Feds Update

Former U.S. Federal Reserve Chairman Alan Greenspan told Spain's El Pais newspaper on Sunday that chances of the U.S. economy slipping into a recession were now above 50% but the world's leading economy had not yet entered one.

Greenspan said, "In my opinion recession is a period of a sharp correction and a rapid decline in activity across many sectors of an economy coupled with the domino effect of a strong rise in unemployment. We haven't seen that in the U.S. yet, but it could happen."

Posted by Frank Harris on 04/08/2008 11:09 AM

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