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

[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

[liberal N proud]

1. Looks more like 100% to me

But then I don't need to spin the propaganda machine to make people believe otherwise.

[PA Democrat]

2. Greenspan endorses McCain. What a shock.

Greenspan sat back and did NOTHING about the subprime crisis when the writing was on the wall. In fact he went on record extolling the virtues of variable rate mortgages which are playing a large role in the number of loan defaults.

People were warning that the housing bubble would burst and with mortgage rates at all-time lows, interest on variable rate mortgages had no where to go but up. It was a recipe for disaster which Greenspan chose to ignore.

[marmar]

3. Alan, buddy, we're arrived at that point already.....

.... and your worthless ass drove the bus.

:argh:

[ThomWV]

4. Are you in a Recession if less than 50% of the people know what a Recession is?

I'd guess that less than 50% know what a recession is (decline in GNP for 2 consecutive quarters) and of that 50% half of them are working too hard to pay attention to what is going on around them.

We live in a nation where most people can not name both of their Senators, why would anyone think they keep up with economic news. In fact how many of them so much as know that finance and economics are not the same thing?

[spanone]

5. he mis-spoke, he meant to say depression.

wanna bet as soon as the dicktator leaves office the democrats will be left holding a recession....and the thugs will start pounding them for it.

[Richard Steele]

6. We've been in one for YEARS. I'd call that more than a 50% chance. nm

[Peggy Day]

7. Why are we still listening to this man? nt