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Greenspan: Recession Likely Ending

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  1. The following are excerpts from a Yahoo news story entitled, Greenspan: Recession Likely Ending
    1. By Martin Crutsinger, AP Economics Writer, Wed, Feb 27, 2002, 10:34 AM ET
    2. From http://story.news.yahoo.com/news?
      tmpl=story&u=/ap/20020227/ap_on_bi_ge/greenspan_10&cid=514       

     

  2. WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan told Congress Wednesday that he sees increasing signs the country's first recession in a decade is coming to an end. He cautioned the rebound this year is likely to be a subdued one. 
    1. Greenspan cited a variety of signs of an improving economy in recent months, noting particularly strength in such areas as consumer spending. 
    2. He said these hopeful signals led Fed policy-makers to call a cease-fire to their aggressive campaign of cutting short-term interest rates.

     

  3. He attributed this favorable outcome in part to advances in computer technology that give companies real-time information on how their businesses are doing, allowing them to adjust quickly for changing economic conditions.
    1. "Crucially, the imbalances that triggered the downturn and that could have prolonged this difficult period did not fester," Greenspan said.
    2. Greenspan did not cite specific numbers, but he agreed that this recession is shaping up to be "a significantly milder downturn than the long history of business cycles would have led us to suspect."
    3. Greenspan termed this development nothing short of remarkable, given the added shocks to the economy suffered with the Sept. 11 terrorist attacks.
    4. "If ever a situation existed in which the fabric of business and consumer confidence both here and abroad, was vulnerable to being torn, the shock of Sept. 11 was surely it," Greenspan said.  "In addition to the horrific loss of life, enormous uncertainties accompanied the unfolding events and their implications for the economy."

(This page was last edited on August 16, 2006 .)