bankrupt ? Biden says ” The answer is yes , I’m telling you .”

Babydoll102187
Member
Babydoll102187

I’ve heard more intelligent things said by my 3yr old than Biden!

Elrond Hubbard
Member
Elrond Hubbard

Thanks Al, but it’s all money under the bridge now, where were you in 2009?

Progressive Hemrrhoid
Member
Progressive Hemrrhoid

Can’t wait until the Porkallus runs out, get ready to watch the roaches scatter!!!

danybhoy
Member
danybhoy

How will Andrea Mitchell react to her hubby talking down the stimulus? My guess if her teleprompter tells her to be mad, she’ll be mad.

As for the “stimulus”, it was a slush fund for unions, many of them public sector unions. It was meant to protect them from the Obama resession, not to help get the economy out of resession.

RockingHorseGuy
Member

Imagine that.

jukin
Guest
jukin

It not only did not help the economy, it HURT the economy.

The Porkulus saved 500,000 government jobs and delayed or killed over 1,000,000 private sector jobs. Donks don’t due economics.

Jim Stewart
Member
Jim Stewart

OMG, are you drinking the GOP Kool-Aid again? Are you really saying that government jobs are less important than private sector jobs? Government workers are paid far better than private sector schlubs so they pay more in taxes. So by having more government workers we have more income taxes being paid. I suppose you’ll nitpick me and say something crass like who pays the government workers? Well it’s thinking like that which keeps us wedded to the incandescent light bulb.

rick57
Member
rick57

So you’re telling me that over 1 million gov’t workers taking their salaries out of the treasury, while only contributing back into the treasury 25% of that salary is a good thing? Looks to me like a net loss to treasury of 75% of revenue. Or are you using dumbocarat mathmatics?

hisham
Guest
hisham

Rick, that’s why they need us to pick up the slack.

Ruben
Member
Ruben

Actually, the headline would have explained it best if putting it simply, “Obama’s a giant waste.”

Paden
Member
Paden

I’ll reserve my opinion until Olivia tells me why she knows more than Greenspan

Bruce
Guest
Bruce

Have you noticed you never see them together in the same room?

Hmmmmm.

KimmyQueen
Member

LOL That is the best post of the day in my opinion.

Vic
Member
Vic

Oh no!!
What did you guys do to our troll? Her logic was reasonably good, just it was shrouded in that progressive (replace “feces” with what I want to say!)
That crap started in the 1960’s in Berkley, and rocketed out of control.
Anyway, I certainly hope Olivia’s head didn’t explode (on second thought…)

drb
Member
drb

Too funny, Paden

Sidekick
Member
Sidekick

Greenspan had no problem with maintaining low interest rates to fuel the housing bubble. His legacy is ruined and no beat down on his successor will change that.

YT
Member
YT

Yup….just one thing: Prepare to have mind blown

http://www.roadtoroota.com

LA Sunset
Member

All these months later, he tells us what we already know. You can see why most of us who read this blog are cynical.

deepthinker
Member
deepthinker

Finally the old fool said something that the average person can understand. That is if they were not drinking the kool aid.

Big Al
Member
Big Al

It’s Greek to me.

KimmyQueen
Member

I did try to go through it all, but it got too technical. I got the gist. It didn’t work to people’s expectations even though there was a blip which was probably the expectation of it working out which it didn’t. Kind of like The Nobel Prize Committee giving Obamie the Peace Prize hoping and expecting him to end the wars and champion peace in the land… So we now have three wars going and one is INDEED an illegal war.

Buck O'Fama
Guest
Buck O'Fama

Be careful, a bunch of lefty heads might explode – anyone nearby will be covered with feces.