Greenspan downplays recession

Remember this dude? It's former Federal Reserve Chairman Alan Greenspan. The conservative Greenspan was first appointed by Reagan, and during the later part of his reign he supported GeeDumbya's irresponsible tax cuts for the rich and raising the retirement age (which would deprive workers of benefits they paid for).

Now Greenscam - while admitting that "the probability of a recession is at least 50%" - is denying the recession that's already here. When was the last time America wasn't in a recession? By most reasonable measures, the last time it wasn't in a recession, people were wearing wide-collared shirts and watching 'Real People'. Greenspan was instrumental in deepening the chronic recession.

Surely, there's been years when it's improved, but it's never gone away. When more and more of your hard-earned money keeps going to the more fortunate, and you don't even make as much as you used to when adjusted for (whoosh...whoosh) inflation, what do you call it? That ain't exactly an economic boom.

But Greenspan remains oblivious. He says a recession "will probably happen but the facts suggest we are not there yet."

We're not there yet??? What about the record rate of foreclosures? Stagflation? Chronic underemployment? The widening gap between the rich and poor? Mounting national debt?

Uh, Alan??? Hello???

The trouble is that Greenscam represents a conservative economic establishment. These economists don't think the way you and I think. Booms and recessions are defined by them in relation to the stock market, wealthy investors, and Big Business. If the 10 largest corporations in America each made a trillion dollars this year, while employing the entire labor force by keeping them as slaves, Greenspan would call that an economic boom.

But hey, don't take my word for it. Take your own. If you really are better off than you used to be, great. But if you're like most Americans, you know Greenspan is full of shit when he says the country isn't in a recession.

(Source: http://www.msnbc.msn.com/id/22915257)