How much do we miss Alan Greenspan? A lot, it seems. The former Federal Reserve Chairman, known for his economic prescience, speaking via satellite from Hong Kong on Monday, February 26, 2007, mentioned the U.S. economy was at risk of sliding into a recession by year's end. Warning that the expanding economy, on an upward trend since 2001 (thanks in part to defense spending and inflated oil prices) has shown signs that it has peaked, Greenspan words had a truer ring than many expected.
Weighed down by a ball and chain deficit, many have feared the economy was shakier than spiking stock prices would indicate. Apparently the weight of concern pulled hard enough at the economic tree of the Dow Jones that on Tuesday, February 27, 2007, its soaring branches drooped like a willow's. Could Tuesday's 416 point be ushering in Greenspan's predicted recession months ahead of schedule?
One expects the Bush administration to spin the plunge into a "good thing," akin to the "positive" withdrawal of Brits from Iraq. Meanwhile, as the spin machine of the right dusts off its platitudes (is there any one slicker than Tony Snow when it comes to condescending punditry?), average Americans are left to wonder what will happen next.
Already disenfranchised from the recent economic prosperity, average Americans must guard what little hoards they have. Be advised, in addition to the knocking at the door of feared recession are the ever increasing gas prices. As gas creeps back to $3.00 a gallon, run-a-day blokes wonder what role they are to play next in the ever darker comedy being written by an illiterate administration.
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