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Greenspan: Recession could be near
Now that former Federal Reserve Chairman Alan Greenspan has left office, he is freer to speak his mind about the state of the economy.
And so on Monday, he warned that a recession might be coming in the U.S. by year's end. It sent shudders through financial markets. He's sort of a King Kong when it comes to forecasting.
"When you get this far away from a recession, invariably forces build up for the next recessions, and indeed we are beginning to se that sign," he said. Profit margins have stabilized, he said, and that's an early recession sign.
Stocks have worst day since 9/11 attacks
NEW YORK --Stocks had their worst day of trading since the Sept. 11, 2001, terrorist attacks Tuesday, hurtling the Dow Jones industrials down more than 400 points on a worldwide tide of concern that the U.S. and Chinese economies are stumbling and that share prices have become overinflated.
Still, traders' dwindling confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, just a day after former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.
Greenspan Says U.S. Recession Possible, Not Probable
March 1 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said a recession in the U.S. is possible, though not probable this year as excess inventory is being reduced quickly, according to people attending a CLSA Japan Forum in Tokyo today.
Originally posted by MischeviousElf
Personally I believe he did every investor the best thing he could, the markets have been overpriced for a long while, the correction we are seeing is much better than if the market would have kept on rising then crashed as the housing stock, and similair figures come out soon.