Greenspan Sees 'Slow' Recovery, Is 'Concerned' If Stocks Drop – BusinessWeek(Stock Trading News)
A drop in stock prices is “more than a warning sign,” Greenspan said yesterday on NBC’s “Meet the Press” program. Unemployment topped 10 percent in October — the first time that’s happened in a quarter century — before retreating to 9. Greenspan, who served as Fed chairman from 1987 until 2006, said the most useful step Congress could take to create jobs at this point would be to enact tax cuts for small businesses. Greenspan said the fourth-quarter’s economic growth rate was helped by inventory rebuilding, suggesting the U. Regarding the federal budget deficit, which the Obama administration projects at more than $1 trillion for the second consecutive year, Greenspan said a tax increase will be needed and that the budget shortfall threatens the country’s standing in financial markets. read more
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