PDA

View Full Version : Stock Market getting hammered today


sand2snow22
02-27-2007, 02:04 PM
Took some profits myself. They've been talking about a correction for awhile now......

Sodar
02-27-2007, 02:09 PM
Just reading that too!!!

http://money.cnn.com/2007/02/27/markets/markets_1115/index.htm?postversion=2007022711

trickskier
02-27-2007, 02:12 PM
This maybe why........

WASHINGTON (AP) Former Federal Reserve Chairman Alan Greenspan said Monday it is "possible" the U.S. economy might fall into recession by the end of the year.
He said the U.S. economy has been expanding since 2001 and that there are signs the current economic cycle is coming to an end.

WHO CARES? Is Greenspan still worth listening to?

"When you get this far away from a recession, invariably forces build up for the next recession, and indeed we are beginning to see that sign," Greenspan said via satellite link to a business conference in Hong Kong. "For example in the U.S., profit margins ... have begun to stabilize, which is an early sign we are in the later stages of a cycle."

"While, yes, it is possible we can get a recession in the latter months of 2007, most forecasters are not making that judgment and indeed are projecting forward into 2008 ... with some slowdown," he said.

Greenspan said that while it would be "very precarious" to try to forecast that far into the future, he could not rule out the possibility of a recession late this year.

Greenspan also said he has seen no economic spillover effects from the slowdown in the U.S. housing market.

"We are now well into the contraction period and so far we have not had any major, significant spillover effects on the American economy from the contraction in housing," he said.

ECONOMISTS: Worst risk to market? Subprime mortgages

The U.S. economy grew at a surprisingly strong 3.5% rate in the fourth quarter of 2006, up from a 2% rate in the third quarter. A survey released Monday by the National Association for Business Economics showed that experts predict economic growth of 2.7% this year, the slowest rate since a 1.6% rise in 2002.

Greenspan also warned that the U.S. budget deficit, which for 2006 fell to $247.7 billion, the lowest in four years, remains a concern.

"The American budget deficit is clearly a very significant concern for all of us that are trying to evaluate both the American economy's immediate future and that of the rest of the world," he said via satellite at the VeryGC Global Business Insights 2007 Conference.

Contributing: Reuters

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Posted 2/26/2007 9:20 AM ET

PendO
02-27-2007, 02:16 PM
please, I will have no talk of trying to catch a falling knife or a dead cat bounce ... while visiting TT:)

TMCNo1
02-27-2007, 02:19 PM
Allen Greenspan's psyco-babble needs to be kept in the oldfolks home!

trickskier
02-27-2007, 02:22 PM
Allen Greenspan's psyco-babble needs to be kept in the oldfolks home!
He always seems to screw up a good economy.

RexDog1
02-27-2007, 02:23 PM
AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH:(