One of the world's preeminent economists and former central bankers had some good news and not-so-good news for investors. Speaking on NBC's Meet The Press on Sunday, Former U.S. Federal Reserve Chairman Alan Greenspan said, "The recession is over. It bottomed back in the middle of the year."
However, Greenspan added that, as many economists agree, the economic recovery will have to continue for some time to absorb the slack in the labor force to lower the U.S. unemployment rate significantly.
Greenspan then agreed with co-guest former U.S. Treasury Secretary Henry Paulson that one key to job growth would be a longstanding characteristic of the historically adaptable, resilient U.S. economy: innovation. That's the rate at which new businesses are formed, and existing businesses deploy new technologies/products/services, and find ways to operate more efficiently.
Economic Analysis: The National Bureau of Economic Research is the nation's official arbiter concerning when a recession begins and ends, but given Mr. Greenspan's knowledge of the subject, he gets the benefit of the doubt, to say the least. The official data will probably show the recession ended in Q3 2009, and now the hard work begins: creating the 15-20 million new jobs that the nation needs to get back to full employment.
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Reader Comments (Page 1 of 1)
2-08-2010 @ 11:07AM
Richard Greene said...
Remember Lee Iacocca? He is still alive and he is 82. He restored the Statue of Liberty , and rescued Chrysler. He is very mad. Read on..
Just as true today as it was when his book first came out.
He was, and still is, a brilliant businessman!
Often we need to be reminded of Iococca's words.
Remember Lee Iacocca, the man who rescued Chrysler Corporation from its death throes? He's now 82 years old and has a new book, 'Where Have All The Leaders Gone?'.
Lee Iacocca Says:
'Am I the only guy in this country who's fed up with what's happening? Where the hell is our outrage with this so called president? We should be screaming bloody murder! We've got a gang of tax cheating, clueless leftists trying to steer our ship of state right over a cliff; we've got corporate gangsters stealing us blind, and we can't even run a ridiculous cash-for-clunkers program without losing $26 billion of the taxpayers' money, much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, 'trust me the economy is getting better..'
Better? You've got to be kidding. This is America , not the damned, 'Titanic'. I'll give you a sound bite: 'Throw all the Democrats out along with Obama!'
You might think I'm getting senile, that I've gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore..
The most famous business leaders are not the innovators but the guys in handcuffs.... While we're fiddling in Afghanistan , Iran is completing their nuclear bombs and missiles and nobody seems to know what to do. And the liberal press is waving 'pom-poms' instead of asking hard questions. That's not the promise of the ' America ' my parents and yours traveled across the ocean for. I've had enough. How about you?
I'll go a step further. You can't call yourself a patriot if you're not outraged. This is a fight I'm ready and willing to have. The Biggest 'C' is Crisis! (Iacocca elaborates on nine C's of leadership, with crisis being the first.)
Leaders are made, not born. Leadership is forged in times of crisis. It's easy to sit there and talk theory. Or send someone else's kids off to war when you've never seen a battlefield yourself. It's another thing to lead when your world comes tumbling down.
On September 11, 2001, we needed a strong leader more than any other time in our history. We needed a steady hand to guide us out of the ashes. A hell of a mess, so here's where we stand.
We're immersed in a bloody war now with no plan for winning and no plan for leaving. But our soldiers are dying daily.
We're running the biggest deficit in the history of the world, and it's getting worse every day!
We've lost the manufacturing edge to Asia , while our once-great companies are getting slaughtered by health care costs.
Gas prices are going to skyrocket again, and nobody in power has a lucid plan to open drilling to solve the problem. This country has the largest oil reserves in the WORLD, and we cannot drill for it because the politicians have been bought off by the flea-hugging environmentalists.
Our schools are in a complete disaster because of the teachers union.
Our borders are like sieves and they want to give all illegals amnesty and free health care.
The middle class is being squeezed to death every day.
These are the times that cry out for leadership.
But when you look around, you've got to ask: 'Where have all the leaders gone?' Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense? I may be a sucker for alliteration, but I think you get the point.
Name me a leader who has a better idea for homeland security than making us take off our shoes in airports and throw away our shampoo?
We've spent billions of dollars building a huge new bureaucracy, and all we know how to do is react to things that have already happened.
Everyone's hunkering down, fingers crossed, hoping the government will make it better for them. Now, that's just crazy.. Deal with life.
Name me an industry leader who is thinking creatively about how we can restore our competitive edge in manufacturing. Who would have believed that there could ever be a time when 'The Big Three' referred to Japanese car companies? How did this happen, and more important, look what Obama did about it!
Name me a government leader who can articulate a plan for paying down the debt, or solving the energy crisis, or managing the health care problem. The silence is deafening. But these are the crises that are eating away at our country and milking the middle class dry.
I have news for the Chicago gangsters in Congress. We didn't elect you to turn this country into a losing European Socialist state. What is everybody so afraid of? That some bonehead on NBC or CNN news will call them a name? Give me a break. Why don't you guys show some spine for a change?
Had Enough? Hey, I'm not trying to be the voice of gloom and doom here. I'm trying to light a fire. I'm speaking out because I have hope - I believe in America . In my lifetime, I've had the privilege of living through some of America 's greatest moments. I've also experienced some of our worst crises: The 'Great Depression,' 'World War II,' the 'Korean War,' the 'Kennedy Assassination,' the 'Vietnam War,' the 1970's oil crisis, and the struggles of recent years since 9/11.
Make your own contribution by sending this to everyone you know and care about. It's our country, folks, and it's our future. Our future is at stake!!
***********************************
LET'S GET THE MUSLIM ROOKIE OUT OF THE WHITE HOUSE!!!
(Finally! Someone called him --not Black---but Muslim, which is who he is, plus Marxists are financing him and writing his speeches and laws!! ) No other president in history has shown such disgusting attempt at power and manipulation!! dc
2-08-2010 @ 11:13AM
TMZ SUCKS AND IS ENTERTAINMENT FOR MORONS said...
WHAT A PACK OF LIES...IACOCCA NEVER SAID ANY OF THAT....GO TO SNOPES.COM....IT'S A HOAX
2-08-2010 @ 11:16AM
Warren said...
Obama is not a Muslim you gibbering chimp.
2-08-2010 @ 11:18AM
TMZ SUCKS AND IS ENTERTAINMENT FOR MORONS said...
RICHARD GREENE....YOU SHOULD BE ASHAMED SPREADING LIES AND PROPAGANDA. HERE'S THE TRUTH: http://www.snopes.com/politics/soapbox/iacocca.asp
RTEAD THE TRUTH: http://www.snopes.com/politics/soapbox/iacocca.asp
2-08-2010 @ 11:20AM
Dave said...
The recession is over? Nigga please.
2-08-2010 @ 11:21AM
TMZ SUCKS AND IS ENTERTAINMENT FOR MORONS said...
RICHARD GREENE, CAN'T YOU REPUKES MAKE ANY COMMENTS WITHOUT LYING??? YOU LIE CONSTANTLY ON THESE BOARDS. YOU ONLY DEMONSTRATE THAT REPUBLICANS ARE LIARS AND FRAUDS. THIS LIE WAS ESPECIALLY EASY TO BUST....EVERYBODY KNOWS THE ORIGINAL IACOCCA SPEECH THAT YOU RE-WROTE. YOU FREAKING DISHONEST IDIOT.
2-08-2010 @ 11:41AM
FRANCAS SALLIONO said...
At this time the most beneficial way to correct the economy and the state of the Country is to create JOB"S , we have the work and we have the resources and we have the employees to restructure the inferstructure of thei GREAT Country. Bridges, Roads interstes included ,Water systems both fresh and sewer , smart new electrical grids. Are just a few ways to benefit the economy from the ground up All corporations in the US will benefit all the families in the U S will benefit , jobs will be plentyfull the economy will turn around for the better and the Rebirth of a this Country's Structural foundation will send us to new heights. Reducing polution in all spects, .