Alan Greenspan: Bull market is not intact, has ‘really fumbled’

Former Federal Reserve Chairman Alan Greenspan said Tuesday that the bull market is no longer intact and has "really fumbled."

“Not really, no. It’s really just fumbled," Greenspan, who served as America's top central banker from 1987 through 2006, said of the bull market.

“You can see it by reaction in recent days. It would be very surprising to see it sort of stabilize and take off again.”


“It’s happened in the past, but at the end of that one, run for cover.” 

Stocks have tumbled recently, including on Monday, amid fears about the the global economy's condition and a likely Federal Reserve rate hike this week.

The Dow Jones Industrial Average closed down 507 points Monday, a 2.1 percent loss, while the Nasdaq composite dropped 2.3 percent.

The stock market has steadily fallen in the second half of 2018 after hitting record highs earlier this year.

In October, Greenspan told the Fed to try to ignore President TrumpDonald John TrumpJimmy Carter: 'I hope there's an age limit' on presidency White House fires DHS general counsel: report Trump to cap California trip with visit to the border MORE's criticism of interest rate hikes.

“Every President has an insight into how the markets work and where interest rates ought to be, which is always superior to that of the federal open market committee,” Greenspan said.

“The best thing you can do if you are in the Fed is put earmuffs on and just don't listen.”