WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economic recovery was "extremely unbalanced," driven largely by high earners benefiting from recovering stock markets and large corporations.
Small businesses and the jobless are still suffering from the aftermath of a credit crunch that was "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression, said Greenspan in an address to a Credit Union National Association conference.
"It's really an extraordinarily unbalanced system because we're dealing with small businesses who are doing badly, small banks in trouble, and of course there is an extraordinarily large proportion of the unemployed in this country who have been out of work for more than six months and many more than a year," said Greenspan, who headed the Fed from 1987 to 2006.
Asked by Anonymous at 12:58 AM on Feb. 26, 2010 in Politics & Current Events
Answer by 29again at 1:18 AM on Feb. 26, 2010
Answer by Anonymous at 12:59 AM on Feb. 26, 2010
Answer by Anonymous at 1:00 AM on Feb. 26, 2010
I heard some of it on TV. Smart man! I have to say that I was wondering how O could say that we were coming out of the recession
the CBO said we are out of the recession, with unemployment making a slow recovery over the next 18 months
Answer by sweet-a-kins at 7:22 AM on Feb. 26, 2010
We own a small business.
We are out of the recession?
THAT is a new one on me!
Answer by mustbeGRACE at 8:33 AM on Feb. 26, 2010