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Greenspan: US economy has 'less than 50-50' odds of recession Notme

Promoting his new book, "The Age of Turbulence: Adventures in a New World.", the former Federal Reserve Chairman Alan Greenspan said Sunday in an interview on NBC-TV's "Meet the Press" program that United States is heading towards and economic slowdown but it's too soon to say whether a recession is on the horizon."We're heading towards a slowdown," Greenspan said. "Whether that actually leads to a recession is dependent on things we can't forecast at this moment."He said that the odds of a recession are at less than 50/50, adding "it's too soon to call this one way or the other, frankly."In his memoirs Greenspan charged President George Bush writing "the Iraq war is largely about oil." He also accused Bush of abandoning the traditional fiscal restrain of Republican's party in favor of veto "out-of-control" spending by Congress.''The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither," Greenspan wrote in his book.Greenspan denied the blame for the U.S. housing bubble that is now deflating: "With the whole housing boom, we're dealing with a world problem. In fact our housing boom is less than the average. This clearly calls for a global explanation, not just an individual explanation," he said.

related story: http://uk.news.yahoo.com/afp/20070923/tbs-us-economy-bank-greenspan-8cc5291_1.html

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