More than 50 percent chance of U.S. recession: Greenspan

[Eugene]

Source: Reuters

More than 50 percent chance of U.S. recession: Greenspan
Sun Apr 6, 2008 6:14am EDT

By Sonya Dowsett

MADRID (Reuters) - There is more than a 50 percent chance
the United States could go into recession, former Federal
Reserve chairman Alan Greenspan told El Pais newspaper in
an interview published on Sunday.

However, the U.S. has not yet entered recessionary state
marked by sharp falls in orders, strong rises in unemployment
and intensive weakening of the economy, he said.

"We would have to see signs of this intensification: there
are some, but not many yet," he said. "Therefore ...
I would not describe the situation we are in as a recession,
although the chances that we'll have one are more than
50 percent."

A sharp downturn in the U.S. housing market has led to a
full-blown credit crisis that has reverberated throughout
the U.S. financial system.

-snip-

Greenspan, the U.S. Fed chairman from 1987 to 2006, endorsed
the Republican presidential candidate John McCain in the
interview.

-snip-

Read more: http://www.reuters.com/article/newsOne/idUSL0630907620080406

[Lost4words]

1. oh yea , everything is peachy!

in the land of not!

8643

[abelenkpe]

2. I thought for sure that had to be old

y'know, an article from last year or something.

wow.

[truedelphi]

3. Hey Maybe McCain wrote it for Al Greenspan! n/t

[AnneD]

4. The more he opens his mouth...

the more foolish and irrelevant he becomes. We ARE deep into a recession. I base it on real facts not cooked books.




"For the repo man, business is always good. But lately, it's been better than good.

As the subprime-mortgage collapse blares in the background, "recovery service agents" have been cleaning up the wreckage of another subprime-lending mess: that of the auto industry, which in its own competitive bid for buyers has been extending longer, costlier loans to people unable to keep up with their payments.

The number of auto loans past due by at least two months reached a 10-year high in January, according to Fitch Ratings. Three-quarters of prime and subprime auto asset-backed securities fell more than 60 days behind on payments, a 44% increase over one year earlier.

Nationwide, 12.4% of consumers have at least one late auto payment on file, according to consumer credit agency Experian. One in three auto-loan borrowers have payments greater than $500 a month, and 12% have been late at least once.

In a survey for the National Automotive Finance Association, BenchMark Consulting International said monthly repossessions by subprime lenders increased 15% from 2005 to 2006."

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[zonmoy]

6. problem is that what we have is more than a simple recession.

[sugerdady87]

5. Recession are normal

What takes me by surprise are people's misunderstanding in what a recession is. Recession are not the end of the earth. They are completely natural events which occur every 8-10 years and is part of the business cycle. Economies simply cannot grow indefinitely without regressing for some time.

[Yavin4]

7. The Major Problem Is That Our Very Survival Is Linked To A Growing Economy

In recessions, businesses lay off people, and because we don't have a strong social safety net, losing a job can and does mean losing health benefits and being unable to even eat.

In other countries, they have strong social safety nets, so losing your job is not the end of the world. You can survive job losses a lot better in other countries.

[Exodus 3-14]

9. 'Wrong'

People have been indoctrinated to think a certain way, and as an example, when Russia was thought to have been 'Broke', that was 'Fiscal'(on the Ledger per se--- just like ourselves with Budget Deficits).
Natural Resources and the intellect to do something with both, are True Wealth, and ....'Russia', nor the 'U.S.'(now) is truly broke.
Aside the Banking System's Propaganda to Control us, we are extremely Wealthy.

*?Did you know we used to know how to grow our own food?(smile emoticon).
Division of Labor messed everything up, and we are so far from seeing what the past 200 years has done to being able to understand this reality.

[Pale Blue Dot]

8. Explain why that is.

Scientifically, mathematically. 8-10 years. Why is that always the case?