Wednesday, September 30, 2009
Greenspan calls economy a "dull face" we say If socialism is the new “N” word than it looks like , “RECESSION” has become the new “F” word.
According to Bloomberg -- Former FED Chief Alan Greenspan said, “ he sees the U.S. economy slowing next year as the surge in stocks comes to an end.”“The odds are we flatten out,” Greenspan said today in a Bloomberg television interview, referring to the equity market. “That flattening out will put some sort of dull face on 2010.”
Hummmm “dull face” that’s what they are calling it ? Lets see according to the Commerce Department GDP, which measures the total goods and services output within U.S. borders, fell at a 0.7 percent annual rate instead of the 1.0 percent decline reported last month. This is the fourth straight quarter of decline in real GDP. While the Institute for Supply Management said its business barometer fell to 46.1 in September from 50.0 in August; indicating a further contraction.( A reading above 50 indicates expansion.) ADP Employer Services showed private employers cut 254,000 jobs in September, more than the 210,000 layoffs financial markets had been expecting.
So Mr Greenspan it seems like a little more than a “dull face” what ever that is ,but I have one question ; If socialism is the new “N” word than it looks like , “RECESSION” has become the new “F” word.
Odds are unless there are major changes in policy by the US Government and the Obama administration we are looking at a prolonged period of stagnation for the forcible future.