June 13 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said that financial markets, roiled by the collapse of the subprime-mortgage market, have shown a ``pronounced turnaround'' since March.
The worst is over for the credit crisis, or will be soon, and there's now a ``reduced possibility'' of a deep recession, the former Fed chairman said in remarks via satellite today to a conference in Mexico City. He added that he has a ``sense'' that tax rebates have helped retailers.
Another economist calling a bottom. This came out just as bonds were catching a nice bid, his comments reversed that quickly. Greenspan is a paid consultant for PIMCO, who are heavily short bonds.
The worst is over for the credit crisis, or will be soon, and there's now a ``reduced possibility'' of a deep recession, the former Fed chairman said in remarks via satellite today to a conference in Mexico City. He added that he has a ``sense'' that tax rebates have helped retailers.
Another economist calling a bottom. This came out just as bonds were catching a nice bid, his comments reversed that quickly. Greenspan is a paid consultant for PIMCO, who are heavily short bonds.
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on Friday, June 13, 2008 at 6/13/2008 03:58:00 PM.
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6/13/08 6:11 PMAren't these obvious conflicts of interest? Even for banks and brokers who make calls on oil, etc. I mean they have rules to keep their trading and investment analysis arms separate but is that well monitored?
6/13/08 6:20 PM
The media is a willing participant, no one cares. It's a shame, but I guess that gives us trading opportunities.
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