Quotes about Alan Greenspan

3 Sourced Quotes

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.

There is a two-tier economy where the top 10% is doing quite well, the top 1% spectacularly. But the top 1% of the richest people in this country have financial wealth equal to the combined 95% of the American people. That's a very unhealthy inequality which is even troubling Alan Greenspan.

In America, despite the amazing rise in productivity we've had in the last 30 years, real wages have actually gone down. All of the increase in productivity has been taken by the finance, insurance, and real estate sector, called the FIRE sector, almost all of it by the financial sector. … So instead of having industrial capitalism a century ago, we have a finance capitalism that actually is stifling industrial capitalism here. So what Alan Greenspan and others call the postindustrial economy is really neo-feudalism. It's a financialized economy where all of the surplus goes to the banks.