The rules for the press listening to former Federal Reserve Chairman Alan Greenspan speak tonight are strict: no recorders, computers or cameras in the room — just pen and paper. However, many Greenspan speaking engagements are closed to the press, as has been the case in the past when he spoke at CERAWeek.
What will he say tonight in his prepared remarks and the talk with CERA Chairman Dan Yergin that will follow? Here are some excerpts from what he’s said in recent months elsewhere:
A late January Moscow Times story said:
In an interview with Germany’s Die Welt, a transcript of which was published Wednesday, Greenspan said the chances of a U.S. recession were “50 percent or better.”
Also from Moscow Times:
Greenspan said there were “legitimate concerns” about the role of sovereign wealth funds, such as Russia’s, investing in global financial markets, but as long as they behaved “wholly like profit-making institutions” their money would be welcomed.
From a Reuters article in January:
Greenspan told a Stockholm audience he did not believe he had caused the U.S. subprime crisis and had warned of the risk in 2004. He also refused to talk about the Fed’s rate reductions that had just happened.
In a Jan. 25 Bloomberg article it was reported he said:
The biggest barrier to stabilizing the chaotic U.S. housing market is the oversupply of homes that cash-strapped builders are flogging at rock-bottom prices, former Federal Reserve chairman Alan Greenspan says.
Mr. Greenspan also defended much-reviled subprime mortgages, which were typically extended to borrowers who wouldn’t qualify for conventional loans.
The products were valuable because they made it easier for more people to buy homes, he said.
In his remarks, Mr. Greenspan admitted he was caught off guard by the rapid growth in subprime mortgages, saying there was a lengthy delay in data coming in on the products and that when he finally saw official tallies, “he couldn’t quite believe it.”
A Feb. 1 Bloomberg story said:
Former Federal Reserve Chairman Alan Greenspan said he’s worried that an “inevitable” global recession will create a backlash that forces countries to retreat from worldwide markets.
“Globalization has been extraordinarily valuable,” Greenspan said in a speech in Vancouver sponsored by BMO Financial Group,