Alan Greenspan, the former Federal Reserve chairman, told CNBC he's "quite concerned" about the looming "fiscal cliff" and the inability of legislators to compromise to reach a solution.
Greenspan said in an interview on "Power Lunch" that the two sides need to find compromise to address the automatic tax increases and spending cuts that kick in at the end of the year.
While the amount of division in the political system is nothing new, Greenspan said "what has changed is they don't talk to each other."
The former Fed chairman said the sides need to compromise, "not principles, but how you implement them" so the economy can avoid the effects of going over the fiscal cliff. (learn more).