Property Grunt

Tuesday, February 23, 2010

And now a word from Alan Greenspan

Greenspan: U.S. Recovery "Extremely Unbalanced"

Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economic recovery was "extremely unbalanced," driven largely by high-income people benefiting from recovering financial markets and large corporations.

Greenspan, speaking to a Credit Union National Association conference, said small businesses and lower-income people are still suffering from the aftermath of a credit crunch that was "by far the greatest financial crisis globally, ever."

Greenspan said he believed that staffing levels at U.S. firms remained below what was sustainable in the long run, pointing toward a modest recovery in job creation. But he added the unemployment rate may remain stubbornly high.

Thank you so much. The people of America are grateful.