And Whose Fault is That?

In my last post that the probability of a U.S. recession during 2007 has risen to 50-60%. In light of today's durable goods numbers, even that number may be too low.

Interestingly, now even Alan Greenspan joins the bearish camp, and argues that there is a risk of a recession by the end of the year. What he neglects to say is that this likely recession will be the result of the bursting of the housing bubble that he himself inflated.