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Greenspan believes economy is stabilising
Beijing News.Net
Friday 9th May, 2008
Former Federal Reserve Chairman Alan Greenspan has said he believes the worst of the credit crisis is over.
In a speech made in New York, Mr Greenspan said house prices still had a long way to fall and that it was unlikely they would stabilise by year-end.
While he said that U.S. growth was likely to be slow for an extended period, a doomsday scenario was unlikely.
The U.S economy is reeling from a housing-led slowdown, with some analysts convinced it is already in a recession despite a 0.6 percent growth rate in the first quarter.
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