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Villified User
US could be heading for recession
US could be heading for recession
Last Updated: 9:42am BST 27/08/2007
Ex-Treasury Secretary Summers warns of risks 'greater than any since aftermath of 9/11', reports Ambrose Evans-Pritchard
Former US Treasury Secretary Larry Summers
Larry Summers: 'It would be far too premature to judge this crisis over'
Former US Treasury Secretary Larry Summers warned that the United States may be heading into recession as the biggest victim to date of the sub-prime mortgage debacle was humiliatingly sold for a token sum in Germany.
Traders are braced for another week of turmoil after the near breakdown of America's $2,200bn (£1,100bn) market for commercial paper.
"It would be far too premature to judge this crisis over," Mr Summers said. "I would say the risks of recession are now greater than they've been any time since the period in the aftermath of 9/11."
http://www.telegraph.co.uk/money/mai...nusecon127.xml
Ohh wait, topper sez I should ignore this because it is nto upbeat, and he knows better than any old ex treasury seccretary anyway.
Bush doubled the debt from 5 trillion to 10 trillion.
Proving tax cuts work!
Bush asked for and signed for the TARP money.
The Republican senate leader backed Bush on this.
Villified User
bump
Bush doubled the debt from 5 trillion to 10 trillion.
Proving tax cuts work!
Bush asked for and signed for the TARP money.
The Republican senate leader backed Bush on this.
n00b
lol...Originally Posted by uscitizen
Everyone wants to ignore this. If we keep our heads in the sand the problem will go away.
Villified User
topper says it is only me, I guess we had a treasury sec as dumb as I am
Bush doubled the debt from 5 trillion to 10 trillion.
Proving tax cuts work!
Bush asked for and signed for the TARP money.
The Republican senate leader backed Bush on this.
Insane Level of Addiction
How are people ignoring this? This gentleman predicts we are headed for a recession. Ben Bernake doesn't predict that we are. Do they cancel each other out?
What do you suggest we do about Summers prognostication?
Verified User
yes and we're 3 months later and the economy is growing stronger.
Two years ago USMORON called a recession. Of course he was wrong.
24 months later and 24 more wrong predictions.
My guess is he'll be right before he gets to 100
Villified User
Glad to know you are smarter and more knowledegable than a ex treasury secretary there sputter....
Hey I just posted the article, you are calling the wrong guy stupid, say that while looking in a mirror if you want to get one thing right in your life.
Bush doubled the debt from 5 trillion to 10 trillion.
Proving tax cuts work!
Bush asked for and signed for the TARP money.
The Republican senate leader backed Bush on this.
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