Posted on 03/01/2007 7:40:03 AM PST by BenLurkin
TOKYO (AP) -- Former U.S. Federal Reserve Chairman Alan Greenspan told a Tokyo seminar on Thursday that he does not think economic slowdown in his country is "probable," toning down his earlier warning over a recession later this year.
"It is possible we can get a U.S. recession toward the end of this year, but I don't think it's probable," Dow Jones Newswires quoted Greenspan as saying in his speech at a Tokyo forum organized by international brokerage CLSA.
On Monday, Greenspan said a recession was possible, though it's difficult to predict the timing, a comment blamed in part for the global market decline this week.
A plunge in Chinese share prices Tuesday and weaker-than-expected U.S. durable goods orders for January were also seen as contributing to the world share market slump.
Speaking via satellite to investors at CLSA's Japan Forum, Greenspan on Thursday appeared to want to hedge his bets on his prediction of the U.S. economy.
"Things look reasonably good in the short run for the U.S. and the world," he said. But "we can't just assume that this extraordinary period of recovery can extend indefinitely."
Greenspan also said Thursday that the U.S. has "gone through the major part of adjustment" in housing prices and "the worst is over," though the housing market is expected to remain weak, Dow Jones reported, citing information provided by CLSA.
He said the weak U.S. housing market has had only limited impact on consumer spending because consumers have been encouraged by the fall in gasoline prices.
Greenspan reiterated that it's in China's interest to allow the yuan's exchange rate to be set by the market. But he said a decision to allow the market to set the yuan's exchange rate is up to China.
That, however, would do little to improve U.S. trade balance because a decrease in Chinese imports would likely be replaced by those from other developing nations.
Flip Flop?
More like when the DOW tanked, Greenspan got spanked.
ya think the MSM only quoted what they wanted us to hear from that speech?!?
He believed we were heading towards a recession before he believed we weren't.
Why doesn't someone commit him to a home somewhere?
"It is possible we can get a U.S. recession toward the end of this year, but I don't think it's probable,"
This guy would make a fine weather man, too!
Why doesn't he shut up ?
From an Associated Press dispatch:
Former U.S. Federal Reserve Chairman Alan Greenspan warned Monday that the American economy might slip into recession by year's end. . . .
"While, yes, it is possible we can get a recession in the latter months of 2007, most forecasters are not making that judgment and indeed are projecting forward into 2008 . . . with some slowdown," he said.
Greenspan said that while it would be "very precarious" to try to forecast that far into the future, he could not rule out the possibility of a recession late this year.
So if you're the Associated Press, how do you headline this story? "Greenspan Warns of Likely U.S. Recession."
"....Possible..."
It is also possible I may die, I may win the lottery, or change my hair color.
Anything is Possible!
It is also possible I may be rich!
Greenspan must have taken a look at his portfolio.
A voice of reason in a sea of knee-jerk, media-propoganda swallowing reactionaries.
You, sir, have hit the nail on the head! Now, if only someone would hit Alan on the head for forgetting that anything he says can and will be twisted by the MSM.
While I am respectful of wisdom gained by years and experience - this old man needs to just shut UP. He was just a blip on what happened Tues - I think he saw it coming and jumped on the bus instead of staying out of the way.
Is the R-word now on the taboo list?
Message to Mr. Greenspan... S-T-F-U Fool.
Greenspan is still an idiot!
Why doesn't he just shut up?
How much longer do we have to listen to this bilgewater?
Go away.
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