“… those who argue that we are already in a recession I think are reasonably certain to be wrong.”

Starting with the 1990-91 recession, let’s see what the head of the Federal Reserve – the man who is charged with running American monetary policy – was saying at the time. That recession started in August 1990, but one month before it began Alan Greenspan said, “In the very near term there’s little evidence that I can see to suggest the economy is tilting over [into recession].” The following month – the month the recession actually started – he continued on the same theme: “… those who argue that we are already in a recession I think are reasonably certain to be wrong.” He was just as clueless two months later, in October 1990, when he persisted, “… the economy has not yet slipped into recession.” It was only near the end of the recession that Greenspan came around to accepting that it had begun…Know more

Ziad Abdelnour

Ziad K. Abdelnour is President & CEO of Blackhawk Partners, Inc. , http://blackhawkpartners.com/ , Founder & President of the Financial Policy Council http://www.financialpolicycouncil.org/ and Author of Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics http://www.amazon.com/Secrets-Economic-Warfare-Creating-Regulation/dp/1118150120/ref=sr_1_2?ie=UTF8&qid=1311437307&sr=8-2

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