Greenspan: Us Economy

ejward · Joined: Jan 06, 2003 Posts: 7054

Quote:

Sorry but I will take the word of Alan Greenspan, the Head of The Fed RB. who is the #1 Economist in the country over that of a member of this forums.
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I'm not saying he's wrong. I'm just saying that the term "reasonably firm footing" is not quite the "They're going to be paving the streets with gold" type of economy people around here talk about.
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Nobody has said that the roads are paved with gold. One has to work for what they have. The economy was quite worse in 1977-85 than it is today.
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I would ask when Greenspan ever said the streets were paved with gold. Since he hasbeen here through the clinton years as well, there must have been a time.

EJ, please provide links to that.
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He didn't .... that's my whole point. I'm saying that people around here keep saying it's a booming economy and use Greenspan saying that the economy is on reasonably firm footing as their proof.
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So may I infer that since greenspan did not say it in the 90s, then they were terrible times as well?
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I have no idea what Greenspan was saying in the 90's. I thought we were talking about what he said now? If you want to show me something he said in the 90's I'd be happy to read it.

ejward · Joined: Jan 06, 2003 Posts: 7054

Quote:

Sorry but I will take the word of Alan Greenspan, the Head of The Fed RB. who is the #1 Economist in the country over that of a member of this forums.
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I'm not saying he's wrong. I'm just saying that the term "reasonably firm footing" is not quite the "They're going to be paving the streets with gold" type of economy people around here talk about.
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Nobody has said that the roads are paved with gold. One has to work for what they have. The economy was quite worse in 1977-85 than it is today.
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That I'll agree with. I had a really tough time finding ANY job in the early 80's.
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Somewhere in this forum I posted about losing my job in 1981. I had to leave the state. The Prime rate was high uemployment in my town was 21%. I will take todays economy anyday, at least if you have a decent job you can buy a house with a IR lower than what 12-15% back then.
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I was luckier. Lost mine in 90 and 03. Worked out for me!
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I lost mine in 92, a month after we bought our first house ... on my birthday. It all ended up fine. I can kinda' laugh about it now but it was scary at the time.