Alan Greenspan Uses the “R” Word
May 5, 2008 by Miranda Marquit
Filed under Finance
After months of dissembling, Alan Greenspan has whipped out the “R” word. That’s right. Now he thinks we’re in a recession. But he has qualified it. It’s a “pale recession.” Whatever that means. A shallow recession? A not-that-bad recession? A the-economy-is-doing-better-than-we-thought recession?
Greenspan insists, as well, that stagnation is what he expects for the remainder of the year, according to Reuters:
Greenspan doubted there would be an immediate recovery, saying stagnation for the rest of the year was the most likely outcome. “That’s certainly the most benevolent scenario,” he said. “It’s not all that far from being the most probable.”
What? The tax rebate checks aren’t going to magically end the economic slowdown?
image credit: US government
Clarification would be great but it’s great he finally stated were in a “pale recession”
Clarification really isn’t “the way” for a lot of these leaders — even when they’re former leaders. But Greenspan still has a lot of influence, so when he says we’re in a recession, even if it is “pale,” people take notice.