He’s a regular one man contrary indicator:
Former Federal Reserve Chairman Alan Greenspan talks to Bloomberg about the rebound in investment in listed corporations and the impact of that on financial markets.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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October 2nd, 2009 at 10:52 am
LOL!!! Sell, sell, selllllll!!!!!!!!
October 2nd, 2009 at 10:56 am
yea but,
Is he actually buying or just talking?
October 2nd, 2009 at 11:05 am
I thought he was just talking about a market top just a week or so ago? Not that I give a rat’s a$$ what ole Greenie has to say, but it seems he’s flopping around here in order to look right if only in part. Typical punditry.
October 2nd, 2009 at 11:09 am
His buddy Ben must have pulled him aside and told him to get with the green shoots program.
October 2nd, 2009 at 11:10 am
Actually he said equities will flatten out… At least that’s what the headline says…
http://www.bloomberg.com/apps/news?pid=20601068&sid=aVSDHcHHwkBE
October 2nd, 2009 at 11:12 am
to be, radically, OT:
“A joint study by two political watchdog groups has found that Sen. Max Baucus — the Montana Democrat who authored the principal health care reform bill being debated in the Senate — was a major recipient of “contribution clusters” from lobbyists linked to health care groups.
The study, from the Center for Responsive Politics and the Sunlight Foundation, says members of Congress working on health care reform are receiving more money from the health industry than people realize.
This is because private lobbyists are donating to politicians who have already received donations from the groups those lobbyists represent, a practice the watchdogs describe as “contribution clusters.”
The “never-before-seen” numbers, as the Sunlight Foundation describes them, show that Baucus collected contributions from 37 outside lobbyists representing PhRMA, the pharmaceutical industry’s chief trade association, and 36 lobbyists who listed biotech firm Amgen as their client. ..”
http://rawstory.com/2009/10/health-industry-full-court-press/
Greenspan, still an effective distraction, the man has earned his keep..
October 2nd, 2009 at 11:14 am
He is simply talking his book – you know, the one that begins “Once upon a time”….
October 2nd, 2009 at 11:18 am
right after open i closed out my TZA and Jan 10 IYR $43 puts today for a nice profit. the PPT is going to hit the gas today and i don’t want to end up as road kill. i’ll sit on the sidelines and watch the show for a bit.
October 2nd, 2009 at 11:18 am
Greenie has adopted the Cramer model to try to stay in the news….
October 2nd, 2009 at 11:23 am
@MEH,
“Sen. Max Baucus….was a major recipient of “contribution clusters”….”
Every time I see that name I think of the Roman god Bacchus, god of wine and debauchery. I don’t know what would make me think of that….
October 2nd, 2009 at 11:29 am
Greenspan’s previous predictions even when he was a private economist were unremarkable.
And, yesterday the headlines screamed he called for stocks to flatten.
I couldn’t care less what this man says.
October 2nd, 2009 at 11:31 am
getalife
On that we can certainly agree.
October 2nd, 2009 at 11:33 am
Winnie,
no doubt, re: Baucus/Bacchus, seems, more and more, these Names are coming, directly, from Central Casting–too bad their Characters aren’t more well-developed..
October 2nd, 2009 at 11:39 am
“one man contrary indicator” Hahaa!! Well said.
October 2nd, 2009 at 11:51 am
Greenspan is 83. His life expectancy is less than the next November’s option expiration. He has been wrong so long that it is amazing that the old bastard gets any press anymore. But then that would assume that the media has any vested interest in truth telling.
October 2nd, 2009 at 11:59 am
After Paul Volker the role of Fed chairman has been self-aggrandizement tied to political and corporate interests at the expense of what we used to know as middle class America way of life ( that’s rapidly diminishing )
October 2nd, 2009 at 11:59 am
At his age, I’m not sure he should be concerned with an asset class longer-dated than green bananas.
But, seriously, has he ever been right at an important turn?
October 2nd, 2009 at 12:24 pm
Economics is now the application of mathematics to espouse a political agenda.
October 2nd, 2009 at 12:26 pm
I look at Greenspan’s life and I think he could have been a Shakespearean tragedy….Greenthello or sumpin’…..
but seriously it is amazing that those of us who have lived through Volcker and Greenspan see such different choices…one very respected, one very scorned…
October 2nd, 2009 at 12:27 pm
I think Greenspan deserves to be included in this plan, it’s evil, dehumanized, just plain disgusting.
(Previously posted)
A tribute to the man’s philosophy.
http://www.nytimes.com/2009/09/06/business/06insurance.html
And if you’re going to make a trip out of it, you’d better win.
I’m starting to feel sorry for this guy, he’s gonna get lambasted the whole week-end.
No baby arugula for you…one year.
http://www.nytimes.com/2009/10/03/sports/03olympics.html?hp
October 2nd, 2009 at 12:39 pm
Check out Greeny’s record as a financial consultant. He was almost run out of town on a rail. I guess that qualified him to deftly manipulate interest rates. I have to give him kudos for bailing me out of the LTCM swoon and warning about stocks in June of ’00. He basically declared war on risk assets. Saved me again. Instead of being broken open like a shotgun, I was merely folded and spindled. Skipped the mutilated part. Come to think of it, what am I bitching about?
October 2nd, 2009 at 12:41 pm
@beaufou:
I agree, don’t go campaigning for the olympics unless it is already a done deal. Our presidents use power because they have a cloak of power around them that people take for granted. If you insert yourself into something as mundane as campaigning for the olympics and lose in the first round, it can’t help how you are perceived.
I don’t care for Obama because of the government enlargement he advocates. The man himself, taking away the socialist/large government side of him seems pretty decent. But his inexperience shows when something like this happens. A needless loss of power for him. We have enough problems without campaigning for every little thing.
Give me a fiscal conservative from either party. And act presidential…
October 2nd, 2009 at 12:48 pm
Zack,
I think you can see this in the Nobel prize for economics. Myron Scholes. QED. Twice.
October 2nd, 2009 at 1:10 pm
Posted portfolio updates for GA Alpha Fund.
GA ALpha Fund
Fresee
October 2nd, 2009 at 2:45 pm
#@$#$@%%#!^!%#$^#!%!#!%@%#$@^%$!!!!!!!!!
October 2nd, 2009 at 7:55 pm
Look for more and more “fist banging on the desk” from all the G-Men as the market rolls over. It’s unavoidable and their words now have no credibility what-so-ever. The Emperor has no clothes and everybody now knows it.
The chickens are coming home to roost by the trillions.
October 3rd, 2009 at 4:51 am
I can’t for the life of me understand why Greenspan is still so widely quoted in the media after he has been totally discredited. I suppose those 250K speeches are worth him sticking around for rather than just retiring and reading Ayn Rand all day.
Here’s a good compromise; move Kudlow and Cramer to Fox where they belong then have them interview Geenspan safely out of the way.
October 3rd, 2009 at 3:16 pm
@Bruce in Tn
Obama had little choice but to go to Denmark and shill for the Olympics in Chicago. President Lula of Brazil, King Juan Carlos of Spain and the new Japanese PM Hatoyama all went to Copenhagen to pitch the Olympics for their country.
I agree it isn’t really presidential to do so and seems even less so considering the losing battle, but it was a lose-lose situation for Obama no matter what choice he made. If Obama hadn’t gone to pitch for Chicago, the right wing propaganda machine would have attacked him for not going thereby reducing the chances for the U.S. to host and the economic activity associated with that. Fact is, Limbaugh and Fox News have a strategy to criticize Obama no matter what he does. They will find a reason to attack. It’s their raison d’etre. Pardon my french – I guess it makes me a latte-drinking, arugula-eating, Volvo-driving librul.