Alan Godspan Speaks

Alan Greenspan: “We would have to see signs of this intensification: there are some, but not many yet. Therefore ... I would not describe the situation we are in as a recession, although the chances that we'll have one are more than 50 percent. This period is going to be much more difficult, from the point of view of monetary policy, than the period during which I was chairman of the Federal Reserve. The real estate bubble in Spain has been bigger than most other European countries, even bigger than the one in the United States. In that sense, one would have to presume that there is more vulnerability.”