US could be heading for recession

uscitizen

uscitizen

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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/main.jhtml;jsessionid=4EFJ1B0K5B111QFIQMGSFFWAVCBQWIV0?xml=/money/2007/08/27/cnusecon127.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.
 
uscitizen said:
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/main.jhtml;jsessionid=4EFJ1B0K5B111QFIQMGSFFWAVCBQWIV0?xml=/money/2007/08/27/cnusecon127.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.
Click to expand...

lol...
Everyone wants to ignore this. If we keep our heads in the sand the problem will go away.
 
WC Grouch said:
lol...
Everyone wants to ignore this. If we keep our heads in the sand the problem will go away.
Click to expand...

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?
 
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
 
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.
 
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