WHEN: TODAY, THURSDAY, February 26, 2015
WHERE: CNBC'S "CLOSING BELL"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Former Federal Reserve Chairman Alan Greenspan today, Thursday, February 26th on CNBC's "Closing Bell." Following is a link to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000357687.
All references must be sourced to CNBC.
GREENSPAN ON ENTITLEMENT PROGRAMS
Gross domestic savings has been declining in this country for years and it's fundamentally caused by the data show the very large surge essentially the bipartisan push on entitlement programs.
GREENSPAN ON SECURITIES
The Fed basically is doing a number of things. Some which work some which don't. Once which has worked and is working is the significant increase in the amount of purchases of securities on the balance sheet not to induce lending on the part of the private sector but to push rates down.
GREENSPAN ON CAPITAL INVESTMENT
Stock market is straight up but the economy is not. The basic reason why the economy is not if you just look at the data is a short-fall in long-term capital investment.
GREENSPAN ON GREAT DEPRESSION
ALAN GREENSPAN: THE WAY I MEASURE IT, IT'S PROBABLY TANTAMOUNT TO WHAT WE SAW IN THE LATEST STAGES OF THE GREAT DEPRESSION.
KELLY EVANS: THAT'S HOW WEAK YOU THINK THE GLOBAL ECONOMY IS RIGHT NOW?
GREENSPAN: WELL, IT'S NOT ANYWHERE NEAR WHAT THE PROBLEMS WERE BACK THEN, BUT WE HAVEN'T SEEN ANYTHING LIKE THAT SINCE THEN.
GREENSPAN ON LONG TERM
EXTRAORDINARY RISE IN THE DISCOUNT RATE AS YOU GO UP YEAR 5, 6, 7, 8, 9. IT IS RISING AND THAT IS SAYING THAT NOBODY WANTS TO INVEST IN THE VERY LONG TERM.
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