Greenspan: 33% chance of recession by yearend
Just days after his remarks about the possibility of a recession contributed to a massive sell-off in US and world markets, former Federal Reserve chairman Alan Greenspan made even more explicit his gloomy forecast, saying there is a "one-third probability" of an American recession by year's end.
The current economic expansion will not have the staying power of its decade-long predecessor, Greenspan told Bloomberg.
"We are in the sixth year of a recovery; imbalances can emerge as a result," Greenspan said.
The most recent remarks from the venerable economist marked his strongest words yet about the looming possibility of a recession in the world's largest economy and the third time in eight days he had issued the warning.
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lincoln
"Chicago to my mind was the only place to be. ... I above all liked the city because it was filled with people all a-bustle, and the clatter of hooves and carriages, and with delivery wagons and drays and peddlers and the boom and clank of freight trains. And when those black clouds came sailing in from the west, pouring thunderstorms upon us so that you couldn't hear the cries or curses of humankind, I liked that best of all. Chicago could stand up to the worst God had to offer. I understood why it was built--a place for trade, of course, with railroads and ships and so on, but mostly to give all of us a magnitude of defiance that is not provided by one house on the plains. And the plains is where those storms come from." -- E.L. Doctorow
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