07 Aug '11, 11pm

'I don't see a double-dip but I do see it slowing down': Ex-Fed chief Alan Greenspan

WASHINGTON - Former Federal Reserve chairman Alan Greenspan said he expects stocks to continue their decline after Standard & Poor's downgraded the nation's credit rating, even as an S&P official predicted little market impact. "Considering the momentum in which the market went down over the last week, it is very unlikely, if history is any guide, that this isn't going to take a while to bottom out," Mr Greenspan told NBC. "So the initial reaction in my judgment is going to be negative." The same time the S&P downgrade, which stemmed from the political clash over the debt limit, "hit a nerve that there's something basically bad going on", he added. Mr Greenspan predicted the economic slowdown would stop short of becoming a new recession. "I don't see a double-dip but I do see it slowing down," he said. The Aug 5 downgrade followed the biggest weekly selloff in US stocks in...

Full article: http://www.todayonline.com/Business/EDC110808-0000236/Exp...

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