Greenspan: Small Business in "Extraordinarily" Bad Shape

Alan Greenspan on CNBC this morning says that this mini-recovery has been driven solely by the hiring and financing by big banks (which Obama wants to destroy). Small business is in terrible shape, says Greenspan.

Perhaps Greenspan didn't listen to Obama, who said that small business has all kinds of new hiring incentives (I think he means the uncertainty, higher labor costs and the risk of having the rules changed overnight, as well as higher marginal tax rates)...

Greenspan also said the bond market is telling is that we are reaching our "borrowing capacity limits" and that Obama's proposed tax rate increases are "ill advised."

*Update*
Greenspan later added that because capital is so fungible, if the U.S. passes the existing financial regulation bill, it will definitely hurt U.S. institutions, as the capital flees to Europe and elsewhere.