This reminds of listening to Paul Wolfowitz with regards to the Iran deal, WHY would we...
Greenspan like Cheney & Co should keep themselves tucked away!
They have credibility issues!
Former Fed Chairman Greenspan Sees No Bubble as Dow Tops 16,000
By Joshua Zumbrun - Nov 27, 2013 1:29 PM ET
Former Federal Reserve Chairman Alan Greenspan said the near record U.S. stock market isn’t in a bubble, even as the Dow Jones Industrial Average breached 16,000 and the Standard & Poor’s 500 surpassed 1,800.
“This does not have the characteristics, as far as I’m concerned, of a stock market bubble,” Greenspan said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend. “It could come out that way but I don’t see it at this stage.”
The S&P 500 has rallied about 27 percent this year, heading for the biggest annual gain since 1998, as the Fed has pressed on with its stimulus campaign. The S&P 500 climbed 0.2 percent to 1,803.10 at 1:04 p.m. in New York, while the Dow Jones Industrial Average rose 0.1 percent to 16,066.12.
“The stock price generally goes up about 7 percent a year for the long term,” Greenspan said. “It didn’t go anywhere since October 2007 and the result of that is we’re just now breaching that. We have had no growth in stock prices for years.”
The S&P 500 reached 1,565.15 on Oct. 9, 2007, and then dropped 57 percent as the economy went through the longest and deepest recession since the Great Depression. The index didn’t surpass its October 2007 peak until March of this year.
Greenspan also offered praise for Janet Yellen, the nominee to be the next Fed chairman. She was approved by the Senate Banking Committee with a vote of 14-8 on Nov. 21 and now heads to the full Senate.
more:
http://www.bloomberg.com/news/2013-11-27/former-fed-chairman-greenspan-sees-no-bubble-as-dow-tops-16-000.html
DO SOMETHING!
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