All Eyes on Greenspan

Our friend and Federal Open Market Committee Chairman Alan Greenspan is scheduled to speak Thursday in front of Congress. All eyes are on Greenspan as many enonomists fear that we are at a point where a recession is imminent. A poor jobs report Friday along with inflation fears, events like the United Airlines pension default and other global economic issues (China) have left the markets unstable this past week. Many fear that the FOMC has lost control and will not be able to keep the US economy from falling into a recession by raising or lowering the Fed Funds Rate.