Ex-Fed chief Alan Greenspan said Yes to bank bailouts, No to sick-industry loans, Probably to the economy getting worse, and Remember to look on the bright side, on ABC's This Week with George Stephanopolous. Excerpts:
Is this the worst (financial crisis) you've ever seen? "By far. There's no question that this is in the process of outstripping anything I've seen. And it is still not resolved. And it still has a long way to go. It will continue to be a corrosive force until the price of homes in the United States stabilizes."
Are we going to see more of these major financial institutions fail? "We will... That does not need to be a problem...We shouldn't try to protect every single institution...Financial change has winners and losers."
The auto industry is saying they need $25 billion in (federal) loans...Is that a good idea? "Bailouts (reduce) our scarce savings supply. You undermine the growth of the economy...you get...economic stagnation, a very dangerous thing for a democratic society."
You think it's OK to come in and help Bear Stearns. But (industry) get nothing? "(Financial) institutions are so fundamental...That's an assistance to the economy as a whole."
What are the chances that the U.S. economy will escape a recession? "I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally...There are positives. The decline in the price of oil, the decline in the price of food, inflation coming down at least in the short run, may be enough to stabilize this. I'd be delighted if it were to happen. I wouldn't put my money on it.".
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