Greenspan: Stimulus Bill, QE1, QE2 Have Done Nothing To Help Economy…
And if there’s one thing Greenspan’s an expert on, it’s failure.
(CNBC) — The Federal Reserve’s massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday.
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.”
Greenspan’s comments came as the Fed ended the second installment of its bond-buying program, known as QE2, after spending $600 billion. There were no hints of any more monetary easing — or QE3 — to come.
Greenspan said he “would be surprised if there was a QE3″ because it would “continue erosion of the dollar
Posted by ZIP on Friday, July 1, 2011, at 9:41 am | 
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Pretty bad when a globalist socialist admits the programs didn’t work. Then again, it leaves you wondering if all these programs were intended to fail in order to collapse the economy and bring us into a new global currency.
We need to go back to pure capitalism, not the crap “free-market” we have now which is crony capitalism where you have Government involved in protecting certain industries, hence lobbists running amok in DC.
Most people (those that actually pay taxes) know there is up and down cycle in the economy but our ruling class injects their poison into the system which prolong the misery.
Look at housing crisis where the ruling class thought they are better at the mortgage business that the bankers and than you give them a win-win situation where the taxpayer pick up the tab when the industry tanked.
amen zip!
greenspan absolutely sucked.
The obvious question (since the stim, qe1,qe2 were big things) is:
if they did not help the economy, did they hurt the economy?
We do need to prosecute a lot of the Crony Capitalist and all their elected stooges before we will ever get any solutions! Hang ‘em high….should be the watch word.
The stimulus package more and more ways were sloppin thems there demacratic hawgs
This guy should be in prison for the Fed’s role in the mortgage crash of 2008. Along side Barney Frank, Jim Johnson, Franklin Raines, many others.
How can he show his face and voice an opinion on anything other than the weather?
A flare for the obvious…
If this guy is saying that it failed, then it must be real bad. I am sure there is a ton of hidden stuff with these bills that we have no clue how bad it will devalue our system.
I am sure Greenspan sugar coated his statement. This it truly frightening.
Hey the old codger is married to Andrea Mitchell – I don’t know whom I feel more sorry for.
“Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”
Someone should misquote him – ““Aside from that, I am ill…” said Mr. Greenspan.
No, I don’t wish that he was ill. It would just be funny to quote him that way
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It did not help apart from exports is the same as saying that a store forced to close because of falling sales did terrific business in their closing down sale when every price was rock bottom. If the dollar drops another fifty percent
exports will go through the roof, then I suppose he will tell us business is booming. The problem will come when the exporter has to go on the world market to replenish their raw materials, then you will the bust that always goes with this sort of boom.
The current recession and crappy economy falls squarely on the shoulders of every citizen who thinks credit is good, signed a mortgage on a house they could not at least put a 30-40% down payment on, thinks 30 days same as cash is a good idea, thinks car payments are a normal part of life and generally have no fiscal responsibility at all.
Stop blaming the government for not fixing the mess we got ourselves into.
“Stop blaming the government for not fixing the mess we got ourselves into.”
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So your saying that a ‘Social Safety Net’ is only a fantasy?
This reminds me of something that Jimmy Carter said in his ‘Malaise’ speech:
“America is suffering a crisis of confidence…..”
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It IS a public debt we’re talking about, right?
How can the behavior of private individuals drive up public debt?
So your saying that a ‘Social Safety Net’ is only a fantasy?
-Yup. You don’t trust the government to run healthcare or do much of anything else, yet you think they are going to be good at making sure your retirement years are secure or that they can properly run any sort of welfare system?
I’m not against a social safety net through taxes, but use the government as a central clearing house to collect the taxes and then give grants to private entities to run things. Yes, that includes churches and religious institutions as well as private NPOs.
-It IS a public debt we’re talking about, right?
Actually this article was talking about the U.S. economy, which is both individuals and the government. Believe it or not, individual action directs the U.S. economy. Individuals also elect and are supposed to hold elected officials accountable for their actions. If the vast majority of citizens don’t have a basic grasp of fiscal responsibility, know how to balance a check book or make a budget, why should we think the people we elect can??
That is a very flattering pic of Andrea Mitchell tho.
rut roh. will Andrea refuse to tuck the troll into bed and read him the beddy-bye story “go see alice” now? blech
Heh…Andrea mitchell plays hide the salami with Mr burns LMAO!