F**K Greenspan! Recession is COMING, it's NOT coming, "risk is up"....DECIDE or STFU, bee-yatch!

Greenspan: Recession risk up

http://news.yahoo.com/s/nm/20070917/bs_nm/usa_greenspan_dc;_ylt=AhdIJWwWfz8N08YDA5E4T79Z.3QA

By Mark Felsenthal Mon Sep 17, 4:46 PM ET

WASHINGTON (Reuters) - Former Federal Reserve chief Alan Greenspan said on Monday there is an increased risk of a recession but cautioned that the Fed must still be on guard for a rise in inflation.

"Earlier in the year, I was talking about a one-third probability of a recession," Greenspan told Reuters. "It's come up somewhat, but it's still at this stage somewhat less than 50 (percent)."

He said the possibility of a large drop in house prices poses the biggest risk. A mild decline in home prices accompanied by a big pullback in construction that would help clear inventories would put the economy "in fairly good shape," Greenspan said.

"But if the whole thing festers, it will erode household balance sheets and eventually impact on what the critical support has been in this economy: consumer expenditures," he said.

Prepare for the economic Armageddon.

Gee, couldn't you come up with a little more dramatic comparison?

As for Armageddon, we don't know a tenth of what those thieves have done.

Armageddon is the end of the world.

Argentina made it through a financial crisis that included devalued currency. So did this country (hey, history is your friend) and we have survived inflation and lots of other things before. I honestly don't think recession or inflation are harbingers of the Anti-Christ.

n/t

outsourcing and in-sourcing by foreign workers. Wages are stagnant. Housing markets are in decline. Credit is tightening. Foreclosures at record levels. American manufacturing plants closing and being imploded on a daily basis. REAL INFLATION is at double digit rates. Wealth distribution continues to shift continually toward the rich. Corporate headquarters are being relocated to other nations. The national debt is approaching $10 Trillion dollars. I could go on. It is beyond a recession, it will be beyond a depression, it will be an economic and financial Armageddon.

He's watching his "legacy" crash and burn before his eyes, metaphorically speaking.


I even somewhat admire his "It Was For The Oil!" on the Today Show which looks like a last minute attempt at redemption.

MKJ

...and he's all over the map. Hilarious.

Don't have a Mad Money Meltdown there, dude.

All Greenspan did was reformulate his opinion based on newly revealed economic data (which is pretty much all we can go on to predict the future except corporate earnings).

It's very common for sentiment to shift this quickly if the new data are ominous.

Things have been looking pretty dismal recently as evidenced mostly by the credit issues in the market so I'm not surprised Greenspan became more cautious.

I mean, seriously...isn't that one of those deals where they interviewed an equal number of cabbies and stockbrokers and they had a similar degree of accuracy? I know he is Alan Greenspan and all, but...I dunno. If it happens, it happens. I am just glad I live on a farm and have the chickens.

Though I consider myself a semi-professional investor I've found that there's little practical use in trying to predict the future. The trick is to be first in knowing when things are actually changing and formulating a plan to profit from said changes.