Former Federal Reserve Chairman Paul Volcker said Tuesday that the US was already in a recession, despite the efforts of the U government and other nations' leaders to intervene "I have seen a lot of crises but I have never seen anything quite like this one," said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.
Alan Greenspan is no fan of the Bush administration or the once-dominant congressional Republicans. In his new memoir, "The Age of Turbulence: Adventures in a New World," the former Federal Reserve chairman disparages the two groups for violating the GOP's values on spending and small government. Updated
The stock market Tuesday had its worst day since 9/11 as investors around the world began to lose faith in the U.S. economy. The Dow fell by 4.3 percent, and S&P estimated total losses at $632 billion. The development came only a day after Alan Greenspan warned of a potential recession.
Alan Greenspan used his powers of economic foresight Monday to caution Americans about a possible upcoming recession. While the former Fed chairman stressed that he can't accurately predict changes far in advance, Greenspan speculated that we may see a dip in the economy within the year.