Greenspan: U.S. ‘Clearly on the Edge’ of Recession
Former Federal Reserve Chairman Alan Greenspan said Thursday night the American economy is “clearly on the edge” of a recession, and he pointed to the depressed housing market as a primary culprit.
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The Federal Reserve, which started lowering a key interest rate in September, has recently turned much more aggressive. Over the span of eight days in January, it slashed rates by 1.25 percentage points — the biggest one-month rate reduction in a quarter-century. Economists and Wall Street investors believe the Fed will cut rates even more at its next meeting in March and probably again in April.
Under Greenspan, the U.S. Federal Reserve slashed interest rates between early 2001 to the summer of 2003 to their lowest level in decades.
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