U.S. Recession Before the End of 2007 According to Greenspan

Alan Greenspan (remember him?) says the U.S. economy might go into recession before the end of 2007.

He may be right. The subprime mortgage market is getting whacked hard. And when people can’t buy at the bottom, it weakens the whole market structure. Prices fall. Jobs are lost. Spending declines. What we’re seeing so far is that people who can afford to do so are taking their houses off the market. This creates an invisible inventory of empty houses that will probably hold down prices for many months to come. Steadily, but surely, the millwheel of a correction will grind away.

Bill Bonner

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.

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