Greenspan was also asked whether the United States had a greater-than 50 percent chance of escaping a recession.
“No, I think it’s less than 50 percent.
We are in a recession, but it’s not officially determined until after the fact. A think-tank will look back and manufacturing, jobs, money supply, etc, and undoubtedly say yes we are/were in a recession on 2008 and probably most of 2009.
Greenspan just realizes the moment he says we are in a recession panic will wreck havoc. Until they publicly call for his head that is.