Government released revised estimate for Q4 GDP

Initial estimate was 2.6; revised down to 2.2

Economic growth dipped from 5% in Q3 to 2.18% in Q4

PMI was expecting 58.7 but plunged to 45.8, indicating contraction

Alan Greenspan commented that the U.S. economy is weak

Greenspan cites declining U.S. productivity

Points to declining gross domestic savings brought on by entitlement programs

Greenspan refuses to blame Fed policy for productivity and savings declines

He predicts continued low interests rates to create the illusion of wealth

In 1966, Alan Greenspan blamed the Fed and their cheap money policies for stock market bubble and economic imbalances

Today, he still believes this to be true, but no longer cares about the consequences of reckless economic policy

The Fed's job now is to just do whatever it takes to postpone the pain

Inflating bubbles with the certain knowledge that the outcome will be bad, while pretending that they will eventually raise rates