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Greenspan Recession Warning
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Reuters
January 30, 2008
The likelihood of the economy slipping into recession is at least 50 percent, former Federal Reserve Chairman Alan Greenspan was quoted on Wednesday as saying.
“I believe the probability of a recession is at least 50 percent, but up to now there are few signs that we are already in one,” Greenspan said in an interview with weekly newspaper Die Zeit published in German. “In my opinion, it will probably happen but the facts suggest we are not there yet.”
Asked whether central bankers and financial policymakers could head off a U.S. recession, Greenspan said: “Probably not. Global economic influences today are stronger than almost anything that monetary or fiscal policy can counter them with.”
“Long-term real interest rates have significantly more influence on the core of the economy than decisions by national governments,” he added. “And central banks have increasingly lost the ability to influence these long-term rates, whereas 20 or 30 years ago they still dominated there.
“So the more important question today is in which direction long-term real interest rates are heading.”
The Fed is expected to cut interest rates again on Wednesday as part of its effort to offset the effects of a deep housing slump and credit crunch. This cut would follow a 75 basis point reduction last week to 3.5 percent and mark one of the deepest and fastest rate-cutting episodes since the early 1980s.
The U.S. economy grew at a 4.9 percent annual rate in the third quarter of 2007, but gloomy economic data this month — notably a report of weak hiring in December — suggests growth has slowed abruptly.
(Reporting by Iain Rogers; editing by David Stamp)
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February 4th, 2008 at 10:48 am
Greenspan telling the people that all is not well! Great; maybe he should tell the people that he is orchestrating this recession that has the possibility to run into depression. It seems that governments all over the world have sold out their citizens to the NWO in some parasitic run for greatness.
It is time to stop the NWO before they stomp us!
February 5th, 2008 at 2:37 am
I heard somewhere “those who make peaceful revolution impossible make violent revolution inevidable” These secretive fascist banker pigs seem to want to prove this point.
February 5th, 2008 at 3:07 pm
I was always told any figure the gov. tells you double it.! 100 % chance ???????
hold on !
February 5th, 2008 at 11:03 pm
The solution to this economic “man made” crisis sets in the belly of the beast that brought on the credit crunch in the first place. The solution is simple…get the biggest banks to come up with a mortgage that is low interest common sense and fair to the average man without a lot of credit conditions like a 720 fico that is almost impossible to obtain or difficult underwriting conditions. The reason the sub-prime market took off in the first place was that it allowed at least for the short run for the common man to buy a house with a low payment. Well get that back without the fraud that the subprime market became and the problem is solved and our economy is back. This of course is not going to happen because the big players want to buy all the cheap assets this recession down turn or whatever you chose to call can produce. Proof? BofA is buying CountryWide Mtg on the cheap.