Preston Clive
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Preston Clive in Preston Clive - THE IRRITATED AMERICAN, Wielding The Digital Hatchet,

Greenspans Obvious Epiphany

Well well now, it looks like redemption in the financial oversight sector is not entirely just a pipe dream. Former Fed Chairman Alan Greenspan went on record yesterday and stated--well--the obvious: the stock market is doing gangbusters wonderful but the economy itself in the larger picture is looking eeily like the later stages of the Great Depression.

The spin of shock and awe when a government insider breaks down and states what has been rampantly obvious to all but the brain dead or hyper insulated (or merely willfully blind) is rather amusing, as if all that was manifestly flesh al around them in the brick and mortar world were but a mirage if one but blinked and looked away for a second.

Greenspan went on about a rampant state of uncertainty gripping investors, and this uncertain picture of what the future holds is strangling capital investment in the long term. He went on to illustrate the fact that effective demand is extraordinarily weak, and absolved monetary policy as a culprit.

Here is the full interview for those who haven't seen it: