What Scares Alan Greenspan

Alan Greenspan,former longtime chairman of the Federal Reserve,is very concerned about the fate of the U.S. economy.We are running out of time,he says.We've never had anything like this deficit issue.These are the most fundamental questions that a democratic society must choose.
We no longer have what we had in the Kennedy space program days:a real buffer of national resources.Because we have fallen behind in education,the U.S. economy will not be growing at the rate seen in the past to support social programs such as Medicare.The last three years,the proportion of GDP whose lifespan is 20 years or less has increased.
In every cycle we have come out of,construction has always been a major factor in the recovery.This is the first time that construction has not come out of this.Commercial construction of structures is very deeply discounted now as business cannot see what is gonna happen 20 years or more from now.
The more things that you introduce into the economy,a whole structure of activism that occurred in the aftermath of the financial crisis,the more uncertainty is created.I don't think the whole conception system of how capitalism works is contained in the reform.s are gonna happen in ways that are gonna be very surprising.
The rulings that are gonna solve the consumer market problems are gonna eliminate the market,shutting down consumer finance.You could have prevented the crisis if you'd had adequate capital.Your senior debt never fails if you do.The ideal regulation is capital adequacy,Mr.Greenspan believes.
Alan Greenspan,85,was chairman of the Federal reserve from 1987-2006.He has continued to play an active role in public life as an economic elder statesman.