[lbo-talk] Greenspan opines

Doug Henwood dhenwood at panix.com
Sun Aug 1 08:10:05 PDT 2010


[via Mike Allen]

ALAN GREENSPAN, to David Gregory on “Meet the Press”: “I think we're in a pause in a recovery, a modest recovery, but a pause in the modest recovery feels like a quasi-recession. Our problem basically is that we have a very distorted economy in the sense that there's been a significant recovery in a limited area of the economy, amongst high income individuals … Large banks, who are doing much better, and large corporations … are in excellent shape. The rest of the economy, small business, small banks, and a very significant amount of the labor force -- which is in tragic unemployment, long-term unemployment -- that is pulling the economy apart.”



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