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Greenspan's recession more and more likely
First it was 30 percent chance of recession. Then it was 50 percent. Now, it's still close to 50 percent, but "more likely higher than lower."
Former Federal Reserve chair Alan Greenspan keeps making his predictions. In a Wall Street journal interview, he said that signs like the December unemployment numbers make him think that a recession might be looming.
Today, hedge-fund firm Paulson & Co is expected to announce they've hired Alan Greenspan. Paulson & Co. was one of the hedge fund industry's big winners in 2007, after it bet against subprime mortgages.
Posted on January 15, 2008 5:17 AM PT | Permalink
Comments (2)
Greenspan is a publicity whore. "Chance of recession is 30 percent" one day. Next day, it is "35 percent." The day after it is 40 percent. Then 50 percent. The next day, we are back to 40 percent. Then again 50 percent. And then 50 percent again, but this "more likely higher than lower."
This man is nauseating. I will celebrate on the day he croaks. The megalomaniac, full-of-himself you know what.
Posted by Sudhi | January 15, 2008 6:28 AM PT
Saying there is a 50-50 chance of something happening is wimpy, because there is no chance of being proven wrong. If there is or is not a recession this year, the 50-50 chance leaves an easy way out. Mr. Greenspan did not notice the recession that began in mid-1990 until it was over, and that was when the Fed began to ease aggressively. Greenspan did not notice the recession that began in March 2001 until September 11, but that recession ended in November. Once again, the Fed began to ease too aggressively a year too late. We should be far more interested in Ben Bernanke's forecasts, even though he isn't paid nearly as well as Greenspan.
Posted by Alan Reynolds | January 16, 2008 7:48 AM PT
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