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Greenspan: Odds favor recession

02/25/2008
At Cambridge Energy Research Associates’ annual energy conference in Houston, former Federal Reserve Chairman Alan Greenspan said there is a “50% or better” chance that the US will experience an economic recession that will curtail energy demand.“We are at stall speed in the US but haven’t yet seen the discontinuity that characterizes recession,” he said. It is “quite remarkable,” Greenspan said, that the US economy is able to do reasonably well with oil prices near historic highs. That’s because “business was in such extraordinary good shape before this problem hit,” that credit availability has not yet dried up for US ind...
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