Shocking Admission & Denial from Alan Greenspan

Published: Feb. 28, 2015, 12:04 a.m.

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\\n\\t* Government released revised estimate for Q4 GDP
\\n\\t* Initial estimate was 2.6; revised down to 2.2
\\n\\t* Economic growth dipped from 5% in Q3 to 2.18% in Q4
\\n\\t* PMI was expecting 58.7 but plunged to 45.8, indicating contraction
\\n\\t* Alan Greenspan commented that the U.S. economy is weak
\\n\\t* Greenspan cites declining U.S. productivity
\\n\\t* Points to declining gross domestic savings brought on by entitlement programs
\\n\\t* Greenspan refuses to blame Fed policy for productivity and savings declines
\\n\\t* He predicts continued low interests rates to create the illusion of wealth
\\n\\t* In 1966, Alan Greenspan blamed the Fed and their cheap money policies for stock market bubble and economic imbalances
\\n\\t* Today, he still believes this to be true, but no longer cares about the consequences of reckless economic policy
\\n\\t* The Fed's job now is to just do whatever it takes to postpone the pain
\\n\\t* Inflating bubbles with the certain knowledge that the outcome will be bad, while pretending that they will eventually raise rates
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