Greenspan: Unemployment Likely to Exceed 10%

Greenspan: Unemployment Likely to Exceed 10%

According to this Bloomberg article, Greenspan Opposes New Stimulus Even With 10% Unemployed Likely, Alan Greenspan, the former Federal Reserve Chairman, believes that the federal government should not consider a new stimulus package even though the US unemployment rate is likely "to penetrate the 10 percent barrier and stay there for a while."

The article quotes Greenspan as saying "The focus has got to be on trying to get the economy going, but you also have to be careful that in trying to do too much you can actually be counterproductive" on ABC’s "This Week" program. Greenspan noted that only abouyt 40% of the $787B stimulus money has been spent thus far.

Regarding last week's unemployment report, the article quotes Greenspan as saying that the unemployment report was "pretty awful no matter how you looked at it." However, Greenspan still believes the economy is in the early stages of a recovery. Greenspan did raise concerns, though, about the number of people unemployed for 6 months or more. According to the September 2009 unemployment report, that figure is now at 5.44 million people, which is a 9% increase over August 2009. The result of these alarming figures is that more homeowners will default on their mortgages and short sales and foreclosures will increase.

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