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Greenspan says markets are turning around

Posted June 13, 2008

Baltimore — (TFN): U.S. financial markets, roiled by the collapse of the subprime-mortgage market, have shown a “pronounced turnaround” since March, Alan Greenspan , the former Federal Reserve Chairman said Friday.

The worst is over for the credit crisis, or will be soon, and there is now a “reduced possibility” of a deep recession, the former Fed chairman said in remarks via satellite to a conference in Mexico City. He added that he has a “sense” that tax rebates have helped retailers.

Greenspan’s remarks echo the assessment of the Fed Chairman Ben Bernanke this week, who said that danger of a “substantial downturn” in the economy had receded. Economists surveyed by Bloomberg News this month indicated a smaller likelihood of a recession compared with May.

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Posted by J. Christoph Amberger · Filed Under US Stocks and Markets 

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