The United States has fallen into an "awfully pale recession" and may remain stagnant for the rest of the year, former Federal Reserve chairman Alan Greenspan was quoted on Monday saying.Pale? If you call negative GDP growth and skyrocketing prices pale, then ok. As for the employment figures, 1. the unemployment rate doesn't tell the whole story (i.e. it doesn't include people who have been looking for work for over 6 months, those who have given up altogether or those who work part time), and 2. our latest economic boom was really a jobless recovery."We're in a recession," Bloomberg news agency reported Greenspan had said in a television interview. "But this is an awfully pale recession at the moment. The declines in employment have not been as big as you'd expect to see."
We're in for a bumpy ride. Buckle up and save.
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