Greenspan forecasts 33 Percent Chance for Recession by Year’s End

Greenspan forecasts 33 Percent Chance for Recession by Year’s End

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An interview with Former Federal Reserve Chairman Alan Greenspan told Bloomberg News that a US recession could occur by the end of this year. Greenspan said with a "one-third probability" for recession.

Greenspan continued to tell Bloomberg News, "We are in the sixth year of a recovery; imbalances can emerge as a result."

"Ten-year recoveries have been part of a much broader global phenomenon. The historically normal business cycle is much shorter," Greenspan explained.

His successor, Ben Bernanke last week told Congress that the economy may strengthen this year, which is the opposite prediction of Greenspan. Bernanke possibly helped stabilize the stock market that nose dived on the February 28th. Some investors may have heard Greenspan’s predictions for a recession which might have been the cause for the market to suffer.

Greenspan told Bloomberg News that he wasn’t expecting to be back in the spotlight, and was beginning to enjoy his anonymity. He didn’t intend to upstage Bernanke with this announcement of a possible recession. Greenspan also said that you can never really tell how the economy will be in two years time.

By Best Syndication Staff

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