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
View Comments (32)
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
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.)
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!
You should have saved that for Coddy!
"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 ."
I've heard more intelligent things said by my 3yr old than Biden!
Thanks Al, but it's all money under the bridge now, where were you in 2009?
Can't wait until the Porkallus runs out, get ready to watch the roaches scatter!!!
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.
Imagine that.
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.
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.
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?
Rick, that's why they need us to pick up the slack.
Coddy, is that you?
Coddy is my soul and inspiration.
http://www.youtube.com/watch?v=d2mPs-VJ3vA
(Chicago's You're the Inspiration)
Just a little something to tap into the mood.
Mssr. Stewart.
You have hit the nail on the head. Not that I condone violence in any form, unless it is directed against a Conservative.
Coddy, stop wiggling, you're spilling your cognac!
Actually, the headline would have explained it best if putting it simply, "Obama's a giant waste."
I'll reserve my opinion until Olivia tells me why she knows more than Greenspan
Too funny, Paden
LOL That is the best post of the day in my opinion.
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...)
Have you noticed you never see them together in the same room?
Hmmmmm.