Ace of Spades HQ

July 17, 2012

Alan Greenspan: The Stimulus Was A Fail
— LauraW

First video: Stimulus had no effect/ actually made things worse, because businesspeople are now profoundly and unusually unwilling to take risks (cough, cough).

I really don't know how best to distill down the second video of Greenspan-speak. Sounds like more of the same. You can see Vicevich's interpretation at the link. Seems rather depressing, anyway.

Posted by: LauraW at 10:25 AM | Comments (73)
Post contains 73 words, total size 1 kb.

1 Risk-free thread.

Posted by: Cicero Kid at July 17, 2012 10:28 AM (qZJiO)

2 Better late than never I guess.

Posted by: cajun carrot at July 17, 2012 10:29 AM (UZQM8)

3 While I agree, I wish Greenspan would keep his pile hole shut. Every time he talks about the economy the stock market piledrives into the ground and things get worse.

Posted by: Christopher Taylor at July 17, 2012 10:30 AM (r4wIV)

4 It would have worked if it were bigger! Like, a gazillion dollars.

Posted by: Libby Liberal at July 17, 2012 10:31 AM (wsGWu)

5 Greenspan has a lotta balls saying anything.

Posted by: soothsayer at July 17, 2012 10:31 AM (9Q7Nu)

6 Much like your orgasm production skills, Alan.

Posted by: Andrea Mitchell at July 17, 2012 10:32 AM (QKKT0)

7 Alan, you cranking down interest rates unnecessarily and prematurely was also a fail. When it came time to lower interest rates and free up money we had little room to move, thanks to you, jerkoff.

Posted by: soothsayer at July 17, 2012 10:33 AM (9Q7Nu)

8 Dammit Lupe! I told you that Mr Greenspan was only to use the white phone that isn't plugged in, not the black one !

Posted by: Andrea Mitchell at July 17, 2012 10:33 AM (Y7XKa)

9 Barry: Look at how great government intervention is!!!

Posted by: TheQuietMan at July 17, 2012 10:33 AM (1Jaio)

Our economy is like a wound that has scabbed over. Everything the
Fed does is just picking at it....

Leave it alone and let it heal.

Posted by: Cicero Kid at July 17, 2012 10:33 AM (qZJiO)

11 I love that wrinkled little prick!

Posted by: Andrea M. at July 17, 2012 10:34 AM (NpT96)

12 And his c*nt of a wife says....

Posted by: MoeRon at July 17, 2012 10:34 AM (yWDpP)

13 Alan Greenspan talking about what's good for the economy?
What's next? Bernie Madoff giving advice on stable investing? Bill Clinton and Elliot Spencer give advice on marital fidelity? Charlie Sheen giving advice on how to remain calm?

Posted by: Angus at July 17, 2012 10:35 AM (kakwR)

14 Yes but... RACIST!

Posted by: Obama For America campaign. at July 17, 2012 10:35 AM (7vSU0)

15 wasn't greenspan the one who encouraged the housing market thing? and got out at the same time he put an inexperienced guy in charge?

Posted by: willow at July 17, 2012 10:35 AM (TomZ9)

16 Barry: Romney and Bain outsourced all of the stimulus!!!!

Posted by: TheQuietMan at July 17, 2012 10:36 AM (1Jaio)

17 Barack Obama is a stuttering clusterf*ck of a miserable tyrant.

Posted by: AllenG (Dedicated Tenther) Channelling Breitbart at July 17, 2012 10:36 AM (8y9MW)

18 What the hell. My Viagra prescription ran out, so why not tell the truth?

Posted by: Alan Greenspan at July 17, 2012 10:36 AM (z9HTb)

19 Bad news for Greenspan (as a result of his anti-Obama heresy): He won't be banging his wife Andrea Mitchell anytime soon. Good news for Greenspan: He won't be banging his wife Andrea Mitchell anytime soon.

Posted by: buzz at July 17, 2012 10:36 AM (i27M5)

20 Our economy is like a wound that has scabbed over. Everything the
Fed does is just picking at it....

Leave it alone and let it heal.

Ahh...the old scab analogy. But it works. We need to put one of those goggie cones on these stupid fucks.

Posted by: eleven at July 17, 2012 10:36 AM (KXm42)

21 This thread needs more Kate Upton. Or Christina Hendricks. Maybe both.

Posted by: AllenG (Dedicated Tenther) Channelling Breitbart at July 17, 2012 10:36 AM (8y9MW)

22 I just wish we could depose the asshat who came up with the with-stim and without stimulus employment projection chart.

Posted by: joeindc44 says choom on fuckers at July 17, 2012 10:37 AM (QxSug)

23 Honey, I'm going out to get the mail. This thing buttons up in the front, right?

Posted by: Alan Greenspan at July 17, 2012 10:37 AM (Y7XKa)

24 this muthafucka showed his stupid sorry ass when he uttered "irrational exuberance" in the late '90's

Posted by: soothsayer at July 17, 2012 10:37 AM (9Q7Nu)

25 I think is a case of shutting the barn door after the horse got out and wound up in Mexico after being in a cavalry charge when trying to escape from an abusive trainer. Too late, Alan, you made this bed. Now get in with Helen Thomas in a thong.

Posted by: The Huggable Robot Devil at July 17, 2012 10:38 AM (136wp)

26 Doggie cones. What is a goggie cone you ask?

Posted by: eleven at July 17, 2012 10:38 AM (KXm42)

15 wasn't greenspan the one who encouraged the housing market thing? and got out at the same time he put an inexperienced guy in charge?

Not really.

I remember him issuing a lot of warnings, during that period.

"Irrational exuberance".....was a frequent phrase that Greenspan used.

Posted by: wheatie at July 17, 2012 10:38 AM (MbB0O)

28 "The biggest asshole in the Universe", Matt Taibbi called him; and Matty should know.

Posted by: boulder toilet hobo at July 17, 2012 10:38 AM (Nfadl)

29 Greenspan, spit. Loved it when he slipped up in an interview years back (Moyer?) and let the cat out of the bag for the unwashed that the Fed isn't pert of the federal govt. Then just flat out lied and said any other agency of the federal government. Hell my old man was a bookkeeper and didn't know till I informed him in the late 80's.

Posted by: teej at July 17, 2012 10:38 AM (F1lOF)

30 19

buzz, thank you for helping me make my point. I was worried that I had been to obtuse.

Posted by: Alan Greenspan at July 17, 2012 10:39 AM (z9HTb)

31 22 I just wish we could depose the asshat who came up with the with-stim and without stimulus employment projection chart. Posted by: joeindc44 says choom on fuckers at July 17, 2012 02:37 PM

Christina Romer, former SCOAMF economic advisor who went back to Berkeley to teach "Communism for Dummies"

Posted by: kbdabear at July 17, 2012 10:39 AM (Y7XKa)

wheatie, alright, good to know, I do remmber Bush coming out several times warning about fannie freddie.

i thought perhaps he (greenspan)was double dealing.

Posted by: willow at July 17, 2012 10:39 AM (TomZ9)

33 This thread needs more Kate Upton. Or Christina Hendricks. Maybe both. Then we shall fap in the shade. Whoever said that in the last thread is now a two thread winner.

Posted by: Golan Globus at July 17, 2012 10:40 AM (7vSU0)

34 he may not have been perfect, but at least he's not criminally insane like the ben beranke.

Posted by: joeindc44 says choom on fuckers at July 17, 2012 10:40 AM (QxSug)

The big problem with Alan Greenspan.....was the way he used to talk in riddles.

He wasn't specific.

This is why Liberals were always able to use his words....re-interpret them....for their own purposes.

Posted by: wheatie at July 17, 2012 10:40 AM (MbB0O)

36 Thank god. Now I can use his anti-Obama opinion to keep him out of here. Only Obama lovers get to love me!

Posted by: Andrea Mitchell's Vagina at July 17, 2012 10:41 AM (TR60b)

37 Aw imagine that!!! The bestest brightest ivy leaguers messed up? Wowzer!

Posted by: phoenixgirl, team dagny at July 17, 2012 10:41 AM (6WUgy)

38 Christina Romer, former SCOAMF economic advisor who went back to Berkeley to teach "Communism for Dummies" Posted by: kbdabear at July 17, 2012 02:39 PM (Y7XKa) Is there any other class of people to teach Communism to?

Posted by: The Huggable Robot Devil at July 17, 2012 10:41 AM (136wp)

39 At least Greenspan knows something about risks. Case in point: Andrea Mitchell

Posted by: Fritz at July 17, 2012 10:41 AM (02fNe)

40 Also, he may not have been perfect but at least he's not one of these fake "firefighters* lead to economic growth" bullshit economists who are really credentialed statists. *=note these are just fully paid public sector union admin positions with early retirement and double dipping for a lifetime of playing solitaire at work.

Posted by: joeindc44 says choom on fuckers at July 17, 2012 10:42 AM (QxSug)

41 35 .....And then when the liberals would use Greenspan's own words for their own purposes....he didn't correct them.

Posted by: wheatie at July 17, 2012 10:42 AM (MbB0O)

42 **38 Christina Romer, former SCOAMF economic advisor who went back to Berkeley to teach "Communism for Dummies" Posted by: kbdabear at July 17, 2012 02:39 PM (Y7XKa) ** yeah, well, maybe someone should ask her how she came up with her chart, since we spent like at least a trillion dollars (oh wait, stimulus became new baseline, i.e., obama's stash...so it's really budget plus $5t in deficits).

Posted by: joeindc44 says choom on fuckers at July 17, 2012 10:43 AM (QxSug)

43 I saw a woman today with a shirt that said "Cherokee" in multicolored glitter letters (she's white). I asked her if she's related to Elizabeth Warren. She didn't know who that was...

Posted by: Obama-Assisted Decline at July 17, 2012 10:44 AM (VB3qu)

44 Allan should stay in bed.

Posted by: Killerdog at July 17, 2012 10:44 AM (NpT96)

That the stimulus failed should shock no one. Not because it could not have been a help, but because it was utterly unplanned and unmanaged.

Half of it went directly to graft - that much is plain. You can be that there are accounts full of stimulus cash waiting for Obama supporters around the world, secreted away from the prying eyes of the IRS.

The rest - buffoonery. Road fixes were usually poorly targeted and were already on the books in the states - nothing new there. Uncountable miles of worthless bike lanes were created. Much was given away to hide state budget shortfalls, and went directly into the pockets of welfare scum to be spent on cigs and beer. It was waste and worse from top to bottom.

Had the stimulus been intelligently applied, it could have had SOME positive effect. Of that I think there can be no doubt. It would have been easy. Hell - a lazy person would only need to ask the military what kinds of things they'd like a whole bunch of, and buy those things from US companies. That simple concept alone would have put that money to use for something positive. Instead it was all squandered. Thanks to the Libtards.

Posted by: Reactionary at July 17, 2012 10:45 AM (xUM1Q)

46 Greenspan stimulated the economy to cover, first the tech bubble, then 9/11, which then caused the housing bubble. Hayek would have noted that you just can't have enough information to "manage" an economy.

Posted by: toby928© at July 17, 2012 10:45 AM (QupBk)

I googled "goggie cone"

http://cheezburger.com/3692377344

Posted by: Cicero Kid at July 17, 2012 10:45 AM (qZJiO)

48 GREEEEEEEEEEEEEEEEEEEEEEEEN
SPAAAAAAAAAAAAAAAAAAAAAAAAAAN

GREEEEEEEEEEEEEEEEEEEEEEEEN
SPAAAAAAAAAAAAAAAAAAAAAAAAAAN

MUAHAHHAAHHHAAHHAHAHHAH

Posted by: Andrea Mitchell's Scary Haggard Vajayjay at July 17, 2012 10:45 AM (+FMYM)

49 Larry King doesn't like riddles either.

Posted by: Dr. Varno at July 17, 2012 10:45 AM (GO2/t)

50 Speaking of fail;

Media Fail: Chevy Volt Makes NO Money, Costs Taxpayers Hundreds of Thousands of Dollars Per Car

http://tinyurl.com/7esgp8v

Posted by: kbdabear at July 17, 2012 10:45 AM (Y7XKa)

51 Andrea Mitchell hardest hit. Someone tell SCOAMF to GTFO of my state. He's here in San Antonio right now pumping the trial lawyers for money. I can't abide him or Holder being here when they hate us so much.

Posted by: stace at July 17, 2012 10:47 AM (Ci2ds)

52 It only failed because Parker Brothers wouldn't print more money for the banks and Monopoly Banker wouldn't let the Community Chest borrow to infinity!

Posted by: Paul Krugman, Super Genius at July 17, 2012 10:49 AM (Y7XKa)

53 Didn't Texas pass some tort reform some time back? What the hell do they expect barky to do for them? Sue Texas and get it changed back?

Posted by: teej at July 17, 2012 10:50 AM (F1lOF)

54 No Chicago politician can operate without a "slush fund" to finance payoffs to friends and buy favors and support from various interest groups. Therefore it should have surprised no one that Obama's first official act in office was to set himself up with such a fund- he chose to call it an "economic stimulus", how quaint. The "stimulus" was never intended to stimulate anything and the fact that it didn't is hardly surprising.

Posted by: Nighthawk at July 17, 2012 10:50 AM (2lB7O)

55 @54 - Eggzactly.

Posted by: teej at July 17, 2012 10:52 AM (F1lOF)

Actually, toby....the housing bubble began back in the 90's.

My husband resigned his 6-figure job in banking, because he refused to make subprime loans.

That was in 1997.

He said at the time, that this bubble would "get worse and worse"...and eventually pop....when something came along to tap people's disposable income....and when the defaults reached critical mass.

It all came true.

Just like he predicted it would.

Posted by: wheatie at July 17, 2012 10:52 AM (MbB0O)

57 wheatie darling's, tell you hubby I said thanks for his integrity.

Posted by: teej at July 17, 2012 10:55 AM (F1lOF)

OT: Just watch the 71 year old stud in Florida chase off the hoodrats with his gun ablazin'. There is so much injustice in this world, it is nice to see the good guys win once in awhile.

Posted by: Cheri at July 17, 2012 10:55 AM (G+Wff)

59 I'm surprised Andrea gave him permission to say that.

Posted by: rdbrewer at July 17, 2012 10:56 AM (Iyg03)

60 The stimulus would have been better spent by giving every legal adult American $1million to spend, save, open a business, whatever. That would have truly stimulated the economy.

Posted by: Cheri at July 17, 2012 10:59 AM (G+Wff)

61 58 OT: Just watch the 71 year old stud in Florida chase off the hoodrats with his gun ablazin'. There is so much injustice in this world, it is nice to see the good guys win once in awhile. Posted by: Cheri at July 17, 2012 02:55 PM

They only wanted to buy Skittles and healthy fruit juice for their little brothers! I'm going to pray with their families while I find a kid who remembers this old geezer showing them pictures of old boxers

Posted by: Angela Corey at July 17, 2012 10:59 AM (Y7XKa)

62 Speaking of fail;

Media Fail: Chevy Volt Makes NO Money, Costs Taxpayers Hundreds of Thousands of Dollars Per Car

http://tinyurl.com/7esgp8v

Posted by: kbdabear at July 17, 2012 02:45 PM (Y7XKa)

Barry: It owes all of its success to the government!

Posted by: TheQuietMan at July 17, 2012 11:00 AM (1Jaio)

@57

Thanks, teej....I will.

That "thing" that caused the bubble to pop....was when oil reached $150/barrel....in 2008.

People who were commuting to work from the suburbs....suddenly could no longer afford to make their house payments on time.

There were some other factors in play, as well.

But that spike in the price of oil was the big one.

Posted by: wheatie at July 17, 2012 11:00 AM (MbB0O)

64 I googled "goggie cone"
http://cheezburger.com/3692377344

Even when you make a random mistake it's already old. Freakin Interwebs.

Posted by: eleven at July 17, 2012 11:01 AM (KXm42)

65 I understood the second clip. Capital is racist!

Posted by: tommylotto at July 17, 2012 11:02 AM (LBxr1)

66 When is this guy going to take Andrea out to the woodshed?

Posted by: Dirty Old Man at July 17, 2012 11:02 AM (ex1ST)

Chevy commercials are crowing about how last year...was their "Biggest Year Ever!"

Wtf?

Posted by: wheatie at July 17, 2012 11:03 AM (MbB0O)

68 Chevy commercials are crowing about how last year...was their "Biggest Year Ever!"
Wtf?

"Loved By More!"

Posted by: eleven at July 17, 2012 11:04 AM (KXm42)

69 I didn't grok that 2d video.

Posted by: rdbrewer at July 17, 2012 11:06 AM (Iyg03)

70 Unless he told this story to wife/Obama Press Secretary Andrea Mitchell as she was troweling on her daily 7 pounds of makeup, this story isnt going anywhere because it doesnt reflect well upon Teh One.

Posted by: MikeD at July 17, 2012 11:34 AM (p8QOg)

71 Fuck Alan Greenspan. He gave Father-of-Stimulus in 2000 when the markets tanked, in response to irrational exuberance (which he accurately called), by knee-capping interest rates, creating the real estate bubble. Maybe a 1/2 point hair cut would've been helpful, but, noooooo, the Fed'ral Guvmint HAD to do something about people's pain. Alan Greenspan, the Peggy Noonan of finance.

Posted by: SFGoth at July 17, 2012 12:05 PM (dZ756)

72 Sounds right to me. Nobody plans for the long term anymore b/c our insane government changes the rules whenever it damn well feels like it.

Posted by: PJ at July 17, 2012 12:11 PM (DQHjw)

73 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at July 17, 2012 02:17 PM (6o4Fb)

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