One-Third is not a "probability"...It's a possibility, just like nearly anything else you can think of

Actually, I would tend to follow Mr. Greenspan's use of the terms. I am more interested in discussion of the possibilities of a recession in the US.

Also, what areas of the US might see recession-type qualities? I reside in Central Texas (Austin), and the overall forecasts for this area are positive for the next 12-18 months.

This is a government induced recession. NAFTA has made things difficult for US citizens. The distribution of weath in this country is extremely unbalanced due to law makers, lobbyists, and corproate presidents that are in the government just to line their own pockets and not help the American people. I think we are headed towards a recession. What I don't get is that Greenspan can dictate our economy by telling us that things are bad. The stock market took a huge downward turn because Greenspan said it would. It seems a little fishy to me!