.
June 24th, 2008
04:35 PM ET

On the brink of a recession, or already there?

[cnn-photo-caption image= http://i.cdn.turner.com/cnn/2008/images/06/24/art.five.gallon.gi.jpg caption=" AAA reports the national average for regular unleaded is at $4.07, up nearly 37% from a year ago."]

FROM CNN's Jack Cafferty:

When former Federal Reserve Chairman Alan Greenspan speaks, people listen. He says the United States is on the brink of a recession. There's more.

He warns that the chances of a recession happening are more than 50%, and that a quick recovery is unlikely. Greenspan says that there are still "very considerable structural problems" in our financial system and that it's going to be "very difficult."

And Americans seem to be on the same page as Greenspan. The Conference Board, a private business research group, reported today that consumer confidence dropped to an all-time low of 50.4 in June – a significant decline from last month.

It's because people are dealing with tough situations, everything from falling home values, to tight credit to rising prices for everything from food to energy, especially gas prices. Toss in rising unemployment, inflation, a loss of jobs and the decline in the value of the dollar and, well, you get the idea.

The national average for a gallon of gas is still more than $4, and there probably won't be much relief anytime soon. Energy experts say that despite all the squawking from lawmakers, don't expect them to do much to cut gas prices. That's because Congress can't really control the price of oil, which is in part due to worldwide demand from places like China and India.

But the candidates continue to rattle on about gas prices nonetheless, because polls show that energy – including gas prices – is now tied with the economy as the top issue on voters' minds.

Here’s my question to you: Do you agree with Alan Greenspan that the U.S is on the brink of a recession or are we already there?

Interested to know which ones made it on air?

Anne from Texas writes:
Let me count the ways: Gasoline prices through the roof, groceries higher every time we go to the store, the annual summer vacation trip is just wishful thinking now, and we haven't had a cost-of-living increase in our pension since 2001. I can't speak for the country as a whole, but I'm sure as heck in a recession.

Bill from Albuquerque, New Mexico writes:
I think we're on the brink but not quite there. Of course, we can quibble all day about the exact definition, but I don't get the feeling that things are sinking fast. On the contrary, maybe that stimulus package really will help keep the economy from plunging into a "true" recession.

Molly from California writes:
Recession? Depends entirely on where you live, Jack. Here in Hollywood we're just beginning to feel the pinch. But I know a lot of people in Detroit - and there it's almost a depression.

Andrea from Fayetteville, Georgia writes:
We are already there. There is no job market unless you happen to speak Spanish. The job market has been dead for over a year and our gas prices at $3.99 to $4.06 a gallon are making it impossible for us to pay our utilities and grocery bills. It is very sad.

Cathy from Maryland writes:
If a recession means that money's tight and there's no end in sight, then I'm there.

Annie from Atlanta writes:
Just ask the millions of Americans on fixed incomes, or those who have lost or are losing their homes or jobs and benefits what they think. Of course for all who have benefited from the lawlessness of this administration, life has never been better.

Paul from Florida writes:
Jack, We're not in a recession. Those stimulus checks from China fixed everything.


Filed under: Alan Greenspan • Economy
soundoff (254 Responses)
  1. Donald, Canton NC

    Wake up Greenspan we've been th ere for months or wouldn't you notice it on your limited income?

    June 24, 2008 at 1:42 pm |
  2. Ryan, Va

    I think when we look back on this in history we will clearly see that the recession started in 2007. 2008 will determine whether this is a full blown depression and that could depend on the impact of recent natural disasters(midwest floods, California Wildfires) and how bad the 2008 Hurricace season will be. Home prices are down 15.8% year over year, the last time we saw something like that it was called "The Great Depression".

    June 24, 2008 at 1:48 pm |
  3. Ron Kepics

    Hi Jack:

    I think Mr. Greenspan's perspective of the economy is a conservative opinion. This country is on the brink of financial collapse. The re occuring issue is there has to be a national catastrophy before anyone will admit that there is a problem.

    Ron San Diego

    June 24, 2008 at 1:52 pm |
  4. Darlene - PA

    Well, let's see – the dollar is at all time low, gas is unaffordable, travel is down, airplanes are being hangared, over 375,000 jobs lost in just six months, major businesses closing stores, people are not going out to socialize, unemployment rose higher in one month than it has in years. I would say if we are not there already, by next week we will be.

    June 24, 2008 at 1:52 pm |
  5. Robert

    We are already there and with Consumer Confidence at a new low, the housing market not at its bottom yet, interest rates getting ready to go up and with Congress failing to limit speculation in the oil market which tarnslates into more expensive "everything",..we are not simply going into a recession but doing so at the speed of sound!

    June 24, 2008 at 1:55 pm |
  6. Bev, LA, CA

    My goodness Jack. Where are these people living? Do they think we've found the "Lost Horizen"? Gas in California is an average of 4.60 a gallon and higher in some places. One woman told me she just paid $90 to fill up her gas tank because she has 6 kids and needs a bigger car. It means she and her big family eat spaghetti with no meat all week so she can get her family around. In a recession? For her, and most of us the answer is a resounding YES! This is McBush's economics that got us here and we'd better smarten up and elect Obama. While I've always supported Obama as a great potential president, even those who didn't understand that anyone would be better than McSame.

    June 24, 2008 at 1:56 pm |
  7. Michael Smith, New Orleans

    For those of us without Mr. Greenspan's resources, we are already there. For those of us whose last name isn't Bush or Cheney, we are already there. For working middle class Americans, not only is the recession here, but our President has handed us, and our children, trillions of dollars in debts to pay off.

    June 24, 2008 at 1:56 pm |
  8. Roger W. Groover, Anderson Indiana

    We're comparing different things. Mr. Greenspan judges recession by a set of complicated economic markers. I judge recession based on how fast my money leaves my wallet and how much much less I can buy with it. Too me, we've been in a recession for the past year and we're sinking faster.

    June 24, 2008 at 1:58 pm |
  9. Pablo in Arlington Texas

    Jack
    Recession? Mebbe so, but not in my back yard, which by the way is on top of the Barnett Shale natural gas reserve. In this neck of Texas the job market is actually growing rather than shrinking. On the other hand the GM Plant is closing for an extra 5 weeks cause nobody's buying full size trucks & SUV's. On this question, I reckon where you stand depends on where you live.

    Pablo
    Arlington Texas

    June 24, 2008 at 2:00 pm |
  10. John in Atlanta

    We are most certainly there. I think, given the fact that so many people have lost their homes, jobs, and fuel and food are through the roof, that we have the makings of a DEPRESSION. Even during the depression the rich got richer, Washington was out of touch, and the working class became the new poor, while the poor became poorer. When are we going to admit the fact that we are, and have been, in a recession? Surely not when the White House acknowledges it? If you recall G. Dub didn't realize that we were almost at $4 for a gallon of gas. If we're waiting for him, we'll be waiting until he leaves office. I'm not saying that it's all his fault, but, he could have shown some leadership in addressing it.

    June 24, 2008 at 2:01 pm |
  11. Nancy Indiana

    I would say we are already or at least I am in a Depression!!!! I am 68yr old widow living on SS and a very very small pension. I just rented out my house and moved into an apartment complex. Although I was forunate enough that my house was paid for but could not sell it as it needs a lot of fixing up that I can't afford right now. So I rented it to a grandson and his family who were willing to fix it up and gave them more room than the crammed in apartment they had been living in for 3 years. I have moved into an apartment that I no longer have to hire someone to clean, mow the yard, plumber, furnace man, property taxes, etc. It use to be that older people could stay in their homes that they worked hard and bought. Not anymore!!!!

    June 24, 2008 at 2:01 pm |
  12. Anne

    Let me count the ways. Gasoline prices through the roof, groceries higher every time we go to the store, the annual summer vacation trip is just wishful thinking now, and we haven't had a cost-of-living increase in our pension since 2001.

    I can't speak for the country as a whole, but I'm sure as heck in a recession.

    Anne
    Texas

    June 24, 2008 at 2:03 pm |
  13. don in naples, florida

    The only people not feeling the recession are the ceos who get all the tax breaks. Those of the working class have been feeling the full force of trickle down economics for quite a while, and have had a smaller budget because of it. Anyone who denies that we are in a recession is spinning the truth.

    June 24, 2008 at 2:03 pm |
  14. mary

    I watch the news every day and that seems to be th number one topic so theres your answer

    June 24, 2008 at 2:05 pm |
  15. Susan Cusson RN

    My God!!! Doesn't that depend on what your conditions are? I think that more people are felling the punch at the pump, in the market, the trickle down pass on increses in the form of inflation. While most salaries have not experienced the same increases there is an increase of working people who have lost their homes or apartments and are now living out of their cars. Look at the big cities for this information. A big city situation coming to your town soon. I would not call that recession, I would call that the beginning of a depression. Read the history books!!!! This time it will be oil and food that cause this. Mismanagement of our Country. OUT with Congress!!!!!! They are a bunch of Bums who live high on our $$$$$'s.
    Susan Cusson RN
    Mohave Valley, AZ

    June 24, 2008 at 2:05 pm |
  16. kim

    On the brink of
    Are you serious
    Jack, the US has been facing this recession since Dubya's second inauguration

    June 24, 2008 at 2:06 pm |
  17. Jay

    If we are only on the brink of a recession then I'm not looking forward to the time when we are "in" the recession.

    June 24, 2008 at 2:07 pm |
  18. Ron Mechanicsville, VA

    We're passed there! The sense of urgency is no existent in Washington. Yes they are pondering putting limits on the speculators of energy and SHOULD! But they won't!!! That would be the quickest and only answer to the gas problem, but they don't have the Balls,(Would loose Money)!

    The American people can't get to work! Most over the past few years moved into houses away from the cities. Now they live to far, unless they've already lost their homes. The Government isn't interest unless there are big numbers, they can't recognize a downward spiral! By the time they think we're in a recession, we'll be in a depression! ANd unless they do something about gas, that's where we're headed cause Bush Killed the Dollar!

    June 24, 2008 at 2:08 pm |
  19. Vince in New Jersey

    We are definitely in a recession all you have to do is get gas or go to the grocery store and have to choose between food or fuel. since you have to get to work to make the money fuel normally wins out. I get tired of experts that have cushy jobs and no sense of what the real world is like deciding how much we all hurt.

    June 24, 2008 at 2:10 pm |
  20. Mwita (Los Angeles, CA)

    President Bush says we are not it a recession, just an Economic Slow-Down, an I trust his judgement. He has been right on everything else so far. Well,...Perhaps I misspoke.

    June 24, 2008 at 2:10 pm |
  21. BillD

    We've been in a recession since last September or October. Even economists will tell you that you generally don't know until it's over. This one is pretty easy to spot.

    June 24, 2008 at 2:10 pm |
  22. Frank from Peterborough

    Unless all the news medias are lying and blowing everything out of proportion you are in a recession and it is quite possible only John McCain can get you out of it and into a full blown depression.

    June 24, 2008 at 2:12 pm |
  23. Mike, Syracuse NY

    Jack, based on most of the blog answers, the majority of your responders have no idea what a recession is. Prices going up is inflation, which can happen during economic growth or a recession. We probably are not technically in a recession, but lots of people are hurting nonetheless.

    June 24, 2008 at 2:13 pm |
  24. Caryn, Washington DC

    For the first time in 5 years I'm living paycheck to paycheck and I'm terrified. No offense, but I don't need Alan Greenspan to tell me that we're in a recession.

    June 24, 2008 at 2:13 pm |
  25. Raj, Toronto

    Don't worry $200 a barrel will shut down more companies as we have already seen cut backs in all industries. People don't understand that the United States is already going down the drain and there is not much we can do with policies that are contradictory to a strong prosperous nation. You guys want to open up more free trade agreements when the current ones with China, India and Mexico are already killing you. Americans cannot compete with cheap goods cause thats all they want to consume. And lets get this straight, America is a consumer nation.

    June 24, 2008 at 2:14 pm |
  26. Jeremy D (University of Texas)

    5 words Jack,

    Stagflation.... oil... stagflation.... Bush.... stagflation....

    I don't care what word you use for it, but the frankly, the economy sucks. Does that mean its officially in a "recession"? Only the ones making 4 times the median American working salary can officially answer that question and I'm not one of them, Jack.

    June 24, 2008 at 2:14 pm |
  27. Jed in Redding, CA

    Recession is in the eye of the beholder. But with the cost of everything going up - both gas and groceries are up at least 50% by my reckoning - it's just a matter of time until it's official. However, this will be a very pale, very shallow recession provided we continue to make very conscientous decisions on our consumption.

    June 24, 2008 at 2:15 pm |
  28. Susan Cusson RN

    I work as a volunteer every week at my church rectory and while there for a 2 hour period 4 different people came to the door looking not for money, but for food. What does that tell you???

    June 24, 2008 at 2:17 pm |
  29. Ron from Colorado

    As we have observed, defining a recession is very difficult and very subjective. If a person or a business is suffering, they would be inclined to say we are in a recession. If, however, a person or a business, let's say in exports, is doing well they would say we are not in a recession. And of course, the party responsible for the current economic policy will be defensive and say it is not a recession.

    So much for the obvious game of semantics. Some huge economic blunders have been made and our economy is not healthy. We all know the negative signs of 1) job losses, 2) a weak dollar, 3) the mortgage crisis, 4) huge, rising national debt, 5) etc.

    Our focus should be on how we got in this fix and what to do about it. We need leadership and results.

    June 24, 2008 at 2:18 pm |
  30. Wilson

    Yes we are in a recession, I'm just wondering when congress is
    going to raise to $25 an hour. The American Dream is shot to hell,
    why doesn't congress out source it.

    June 24, 2008 at 2:18 pm |
  31. Michelle, Baltimore

    Jack, I can't speak for anyone else but I am definitely in a recession. I lost my job 3 months ago and I was denied unemployment. My savings is almost tapped out so I pray everyday that I find another job soon or I will become another one on the foreclosure list. The one bright spot is that I am not spending as much on gas. I only leave the house to go on interviews or to go to the grocery store.

    June 24, 2008 at 2:18 pm |
  32. Paul

    Thanks Sherlock Greenspan! We would of never known!
    Paul
    Texas

    June 24, 2008 at 2:18 pm |
  33. wally Ruehmann las Vegas nv

    on the brink? we have been there ,and its getting worse, this is the bush, Chane way of getting that very last drop out of us, they knew this was coming. i can walk down to the local water hole, can they?

    June 24, 2008 at 2:19 pm |
  34. Josh (Waipahu, Hawaii)

    Jack,

    Both answers are correct. Greenspan is using the definition of a recession that requires two consecutive quarters of economic shrinkage. However, recently the more popular definition is two consecutive quarters of economic contraction (i.e., decreased growth).

    June 24, 2008 at 2:19 pm |
  35. Karl in CA

    Mr. Greenspan has a different outlook on recession, I guess. I see our current financial situation like the Titanic. We are to the point that the propellers are out of the water and the nose is sinking fast.

    June 24, 2008 at 2:20 pm |
  36. Rex in Portland, Ore.

    A recession is as a recession does, and not even Mr Greenspan's optimism serves to bolster my own personal sagging economy. Methinks Forrest Gump's observations are superior.

    June 24, 2008 at 2:20 pm |
  37. Ted Beaverton, OR

    Let's see, Alan Greenspan saying we are on the brink of a recession....I bet he got a late notice on his mortgage....Andrea forgot to mail the check.....

    June 24, 2008 at 2:20 pm |
  38. Bill,Quarryville. PA

    I think that depends on who question is directed at. If it's directed at the people who have lost jobs or struggling to put food on the table and keeping a roof over their head while pumping expensive gas, then they answer would have to be yes. But if the question is directed at the rich flying well above it all in their corporate jets and paying a less percent tax then the average working man, and the oil companies that they work for making record breaking profits every quarter, than the answer would be no.

    June 24, 2008 at 2:21 pm |
  39. Deborah from North Port, FL

    I guess Greenspan didn't get the memo.

    June 24, 2008 at 2:21 pm |
  40. Jesse Mehle

    We are already there and we have been there for a while.

    Hope Is On the Way

    Obama 08

    Jesse
    Duluth, MN

    June 24, 2008 at 2:22 pm |
  41. seah

    On the brink of recession.

    The set up of the resession was started in 2007 early on.

    with a lame duck president the dems along with obama, set the country up to having some pain.

    Blaming it all On Bush, the war and the government. (dems were the government)

    In an effort to gain more seats in the house and Senate. To insure the Presidency for the Dems

    It has worked like a charm for them. to bad the people do not realize what the big picture was and is.

    I am a Democrat and it is plain to see. Obama telling the world how bad american people have it, blaming it on bush and the war. set us right up for the oil crunch.

    if they pulled some reserve or started drilling today, would make the world take notice and the price of oil would drop. Guess they do not want to do that. The dems are such selfish people.

    June 24, 2008 at 2:22 pm |
  42. Jerry Ibrone

    The country is in a Recession – Depression pending.

    Remember, when the Government posts job losses in the 10s and 100s of thousands per month, 4-5 months in a row, they are just reporting losses, while leaving out of the figures the 150,000+ new jobs that must be created each month just to keep up with new adults entering the workforce.

    The unemployment trends we are seeing are thus woefully under-reported.

    Add to trending unemployment the highest ever numbers of home foreclosures, fuel and food prices that are taking every extra penny from citizens' pockets, and the total lack of money going into citizens' savings accounts and what you get is a citizenry living a razor's edge dance between total failure on one side and bankruptcy with some small hope for better down the road on the other side. If that ain't a Recession with Depression pending, what is?

    June 24, 2008 at 2:24 pm |
  43. Stacy from Loudoun County, VA

    Jack, I have always subscribed to the philosophy that perception is reality. Looking at high gas prices, rises in unemployment and housing foreclosures, the average American believes that we are in recession. Some fancy pants Harvard-trained economist can point to all the pie charts he wants, but when you are collecting unemployment and waiting in line for a meager food service job, that is where the truth lies.

    June 24, 2008 at 2:24 pm |
  44. Mickie in Philadelphia, PA

    We've been in a recession for quite a while (those of us who are not the "elite republicans") and if we don't stop them now we'll be a duplicate of Mexico's economy (we're almost there now) - and that is exactly what the neocons want. It will take a lot to turn it around as it is.

    June 24, 2008 at 2:26 pm |
  45. janet in oklahoma

    If you want to know whether there is a recession Jack, don't ask the folks making over 50, 000 a year, ask the ones below that, they are the ones hurting. It's easy for these economists to say it hasn't hit yet, because they don't feel it. That doesn't make it less real for the not so priveliged.

    June 24, 2008 at 2:26 pm |
  46. Rosalynd Florida

    The country is in a Recession for sure. We spend more than we invest (the governmnet and the people), our consumption is high and our imports do not gel with our exports. Now to really add insult to injury all we have to do is elect Mr. 'I know nothing about the economy and don't care about the environment' McCain and its up the dirty creek without a paddle.

    June 24, 2008 at 2:28 pm |
  47. Frank Malone

    Thankfully, the economy of the United States is not on the edge of a recession despite the lack of smart leadership from the current government' whose administartion will come to an end at the end of the year. As the daily poll numers have shown, thay were without doubt an ivcedibly bad govrnment of the country and their immenent departure from the seats of power at the hite House will be great news fo many of the citizens of North America.

    June 24, 2008 at 2:30 pm |
  48. Michael Lorton, Virginia

    Jack: We are here. Recession is when your neighbor loses his job; and let's hope we do not have a depression; depression is when we lose our jobs. We are enjoying sluggish times and not enjoying them very much. I

    June 24, 2008 at 2:31 pm |
  49. JD North Carolina

    We're already there. In the aftermath I anticipate two scenarios. If Obama wins, there'll be a sudden drop in the stock market followed by long term gains. With McCain, it'll be the opposite as businesses breathe a sigh of relief, then nothing changes.

    June 24, 2008 at 2:31 pm |
  50. Diane Glasser

    We had been on the brink of a recession since Bush stole the Presidency in 2004.In reality we have been in a recession for more than a year but no one will admit it until the new President takes office. Then watch both sides blame each other for the recession.
    Congress is the problem.
    Those in government are not really working hard to correct the problem because they are too afraid to stand up to the established status quo. plus those with power are trying to make as much money as possible before" Bush the Protectorate" leaves office .
    Diane from PA

    June 24, 2008 at 2:31 pm |
  51. kerry

    It'd been a recession so long now Jack, we don't have anything to compare it to to know what it is...Of course, Bush said it's a slow down and his comment several months ago to a reproter who asked him about $4.00 a gallon gas in the enar future, "$4.00 a gallon huh? I never heard that." says it all...

    He has no clue!

    June 24, 2008 at 2:32 pm |
  52. Chris, MN

    It doesn't take Alan Greenspan to say the word "recession" for the American people to know we are in an economic decline. Then we say "Oh, Alan Greenspan is such a genius because he recognizes we are in a recession." I cant wait for the day that Alan Greenspan resurrects from his cave to tell George W. Bush "look, here is how we can prevent a recession". Only then can I see him as the economic genius that the media portrays him to be.

    June 24, 2008 at 2:32 pm |
  53. Greg ...Cabot AR

    The difference between a recession and a depression is:

    In a RECESSION, some people are loosing their jobs, their homes, their credit cards and having a tough time meeting their basic needs of survival.

    In a DEPRESSION, I am loosing MY job, MY home, MY credit cards and having a tough time surviving.

    Alan Greenspan doesn't have to worry about his day to day needs like the rest of us and until he does, he can't give a realistic, fair assesment about the economic problems the rest of us little folks face.

    June 24, 2008 at 2:33 pm |
  54. CJ in Atlanta, GA

    Already there. What more proof do we need? People are choosing to eat or put gas in their cars. We're one hurricane or war away from forcing American commuters to stay home. That is too close for comfort and sounds like a recession to me.

    June 24, 2008 at 2:33 pm |
  55. Tearched Scott Chicago, IL

    Jack, Jack, Jack. We have been in a recession for a long time. Its just that many so-called middle class people are starting to feel the pinch. There have been many communities around the United States that are there and have been there. They just don't get reported on as often as others. Now that more americans are feeling the stress of losing jobs and houses more people want to do something about it. Its like the old saying goes 'People don't take notice, until it starts happening to them."

    June 24, 2008 at 2:33 pm |
  56. George Carlin McxKinney, Texas

    Jack let me put it this way. America has one foot in recession and another one on a banana peel. One false move and a recession becomes reality.
    This is what I like to call the Humpty Dumpty factor. At this juncture there is nothing we can do. Not all the Kings horses nor all the Kings men can put this country back together again. It has taken over 200 years for a collective group of bad politicians to get us into the jam we find ourselves in today. We can not afford to think those same politicians can get us out of it. There are no easy answers nor are their honest ones coming from politicians so don't hold your breath waiting on them to save the economy. It isn't going to happen. Something each politician needs to realize is that they are the craftsmen and women that drafted the policies to bring us to this point. When they start pointing fingers at each other as to whom to blame they should be looking into a mirror. We have elected the enemy, ( self-serving politicians) to the highest levels of office in our own country. We got exactly what we voted for.

    June 24, 2008 at 2:34 pm |
  57. Bruce St Paul MN

    Maybe we have not fit the statistical model for a recession yet, but all the people who have lost their homes, their jobs, their savings, seen their standard of living decline over the last eight years don't really care what you call it. We are not worried about a decline in our dividend income, we are worried about paying our bills this month. John Edwards is right about the two America's. Life has not been too rosy in one of them.

    June 24, 2008 at 2:34 pm |
  58. sarah, indiana

    goodness, jack, some people sure do whine dont they? we are a single income family pf four. we are careful of what we spend our money for and lives within our means. yes gas prices are high and food prices are awful, but we manage our money and we dont spend a lot on extras. really we dont need a big screen tv, a brand new car, a media room, or an expensive vacation, so we dont go buy these things with money we dont have. recession? not here; inflation? no problem, live simply, but live out loud.

    June 24, 2008 at 2:34 pm |
  59. jennifer from Cape Cod

    There ! But they won't announce we are "there" now until it's over in 2009...so we'll have to wait to find out THEN that we were There NOW
    Jenn Cape Cod 🙂

    June 24, 2008 at 2:34 pm |
  60. Judie

    Jack,

    That depends on Greenspans definition of brink.
    For some it's a recession, for some it's a depression, for some it's business as usual. I guess it depends on what catagory you are in. It seems obvious what catagory Mr. Greenspan resides in.

    Judie
    St. Augustine, Fl

    June 24, 2008 at 2:35 pm |
  61. Larry, Ohio

    Jack,those of us who lived through the Carter years know what a recession is!This is not even close!These days we can't afford our wants,back then we couldn"t even afford our needs!

    June 24, 2008 at 2:36 pm |
  62. Cliff Dick

    I guess we are on the brink. You’re the Economist turned Political activist, and probably know what the definition or criteria to determine if we are in a recession, although those with a political bias probably have their own criteria.

    June 24, 2008 at 2:36 pm |
  63. Guy Ayel

    Sitting, talking and doing nothing...
    That's what our administration, congress and senate has been doing for months if not years
    Where are the proposals for an alternative energy program (hydraulic, corn and suar cane, nuclear, solar & wind and by the way oil too.
    Just show us the real stuff not the excuses of traders (who by the have reduced the price of oil! or croonies who defends oil executives
    True that GWB was not aware ofhte potenitla crisi a few months ago!!
    Stop the crap on futile subjects when airlines/automotives are downsizing and more consumers struggling to work and live decently
    Jack, continue the pressure!! good job even if we may disagree
    Guy

    June 24, 2008 at 2:38 pm |
  64. Nancy in Florida

    If it wasn't so sad (the state of the economy), I would be laughing at Greenspan's comment. We have to remember that Alan Greenspan's easy money policies at the Fed contributed heavily to the current banking crisis. Despite what Mr. Greenspan wants us to believe, this country entered into a recession last fall and it will continue to deepen.

    June 24, 2008 at 2:39 pm |
  65. Shirley-Ohio

    Jack, for the rich we are not in a recession, for the middle class we are on the brink of a recession and for the poor, we are in a recession.

    June 24, 2008 at 2:40 pm |
  66. Jonathan Rix, Valpariaso Indiana

    Jack,
    I think that Alan Greenspan’s remark is a no brainer. It is like Al Gore endorsing Obama; who really cares?? I always believed that if you state the obvious you will never be wrong. There is a recession, and even if we do not say it we are in one and everyone I know including me are feeling the effects of a crappy economy and low employment opportunity layered with rising food and gasoline costs.

    June 24, 2008 at 2:42 pm |
  67. Marilyn from Louisiana

    I believe we are there. With the high cost of gas; food; electric and gas bills; people being laid off from their jobs; people facing foreclosure. The president; vice president; senate and congress are all living in another world than I am. DEPRESSION, I am very depress and I want someone to show all of us how to get out of this, "MESS". Our government does not really care what happens to us. If they did, something would happen immediately for the American people. Every week when I go to the store, I am buying less and paying more.

    June 24, 2008 at 2:42 pm |
  68. Ed, Bay Area

    When your VISA is paying for your MASTERCARD, you know that you are in big trouble. When you're neighbor lose his or her job, that is recession; when you lose your job, that's depression.

    June 24, 2008 at 2:44 pm |
  69. Rod from Chicago

    The American people have been sleep at the switch as far back as the early eighty and have no one to blame but themselves for the mess that we are currently in. The American elite corporations’ with the backing of the Republican party decided to expand their greed by moving their operation to less develop Countries for cheaper labor and their first victim being Japan. After Japan wages went up, they packed their bags and moved on to other Countries like China and India without caring about the consequences behind their actions.

    Thus as a result of their actions the American economy has suffered. After finding their new found wealth from the American corporations they have seen their demand for oil rise and American oil cost shot through the roof. Warren Buffet stated on a business trip coming back from China “that he’s in the business of making money and not in the business of making American stronger”. So when you elect the next Republican in office please don’t cry about the state of the economy because it would be your own fault.

    June 24, 2008 at 2:46 pm |
  70. mark, Temple TX

    Thanks to the Bush/McCain team, we are not only in recession, but the country is bankrupt. Thanks to the phony invasion of Iraq and the $2Billion a week, we are now in the worst economic shape in history. We continue to spend the money rebuilding Iraq when we have the same problems in the US that continue to deteriorate and go unfixed. Iraq continues to make oil money, yet we keep pouring hard earned US bucks into the black hole

    June 24, 2008 at 2:47 pm |
  71. Terry, Chandler AZ

    Greenspan saying that we are on the brink of a recession is the same thing as him saying that he is on the brink of old age.

    June 24, 2008 at 2:47 pm |
  72. 40+ In Suitland, MD

    Recession!? How about depression. What planet do these people live on? Certainly not this one. Don't they watch CNN? (Twighlight Zone music playing)

    June 24, 2008 at 2:48 pm |
  73. Nora Corpus Christi Texas

    People are having to choose between food,electricity and buying gas to go to work. Having said that I think we are in a recession. Gas prices dictate how people are conducting their daily activities, including some of the very simple things we do on a day to day basis. I don't know what else you would call it.

    June 24, 2008 at 2:50 pm |
  74. Samuel, West Virginia

    Thanks to George W. Bush and the republican party yes we are in a recession.

    June 24, 2008 at 2:50 pm |
  75. Scott - Dallas, TX

    This country isn't quite in a recession yet, but it's looming. What's more we are currently steaming down the tracks towards a depression if things continue to play out like they have been.

    Storm clouds on the horizon folks; time to get ready.

    June 24, 2008 at 2:51 pm |
  76. Mark, Oklahoma City

    If Alan Greenspan had to live on MY salary, he'd know we are in a recession RIGHT NOW....and sinking fast!

    June 24, 2008 at 2:51 pm |
  77. C. Farrell, Houston, Tx

    The next time I see a "Brink"s armor truck it makes me wonder how can we be in a recession if they are still in business.

    June 24, 2008 at 2:52 pm |
  78. Steve , Idaho

    Depends on who you ask Jack. If you ask the top 1% of the country that benefited from the Bush economic tax scam, then you would say there is no recession. But if you are the rest of 99% of the country who are turning even more grumpy then you from all the high prices. then I would say, we have been in a recession for about six months now.

    June 24, 2008 at 2:52 pm |
  79. Jim Cape Coral, FL

    Jack,
    Recession? Hell, try depression. The Great Depression was recognized when 25% of American's were out of work. Do the math Jack, we passed recession a long time ago. Now we're on the fast track to George Bush's final legacy.

    June 24, 2008 at 2:52 pm |
  80. Rick PA

    Recession, maybe for the market bulls on Wall Street. On main street it's called the Bush depression. Or does the economy still have the hiccups?

    June 24, 2008 at 2:53 pm |
  81. Fred wisdom, Bellevue, NE

    Jack,

    On the Brink no we are in a recession right now. Sure you can go by the official definition of consequtive quarters, but i sya ask the man and woman on the street, ask the home owners not the home builders, ask the people who are tired of just making or not making it day to day. On the Brink, Nope we are there, if only we could ask for rain and it wash away the stink of the last 8 years.

    P.S. Dont ask John McCain he might give you the context instead of a straight answer

    June 24, 2008 at 2:53 pm |
  82. James Florida

    Jack,
    We can't be in a recession, those stimulus checks from China fixed everything. Or are we just not talking about that complete failure?

    June 24, 2008 at 2:55 pm |
  83. Mary - California

    Jack-who is really qualified to say that this country is in a recession?
    We are seeing a struggling economy and situations that have taken place in our lifetime that we have not seen before. We have critical issues that effect the economy that are not getting resolved which drags the economy down further....so how much further are we going to go?

    June 24, 2008 at 2:56 pm |
  84. Chemist - Miami

    We are wayyyy past the brink of a recession. It looks more like the start of a depression. Soon, as fuel prices rise past the $5.85 / $7.00 per gallon and unemployment continues to increase past the 5% (current) level, we are going to see some very drastic changes in our standard of living. For example, I've had to remove the catalytics out of the car engine, just to be able to run on 'regular'. By the way, 65% of the fuel being sold as premium is actually regular unleaded. Unless you carry a chemistry lab to the gas station, and test the fuel on the spot, you'll be surprised what is being sold as premium and middle grade; plus the contaminants. We are getting nailed from all sides !!! Check your six, watch your twelve... !!!!

    June 24, 2008 at 2:57 pm |
  85. Mike from NYC

    Maybe for some of us the recession is already here, but don't worry Jack. Worse comes to worse you still have that pretty face.

    June 24, 2008 at 2:58 pm |
  86. Eugene in California

    Jack, I'm afraid that we're closer, to something much worse than a recession. After 30 plus years, of outsourcing millions of American jobs and ignoring unfair trade policies, we could be looking at a depression.

    June 24, 2008 at 2:58 pm |
  87. C. Farrell, Houston, Tx

    Every time I see a "Brink"(s) armor truck it makes me wonder how we can be in a recession if they are still in business.

    June 24, 2008 at 2:59 pm |
  88. Terry from North Carolina

    Jack
    Gas prices out of sight, food prices higher than ever, housing market in a downward trend, unemployment getting to be real serious, What have you and the rest of the CNN staff called this for the last six months ?

    June 24, 2008 at 3:01 pm |
  89. Kim, Dodge City, Kansas

    ALL Fed Chairmen, past and present, are cowards when it comes to the "D" (depression) word. To them, a recession is all they'll admit to because it implies that they can magically, with their awesome powers of intellect and wisdom, come to our rescue and thereby save us from ourselves. These guys will never be poor, and we need to remember that when they grace us with their opinions, be they retired or not.

    June 24, 2008 at 3:02 pm |
  90. IFEANYI AZUBIKE Houston, Texas

    If the current price of gas and grocery and the increasing difficulty of families to balance income and expenditure are not classical signs of depression then I just returned from Mars. I guess the problem is that the situation does not yet meet the text book criteria or that like McCain he is relying on dictionaries published in the BC era for information. Well, tell them that this is the 21st Century and that the country is already deep in depression, and if I may add, they need to update theri information.

    June 24, 2008 at 3:04 pm |
  91. Carol

    Alan Greenspan is right on... we are on and in a recession and most of us are depressed. But remember he didn't put us here. I trust his experience. I watched him faithfully all thru the Clinton years. We did great those years.

    Carol

    June 24, 2008 at 3:05 pm |
  92. PC

    Bush said he didn't know gas was over $4 a gallon and McCain said he didn't have any experience in dealing with the economic issues. They both said they didn't believe we are in a recession. Should I take their word over someone who has had his hand on the pulse of the country's economic health for years? Jack, I believe I'll go with Greenspan.

    PC
    Atlanta

    June 24, 2008 at 3:05 pm |
  93. Geri Britt

    For those people who earn six figures and above this current econmic downturn may be seen as simply an inconvenience. I still see them driving their SUV V8's and Hummer's as if somehow they deserve to use more gasoline or diesel than the rest of us. Does this fall under the belief in specialness which causes man's greatest difficulties? Perhaps. For those who earn under six figures? Yes! We are in a recession.

    Ask the trucking industry. The economic downturn began two years ago for them. But economists and their spouting of economic truths have always been two years behind the curve. Or do we call it the tipping point now? If so, then there is a good case that state's: Alot of people out here are about to tip over.

    Geri Britt – Mead, OK

    June 24, 2008 at 3:06 pm |
  94. Betty - AL

    People who still have high-paying jobs will never feel it is a recession the way unemployed, uninsured folks do.

    Yep – most of this country is and has been in a recession for a long time.

    No Food without sacrificing something else ??

    Thanks

    June 24, 2008 at 3:06 pm |
  95. Frank Ontario

    Well Jack unless your news medias are blowing everything out of proportion you definitely are on the brink of recession but not on the brink of going in to a recession but rather on the brink of going from a recession into a depression. If voters, in November, decide to continue on the same path for the next 4 years this will likely push you over the brink into the drink!!!

    June 24, 2008 at 3:06 pm |
  96. Joe in DE

    W are aleady in a recession. Th over-all economy numbers are warpred by profits US Corporations aqrereaping from ovrseas operations.

    June 24, 2008 at 3:06 pm |
  97. Mark, Nashville

    Jack. we already are in a recession. In some parts of the country the issue of recession is nothing new. States like Michigan and Ohio been in a recession years.

    June 24, 2008 at 3:07 pm |
  98. Jenny

    Jack,
    I would never question an expert such as Mr Greenspan but with people losing their homes, gas 4.00 a gallon and higher, groceries out of sight ,businesses closing and umemployment growing. If we are not in a recession, we are mighty close. Listen closely and you can hear people singing "Brother can you spare a dime."

    Jenny Rome GA

    June 24, 2008 at 3:07 pm |
  99. Vinnie Vino

    Jack,
    Where has Alan Greenspan been living after his retirement on Mars, under a rock. The U.S. economy is on verage of a period of inflation combined with stagnation (that is, slow economic growth and rising unemployment), generally including a recession. Welcome home Mr. Greenspan...

    C.I., New York

    June 24, 2008 at 3:07 pm |
  100. T (Fort Worth)

    My family is in a depression. I don't know about the rest of the families. My boat has sunk and no one is trying to give me a break on prices

    June 24, 2008 at 3:09 pm |
  101. josh j. Athens GA

    Well Jack, we are talking now about re-regulating speculators in housing and energy (danged old "Enron loophole"; come on everybody let's give a hand to McCain's guys Graham and Black).

    Generally we reel in speculation and buying on the margin when we are in a recession or depression. However the word-smith's and number crunchers want to define it, I can barely buy milk. Grandma says that sounds familiar.

    June 24, 2008 at 3:09 pm |
  102. Snapper • New Castle, IN

    Greenspan is right, but when will people get that this recession will be short lived if we get out of Iraq. It would be an issue if we had stayed out of Iraq in the first place. Sixteen times we have been in recession every single one of those times there has been either a war or a major conflict where this country was involved and people in this country were worried. The economy was affected and we went into recession! My point get out of Iraq, try some diplomacy for a change and we will watch this economy rebound!

    June 24, 2008 at 3:10 pm |
  103. PT Voorhees, NJ

    Jack, I think it is so funny how these so called experts say we are not in a recession as it is defined. Who in the hell is writing the definition. Over 1 million Americans are in foreclosure, the unemployment rate made a quantem leap the month of May, there are no new jobs being created and they are questioning whether we're in a recession. Oh wait a minute, I forgot....Exxon is doing just fine.

    June 24, 2008 at 3:10 pm |
  104. RJ from Pennsylvania

    Let's see, I think were in a recession. Of course were in a reciession! If we were on the brink, then we wouldnt be 9 trillion dollars in debt, and gas prices wouldnt be $4 a gallon.

    June 24, 2008 at 3:11 pm |
  105. Paul Florida

    Jack,
    We're not in a recession. Those stimulus checks from China fixed everything. Or are we just not talking about the complete failure that was.

    June 24, 2008 at 3:12 pm |
  106. J.R., Arkansas

    Kinda depends on which end of the hole you're looking from Jack. If you're on the platform looking down an oil well, probably not. If you're at Exxon filling up the Suburban, oh baby.

    June 24, 2008 at 3:13 pm |
  107. Linda in Virginia

    We started tne new year in a recession Jack, it isn't going away any too soon either, we have far too many problems. This one will be with us thru next year and possibly beyond. It's a new day and we better understand that, we are in a cycle that we have never experienced. I'd say it's more than a recession, it's much deeper.

    June 24, 2008 at 3:14 pm |
  108. Scott - Wichita, Kansas

    I don't see this recession everyone talks about. Gas is 3.75 and dropping here. Cost of living is at an all-time low, and my industry can't hire enough people to meet demand. Tell them to move out here, Jack, we need the manpower!

    June 24, 2008 at 3:15 pm |
  109. Susan

    On an average, middle-class salary, I would say we're already in a recession.
    It's bad when you're paying nearly as much for a gallon of milk as a gallon of gas.
    I just did a rather large grocery shopping trip and realized that the order that cost me nearly $300 would only have cost around $175-$200 a year ago.
    Something has to give.

    June 24, 2008 at 3:16 pm |
  110. Prince of New Orleans

    Of course we're in a recession. The Republicans are masters of diversion. Americans know that we've been in a recession for quite some time now. I understand that a president doesn't want to add to the problem by admitting that we are in a recession, but George Bush has been diverting us from the truth on a vast number of issues for almost eight years now!

    June 24, 2008 at 3:16 pm |
  111. Tom from Boston, Mass.

    Are we in a recession? Hmm, let's see. The dollar is at all time low, consumer confidence is at a new low, home prices have dropped 15.8% year over year, gas is at a record high, food prices are skyrocketing, unemployment rose higher in one month than it has in years, the national debt has never been higher, and interest rates are poised to go up, too.

    This reminds me of the famous quote by Alfred A. Knopf: "In all recorded history there has not been one economist who has had to worry about where the next meal would come from. "

    June 24, 2008 at 3:17 pm |
  112. Ralph in New York

    Jack, we are on the brink of recession and cannot go backwards. High prices for food and fuel, problems with mortgages, our dependence on employment overseas robbing so many citizens of their jobs - Why don't you call it like it is?

    June 24, 2008 at 3:18 pm |
  113. Chryssa

    Jack, it's not a recession when it mainly affects people who've made poor decisions. Those of us who avoided credit cards and ARMs and kept a decent savings account are doing fine. Yeah, prices have gone up. That means we ride our bikes more and eat out less. But we're not in dire straights by any means.

    Boise, ID

    June 24, 2008 at 3:20 pm |
  114. Casey

    Jack...

    We are selling a house at half what is was worth just 6 months ago. Gas in Ventura, Ca. in 2001 could be easily found at $.99 a gallon; today, I paid $4.69. Food costs are double what they were a couple of years ago. I'm self-employed, having lost my high-paying job not long after 9/11. Thank god I telecommute now!

    I don't think it's a recession - we're moving to a location and planning for another depression. We'll be growing our own food, hunting our own meat, and using horses and alternate energy sources in a location that is far from California.

    Thanks, Dubbya.

    June 24, 2008 at 3:20 pm |
  115. Wendy. San Rafael, CA

    We have been in a DEPRESSION for a long time. Only those with money are not really touched by it.

    When a woman in Vermont is burning antique furniture belonging to her grandparents to keep warm, then regardless of what you want to call it, this is a depression. It is wide and deep and the MSM refuses to dig into this. We still see the stupid news about the lives of celebrities as though that is going to put food on the table.

    Too many people in this country are going without food and shelter and the media refuses to reflect this shame.

    Wake up CNN!

    June 24, 2008 at 3:22 pm |
  116. mitch martin arkansaw

    i'm not sure,jack.i'm afraid to go out and see for myself,for fear of dropping a hundred bucks on gas fumes,[that i can't keep],and watching the cash go to some big oil company,who wants to keep republicans in office, who are driving the nation into poverty.i'll just have to trust you on this one.i'm not going out there.

    June 24, 2008 at 3:22 pm |
  117. Annie, Atlanta

    Just ask the millions of Americans on fixed incomes, or those who have lost or are losing their homes and/or jobs and benefits what they think. Of course for all who have benefited from the lawlessness of this administration, life has never been better.

    June 24, 2008 at 3:22 pm |
  118. Darren S.

    Did we ever come out of the last Bush recession or is this his next in a long line of faulures?

    June 24, 2008 at 3:23 pm |
  119. Jack Colson

    We are in a recession and have been for a couple of months – further more we are a bankrupt nation that is 9.3 Trillion Dollars in debt.
    The Looters have taken over Jack.
    The Congress talks, and talks, and talks more, and talks alot more and does nothing substantial for the American people. We don't want a handout, we want a fair playing field. It appears we need to get rid of 90% of Congress to move forward as a moral nation.
    Furthermore, we need a Teddy Roosevelt to handle the miscreants.
    Jack C
    Oregon

    June 24, 2008 at 3:24 pm |
  120. John in San Diego

    Jack, that's like telling a limp body underwater that he's on the brink of drowning.

    June 24, 2008 at 3:26 pm |
  121. Keith from Irving Texas

    It depends on who you ask, Jack. For many Americans, we've been in a recession for the past 12 months. For the rest of us, we'll begin to feel it personally, sooner than later. It's bad, jack. It's really bad.

    June 24, 2008 at 3:26 pm |
  122. Cathy in MD

    If a recession means that money's tight and there's no end in sight, then I'm there.

    June 24, 2008 at 3:27 pm |
  123. JW Georgia

    I think that after years of exporting manufacturing jobs, years of avoiding an energy policy, years of deficit spending, and years of neglected American infrastructure, the coming economic times are going to be very challenging for a couple of generations or perhaps longer. The longer we avoid making vital choices, electing wise leaders, and investing in the long term, the colder those ill economic winds are going to blow. The lessons of Hoover and of the great depression seem now forgotten, and new generations may be sentenced to repeat them.

    June 24, 2008 at 3:29 pm |
  124. bob, oshawa, canada

    Jack, I think we are already there. Anytime the price of gas can rise consistently for such a long period of time and the free market forces cannot seem to halt its escalation under normal supply and demand forces, it is an indication something is wrong with the economy. Even when the Saudis said they would increase oil supply and the president suggested more drilling for oil, the prices still continued to rise. This situation would suggest that speculators have taken over the energy sector of the commodities market in an adverse manner and it is now necessary for the federal government to pull some levers to restore a modicum of normalcy.

    June 24, 2008 at 3:29 pm |
  125. Shane in Boston

    Lets see – we have a President in absolute denial, we have a Fed Chief that can't utter the word without a wave of passing nausea and a public that is suffering immensely due to the deprevation of any shred of intelliegence from either of these two "leaders". Do I believe the last Fed Chief when he says we are close to a recession? Please Jack, give me one good reason why I shouldn't.

    June 24, 2008 at 3:29 pm |
  126. Kristen- Philadelphia, PA

    Jack our economy might be in a recession now or maybe we will get there by next week, I dunno...all I know if whenever it comes or whether it is already here, I will not be participating and opt to sit this one out. I advise the rest of Americans to do the same.

    Spend less, save more...how? By staying home, we need to work on our families anyway if we still have them to work on.

    June 24, 2008 at 3:31 pm |
  127. Paul, Columbia, SC

    The free fall is about to begin. The greedy corporate predators in the ivory towers have taken control. The gatekeepers have gotten fat and lazy and squabble among themselves. The only cure for this economic disease is major political surgery at the top and bitter medicine for us all.

    June 24, 2008 at 3:31 pm |
  128. Bulldog

    The Wall Street and Big Money definition of recession is for the the macro economy and claims we are not yet in a recession. However, for the micro economy most middle income and lower people are in a recession and have been for months now. They are struggling beyond the comprehension of those big money and wall street elitests who like to claim the U.S. isn't in a recession. The fact is most people who make less than $100,000 are in a "recession" while those who make $200,000 or more aren't feeling it as much. People with big money don't give a crap because they are set for life regardless of what is happening in the rest of the world. So I guess the answer depends who you ask and what their financial status is.

    June 24, 2008 at 3:31 pm |
  129. David; RTP, NC

    Jack,

    In my honest opinion the downturn began a year ago last July. So it depends on what your definition of a recession is. If it's 2 successive quarters of decline, then we've been there officially since January 2008 – and that feels about right doesn't it?

    As regards Greenspan, well, he's still probably in politically correct mode as a sycophant to an administration that refuses to utter the "R" word. American's don't need a Ph.D. in Economics from Wharton or anyplace else to know the 1,2,3 punch of credit tightening, inflation, and rising energy prices in the face of little growth in income can only spell recession.

    So while Americans try to scrimp and make ends meet, the politicians continue to debate what is reality. And Jack, that schism really speaks to discontent in America today. What we really need to do is stop debating if we are in a recession, and start working to find a resolution to ease the pain as quickly as possible.

    June 24, 2008 at 3:32 pm |
  130. Paulette Dallas,PA

    We are already there. Gas is outrageous,food prices are sky rocketing,healthcare premiums are increasing, and people are not spending. The middle class is becoming very bitter. All they do is work to pay bills they can't keep up with. I have never seen this country in such terrible shape.

    June 24, 2008 at 3:33 pm |
  131. Big Jeff, Los Angeles

    Recession? Isn't this just an "economic downturn", a "rough patch, a "sideways waffle", "slow economic growth", or better yet "fically chanllenged times"?

    To quote the late great George Carlin:

    You can't be afraid of words that speak the truth. I don't like words that hide the truth. I don't like words that conceal reality. I don't like euphemisms or euphemistic language. And American english is loaded with euphemisms. Because Americans have a lot of trouble dealing with reality. Americans have trouble facing the truth, so they invent a kind of a soft language to protect themselves from it. And it gets worse with every generation. For some reason it just keeps getting worse.

    June 24, 2008 at 3:33 pm |
  132. Jack C

    NO, we are not in a recession – how could that be when we have a 9.4 Trillion Dollar debt.
    What a dumb question Jack. We have been in trouble for 30 yrs now.
    Jack C
    Wisconsin

    June 24, 2008 at 3:34 pm |
  133. vern - anaheim ca

    jack,i think we are in a recession for the poor and middle class people of this country,of course it doesn't affect the wealthy,they have the president and the republican party looking after them.everything is increasing in price,did it do that in the clinton years,i think not.i predicted this would happen if you know who was elected and was i ever right.when republicans are in power most of the country suffers so i am not supprised that we are in another recession.go obama in 2008

    June 24, 2008 at 3:37 pm |
  134. Bill in Albuquerque

    I think we're on the brink but not quite there. Of course, we can quibble all day about the exact definition, but I don't get the feeling that things are sinking fast. On the contrary, maybe that stimulus package really will help keep the economy from plunging into a "true" recession.

    June 24, 2008 at 3:39 pm |
  135. Mary CT

    We are on the brink....Obama's tax increases (increased capital gains tax, taxes to cover health care for guest workers, etc) will be what throws us into a full blown recession.

    June 24, 2008 at 3:39 pm |
  136. Don Bezler

    Jack,We are not in a recession this is the Bush ECONOMY the rich
    get richer & the poor poorer just the way Bush & most
    Republicans want it.

    June 24, 2008 at 3:39 pm |
  137. Darr/Cleveland/Ohio

    We are already there yet no one who makes over $65,000.00 a year seems to think that way. The increase costs in gasoline and food may affect marginally those who make $65,000 and over bracket, but hardest hit are those under that $65,000.00 income level.

    June 24, 2008 at 3:40 pm |
  138. Ray Kinserlow

    Let me ask you a question. How do economists define when we are actually in a recession? If we are not already in one, maybe the definition needs to be changed.

    Ray Kinserlow
    Lubbock, Texas

    June 24, 2008 at 3:41 pm |
  139. Len Albuq New Mexico

    Greenspan is an idiot! He is largely responsible for this sub prime mess and the economy. Who gives a crap what he thinks!

    June 24, 2008 at 3:41 pm |
  140. V. from Chester Virginia

    Jack, Gas is at $4.00, (Diesel at $5.00+), all Bread and Butter items are up 50%+, the dollar's going down, and industries like airline and others are going down. So, in Alan Greenspan's world, the world of the top 10% of America, we're not in a recession, but for the other 90% of America, we've already past the point of a recession.

    June 24, 2008 at 3:42 pm |
  141. Dave of Oregon

    I have always respected Alan Greenspan for his economic positions. Keeping oil at or near these record levels will ensure a recession but one with high inflation attached. Personally, as Greenspan had said we had gone to Iraq for oil, then he is probably correct, despite what Bush and the White House will say. So far so good for me but others do suffer!

    June 24, 2008 at 3:42 pm |
  142. Jack Colson

    We are absolutely in a recession and have been for a few months.
    Wall Street needs to be controlled and very soon or they will destroy USA totally. We need a good White House ADM – but see no one that is American People First minded to do that either.
    It's amazing as I see ads for the Nascar, the Baseball, the Drag Racing, Immoral Movies, the Sports in general feeding off the good people of America. Those large purses and pay are extracted from the decent people. The STARS are the bums in America – needless to say they are not stars but in many cases are steroid, drug taking criminals.
    The good teachers, fireman, policeman, and true public servants are ignored....what a crazy USA we live in now.
    Jack C
    Oregon

    June 24, 2008 at 3:43 pm |
  143. Don--Ocala, FL

    Technically we are not in recession by definition, but tell that to all that do not have the millions like McCain, Bush or Clinton who are clueless of how Americans are hurting. How easy for Cindy McCain to be proud of her country when she has never had to face descrimination, poverty or worry about if someone will take her home! Sorry Cindy your words ring hollow and recession is not part of the McCain vocabulary.

    June 24, 2008 at 3:43 pm |
  144. Bill Beil

    Hell yes we are in a recession. We have been since dumb and dumber have been in the white house. Bill in North Carolina

    June 24, 2008 at 3:45 pm |
  145. Pete Denzer

    Recession, hell! Jack, we're on the brink of a depression, given the current state of affairs. It's a perfect storm of bad banking practices, the increase of food costs due to fuel prices and record flooding and droughts in our main agricultural areas, and the highest unemployment rates in thirty years. Whichever candidate winds up in the White House will inherit the Bush legacy, and will have to create his own, something along the line of FDR's "New Deal."

    June 24, 2008 at 3:46 pm |
  146. Ray from West Chester, PA

    Why are we still giving Greenspan such attention / credbility?
    If he had such great insights about the economy how did he manage to get us into some of these messes in the first place?

    June 24, 2008 at 3:47 pm |
  147. Jennifer in Tupelo, MS

    Jack, we’re not on the brink of recession; this is a real depression and the government is really doing nothing to reverse it. With stores selling virtually nothing that is made in our own country, and with thousands of illegal immigrants crossing our boarders, it doesn’t matter how many tax cuts we get–they don”t even boost the economy an inch. And with rising gas prices, millions of Americans are losing their jobs and will soon be unable to buy food…from the grocery stores stocked with food grown overseas, of course…

    June 24, 2008 at 3:48 pm |
  148. Mississippi Bob

    Jack,

    In the 70s one middle class job could support an entire family. We have been going downhill since then. Wives starting to work picked up the slack for a while. And I am glad women finally were able to get better jobs finally. But then even 2 jobs werent enough to maintain a family. Now it takes 3 jobs.

    Our country has not been in a recession all these years because recession just means total production in the US is down. But for families, we have been worse off every year since the 1970s.

    Where has all the money gone? to the rich guys, not the middle class.

    June 24, 2008 at 3:49 pm |
  149. JC from Georgetown, Texas

    He is the same man that dropped the interest rate to an all time low and then said that this was the wrong thing to do because the value of the dollar would go down again. He is also the same man that made a bunch of money on a book and said that the war in Iraq was all about oil. It seems to me that these financial gurus are a joke so why should anyone listen to them. Politicians are just that, a fly in the oinment that really have no power to help, just harm others on the way to the bank.

    June 24, 2008 at 3:49 pm |
  150. MIKE ADKINS

    "it's a recession when your neighbor loses his job..it's a depression when you lose yours."
    harry s truman.

    right now i'm in a depression, ask me again next month!

    June 24, 2008 at 3:49 pm |
  151. seeker561

    The impact of higher oil prices has barely begun to resonate through the economy. We have seen our grocery bills increase by 20 – 30 percent. Chemical companies here in Houston recently predicted price increases of 25%. This means everything you buy in the grocery store that you can't eat is going to go up. Increasing food and energy costs eat up what little discretionary income we have left. Recreational industries and the retail outlets that support them are going to take a huge hit this summer.

    The recession started three months ago and will continue to pick up speed at least through the Christmas buying season.

    June 24, 2008 at 3:50 pm |
  152. Julia Hays from Pitman, NJ

    If we aren't already in a recession than I'm pretty worried, because things will be getting even worse before we know it. But the American voters re-elected Bush, so they should have known what they were asking for. Let this be a lesson for future elections.

    -Julia Hays from Pitman, NJ

    June 24, 2008 at 3:50 pm |
  153. Mary Johnson

    What planet is Alan Greenspan (and you) living on, Jack; to ask such a question. Even though it is rhetorical.... OF COURSE we are in a Recession. and have been here in FL for over 6 mos. Actually, Sarasota, FL and parts of the Gulf Coast are in a DEPRESSION.... I work for the County and we have had lay-offs going on for over a year.
    sheesh.... Mary from Sarasota, FL

    June 24, 2008 at 3:50 pm |
  154. Edgar, Texas

    Greenspan's right on. If you think we're at a recession right now...give it a minute.

    June 24, 2008 at 3:51 pm |
  155. Robert W. Brooks

    Jack,

    The sad thing is that no one in Washington, D.C. knows we are already in a recession!

    Robert
    Forest, VA

    June 24, 2008 at 3:53 pm |
  156. Chuck in MO

    We're in a recession, but I fear we're on the brink of a depression.
    And yes, it's really gonna get ugly out there.

    June 24, 2008 at 3:55 pm |
  157. Mark from Yuba City, CA

    If all one does is complain about gas prices and home prices-we're on the cusp of a recession. If you lost your job-it's a recession. Lost your home? Depression.

    June 24, 2008 at 3:56 pm |
  158. Sophia

    Jack,

    Greenspahn reminds me of the TV weatherman who says there is a sixty percent chance of rain when it is pouring outside.

    Sophia
    Louisville, Ky

    June 24, 2008 at 4:03 pm |
  159. Mary

    Jack:

    Recession? Really Jack? How about the recession we've been in for 8 months? And now with flooding adding to already rising food prices because of fuel, we are looking at a full-blown depression. It has already hit our family. My husband was laid off last week. Our family will be lucky to keep a roof over our heads during the upcoming months.

    Mary
    Lincoln, NE

    June 24, 2008 at 4:04 pm |
  160. JA

    Both my husband and I work full time(like most families) and end up each week with about $20 left over. If we are not in the recession yet, then God help us when we are. I have no idea how single parents do it with kids. I pray things turn around soon.

    June 24, 2008 at 4:04 pm |
  161. Gary of El Centro, Ca

    We are already up to our hips in recession Jack. Any day now they will be running a credit check on anyone wanting to buy gas to make sure they can actually pay for it.

    June 24, 2008 at 4:05 pm |
  162. Ken in NC

    "BRINK OF OR ALREADY THERE" is a matter of your position on the bucket. If you are teetering on the rim of the bucket then you are on the brink. If you are in the bucket with me then you are already there.

    June 24, 2008 at 4:07 pm |
  163. susan, pa

    it's all relative. If you are just hanging on to your job and house it's an economic downturn. If your neighbor loses his job or house it's a recession. If you lose your job or house, it's a depression.

    June 24, 2008 at 4:08 pm |
  164. Brian

    Jack,

    Actually we've been in the recession for a while. I'm just trying to get through it by drinking more and watching Fox News. The alcohol helps me believe them, and their programs help convince me that America is infallible and unstoppable. Sometimes it makes me feel a little better, but then O'Reilly comes on and I get a wicked hangover. Then the alcohol wears off a little while later.

    Brian
    Moscow, Idaho

    June 24, 2008 at 4:11 pm |
  165. Ann, Newton, New Jersey

    That is like comparing apples to oranges, which if you purchase today will be quite expensive. Also throw in a lemon at .99 each. What does that tell you?

    June 24, 2008 at 4:11 pm |
  166. Adele Los Angeles

    We're there and have been! Watch out I feel a depression!

    June 24, 2008 at 4:13 pm |
  167. DMAC/Post Falls, ID

    For so many of us on a low earned income or fixed or Social Security have had a resession going on in their lives for a very very long time. But the money bags in DC and big business' don't care.

    June 24, 2008 at 4:15 pm |
  168. Mousa Shamouilian

    Green span needs to realize that he is not incharge anyone, and he cant make these comments just to get people's attantion.

    June 24, 2008 at 4:15 pm |
  169. Jay from Exxon-Mobil

    Recession? Jack, I'm apalled...

    June 24, 2008 at 4:16 pm |
  170. L.M.,Arizona

    We are in a deep recession and will be for at least another two years.

    June 24, 2008 at 4:17 pm |
  171. Kerry Diehl

    Hello Jack,

    Let's see.......

    GM is flat on its back and fading fast, foreign trade is an absolute vacuum and the dollar seems nothing more than a penny anymore. I won't even begin to talk about oil and our dependence on non-friendly nations!!

    I'd say it's not a case of recession, but more a case of depression and our "leaders" haven't a clue as to what is happening much less what to do!

    kerry diehl
    grosse ile, mi.

    June 24, 2008 at 4:17 pm |
  172. Thomas, Yo.town, OH

    How many ways are you going to ask this same question throughout the rest of this recession??

    June 24, 2008 at 4:23 pm |
  173. David Richards

    I thought the last time Alan Greenspan spoke he declared we were already in a recession. If we aren't already we will be by the end of the summer.

    June 24, 2008 at 4:24 pm |
  174. sandy in Ohio

    Jack, Talk to any average man or woman and they will probably say that we have gone into the brink of recession and are washing towards the sea of depression. We all need to try to save our selves because I don't think Washington even realizes we are drowning.

    June 24, 2008 at 4:24 pm |
  175. Fred in Washington state

    Jack,
    Thank you Mr. Greenspan. I think what is needed is a mini depression. The public has to wake up to the excess spending the fools in DC are doing. But talking to them is like whipping a dead horse. Recession? I'm looking for a depression 1930 style.

    June 24, 2008 at 4:24 pm |
  176. glen in Tucson

    Read the lack of hope in these messages what does that tell you? We are in a deep hole and we have a president and congress continuing to dig.

    June 24, 2008 at 4:25 pm |
  177. R.W Graytown Ohio

    We moved from a 3 bedroom house to a 2 bedroom apartment. My gas bill dropped by $112.00, my electric by $41.00. Are we crowded? yeah! Am I affraid of my bills, not right now. We sold alot of stuff and put that in a gas card. Recession? We don't have room for that word right now.

    June 24, 2008 at 4:26 pm |
  178. Vance in Kansas City MO

    How can we be in or heading to a recession when our fearless leader, Mr Bush, says we are not in a recession?!

    Its pretty clear that times are becomming very tough for the poor and middle class in this country. Polititions will do what polititions do, next to nothing besides talk. Until some real answers are found, it is just going to keep getting tougher for the regular Joe.

    June 24, 2008 at 4:26 pm |
  179. Marvin in Florida

    Already there Jack... about four-to-six months ago!

    Remember Prez Bush in April acting surprised when a reporter asked a question about $4 p/gallon by the end of this year? Well Jack, it didn't take that long did it?

    June 24, 2008 at 4:28 pm |
  180. Willow, Sheldon, Iowa

    Well, I guess it qualifies as a depression, since I am on unemployment. Gas here is 4.06 a gallon. Everything at the grocery store is going up up UP. there are no decent jobs in my little town and I can't afford to drive to another little town for work, much less an interview. People making over $100,000. a year probably think it is merely a slow down. Well, its a real slow down to me.

    June 24, 2008 at 4:28 pm |
  181. Greg, Los Angeles,Ca

    Well duh! Don't you watch CNN Jack?

    June 24, 2008 at 4:30 pm |
  182. Perry, Orlando, FL

    Are you serious? With sky rocketing gas prices at an all-time high, record high foreclosures, airlines on the edge of extinction and the countless mergers we've seen just so that businesses can survive, I'd say we're past a recession. The questions should be, "On the brink of a depression, or already there?"

    June 24, 2008 at 4:30 pm |
  183. Marie

    For me and my family...YES. For the Bush/Cheney/McSame and Big Corp. crowd it's Boomtime.

    June 24, 2008 at 4:31 pm |
  184. SHARON

    If you think we're in a recession, try to find a parking spot at the mall that's not a half a mile from the door.

    June 24, 2008 at 4:32 pm |
  185. Jerry -Roselle, Illinois

    Why is it that the people with lots of money who can survive
    a recession tell us we might be heading into one?
    Sounds good to me on Social Security

    June 24, 2008 at 4:32 pm |
  186. Billy G in Las Vegas

    I don't know about "recession" but I'm sure that retiree's like my wife and I are feeling the pain of the current "sagflation". our income is NOT increasing while our monthly cost for fuel, food and utilities keeps going up.

    IF the Federal Government doesn't get it's financial house in order I fear this country is looking at a situation like the German hyperinflation of the 1920's.

    June 24, 2008 at 4:34 pm |
  187. P. Pajibo Kingsland, GA

    A tree can't turn into a fish no matter how long it stays under water.
    John McCain even with a woman on the ticket will not share the beliefs that women(mainly Clinton supporters) have.

    June 24, 2008 at 4:34 pm |
  188. Ed North Carolina

    Of course we are in a recession, this one may last forever as long as greed replaces supply and demand as the driving force in our economy. Record profits, record prices, record poverty, record number of millionaires. There is a moral element to our economy that seems to have been forgotten. J. C. Penney's creed or mission was to serve the public, to expect for the service a fair renumeration and NOT ALL THE PROFIT THE TRAFFIC WILL BEAR. Seems to me fuel costs are driving everything in the economy and oil companies are making record profits. Things would be better if J. C. Penney was the CEO of Exxon. I don't think he would be holding a gun to our heads and asking us to hand over our wallets.

    June 24, 2008 at 4:37 pm |
  189. Teri of Silver

    the American public is now suffering from depression and i guess it will be called such officially only if some very wealthy people jump out of windows. But, that's unlikely watching Bush laugh and delight in the profitable world of war and oil, which suggests that their success will put the public into a depression before long if Bush and Cheney have their way – all the weath they can get their hands on into their sheltered accounts in Dubai leaving us to sink.

    June 24, 2008 at 4:37 pm |
  190. Harry

    Given Greenspan's Irrational exuberance as Fed Chairman is largely responsible for the current situation, yes, I would agree.

    Harry
    Ky.

    June 24, 2008 at 4:40 pm |
  191. Thomas , Michigan

    The average American knows it for sure even if so-called experts
    don't: It's gonna be a long slog back to growth and prosperity
    because the R word is in play and only luck will minimize its
    impact.

    June 24, 2008 at 4:41 pm |
  192. Rick-Minot North Dakota

    Guess it depends on where you live and what you do. For me, I feel we are on the brink. For the folks that have lost their home in the housing mess, or have to drive for a living, or are in a low income bracket, I'm sure they feel like we are over the cliff and in a deep recession. For Mr. Bush and Mr. Cheney along with their close business friends, they feel like Jed Clampett...black gold, Texas tea! Yes they found oil in them hills!!

    June 24, 2008 at 4:42 pm |
  193. Daniel From Englewood Florida

    Jack,

    I don't know if we are or not, but what I can tell you is that I'm financially hurting for the fist time.

    June 24, 2008 at 4:44 pm |
  194. Kevin in Springfield

    Not if you speculate on oil. It is just the rest of us poor saps.

    June 24, 2008 at 4:45 pm |
  195. Anonymous

    Yes, I believe that the economy is in recession. America needs to stop its consumerism and start focusing on plans to reclaim our global status and fix our failed economic policies. The value of the dollar continues to fall, gas prices continue to rise, and unemployment is increasing at an alarming rate. I believe that if our government does not perform the necessary actions to restore order, our country WILL sink further into recession and possibly a Great Depression of the new millenium.

    June 24, 2008 at 4:46 pm |
  196. KenB, Michigan

    Jack, "just one more thing" – (Columbo)
    This country...Its wealthy, to be more to the point and its corporate leaders have been moving towards a top heavy disaster...

    June 24, 2008 at 4:46 pm |
  197. Tiffani/Lake City, FL

    Yes we are in a recession and only in the very beginnings. I just started reading "Free Lunch" . What an eye opener!! Where we are at is past frightening; and I seriously wonder if either candidate can fix our problems.

    Please tell us "Who Killed the Electric Car?" I'm sick of hearing McBush giving a reward to better batteries – they were here and the patents were bought out and hidden. We the People are not that stupid!!

    [

    June 24, 2008 at 4:47 pm |
  198. Mel - Rancho Mirage, California

    Jack, who ever does not believe that we are not in a recession yet is either rich or believes that the pigs can fly. We are in a lot of trouble here. Something needs to be done and needs to be done now. I can not believe this uncaring government and the do nothing congress can not or will not do anything to help the American people. FDR is rolling in his grave.

    June 24, 2008 at 4:47 pm |
  199. john

    I am a republican at heart but i believe Obama has the right policies to get us out of a recession fast. Its called putting Americans to work rebuilding THIS COUNTRY.. Not Iraq. McCain has it wrong.

    June 24, 2008 at 4:48 pm |
  200. AndyZ Fairfax, VA

    OK, for a couple of jollies do a minimum amount of research and check what you paid for gas a year ago and today. Look at last years food bill and then see what you're paying today. Now here's where the real laughter starts; get a copy of last years check stub and this weeks check stub. Is there a difference? Are you making more or less? Fun wasn't it?

    June 24, 2008 at 4:48 pm |
  201. MadPlato

    Yes and yes.
    I was shocked to hear today that 950 United pilots will lose their jobs beginning this summer in addition to an already announced plan to cut 1,600 salaried positions.
    What will these new unemployed Americans do?
    I guess the Pentagon can hire them.
    George and Dick will need more pilots to finish their job in Iraq and start a new one in Iran.

    EL PASO, TEXAS

    June 24, 2008 at 4:48 pm |
  202. Stacy from Farifax, Virginia

    Economists have a definition of what it means to be "officially" in a recession. Right now Americans are spending less as prices are going up on almost everything. The health of the US economy affects the global econonmy and when we aren't healthy everyone suffers. Not sure if there is an economic term for that but it's not good.

    June 24, 2008 at 4:50 pm |
  203. Terry, Reg. Independent in Fayetteville, NC

    It seems senior government employees can't speak truth to power 'till they clean out their desk. Just another reason to use a scorced earth policy with incumbents when we are in the voting booth.

    June 24, 2008 at 4:50 pm |
  204. G from NY

    We're right where Bin Laden wanted us to be, on the way to bankruptcy. Thanks, George.

    June 24, 2008 at 4:50 pm |
  205. Marjorie

    We have been there for while, Jack. I realized that the day I stopped eating 3 times a day.
    Marjorie
    NY

    June 24, 2008 at 4:52 pm |
  206. Sven

    When my co-workers at a state college in Washington must choose between driving their car or eating a meal, does it really matter what some wealthy economist calls it?

    June 24, 2008 at 4:55 pm |
  207. Dick B

    The only people in a recession are the lazy and stupid. Everyone who works and has an ounce of sense is doing just fine thankyou. If people would get up off their cabooses, quit watching tv, stop moaning about how cruel life is, and get to work, they might realize how much opportunity is going to waste. The only thing in recession in America is our "get up and go".

    June 24, 2008 at 4:55 pm |
  208. Teri from Virginia

    Paychecks are not stretching as far as now. Jobs are being lost; prices are increasing. I don't think it matters if you call it a recession or not. Things are getting tougher for too many people. Some people continue to prosper while more and more are finding it almost impossible to pay for their necessities. Whatever you call it, we are spending more and getting less-less of the products and less in the quality of those products.

    June 24, 2008 at 4:58 pm |
  209. Don Smith Ukiah CA

    Of course we're already in a recession, Jack, and we won't get out of it any time soon. Look at the damage the Bush/Cheney gang of crooks is doing. Everything they do in favor of the wealthy ruins the economic lives of ordinary Americans, for future generations as well as those of us living today.

    June 24, 2008 at 5:00 pm |
  210. Ernie Hinds from Maryland

    I think that for many Americans a recession is a reality. The subprime loans along with high gas prices have really hurt people's wallet. The cost of oil has an effect on everything in our daily lives not just the cost of gas. It effects the cost of food because it costs money for food suppliers to ship the goods and the cost has increased because it costs more to fuel the trucks that deliver those goods. Meanwhile, many Americans have not seen their wages increase significantly. We are living in a generation where the gap between the middle class and the upper class is expanding at an alarming rate.

    June 24, 2008 at 5:00 pm |
  211. steve

    if alan greenspan's earnings were less than 50k / yr. he might be a little more certain about " the recession " .
    steve ca.

    June 24, 2008 at 5:00 pm |
  212. George - Vermont

    Since the classical "media" definition of a recession is two or more moths of a declining gross domestic product some could easily miss a recession since variables like unemployment etc. are not taken into consideration. Therefore I like the way the Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) figures things because they take everything into account including real income. With that in mind I guess we must be in a recession because I can't remember when I last saw any real income since all on my money seems to go into my gas tank.

    June 24, 2008 at 5:01 pm |
  213. Ken

    If so it started once the Democrats took over congress.

    June 24, 2008 at 5:01 pm |
  214. Mark

    You shouldnt have to ask we are definetly on the brink of recession to deny it would be downright stupid. MA

    June 24, 2008 at 5:02 pm |
  215. Jay

    The layers of the onion are coming off and our true place in the world is showing through. Look at inflated prices on everything, the fact that we don't produce anything, unchecked immigration, the rising cost of health care and the trade deficit. We really have all of the qualifications to define ourselves as a developing nation. Nice Goin' GWB.

    Jay
    La Canada, CA

    June 24, 2008 at 5:04 pm |
  216. Phildale from Denver

    We are already in a recession. Why is the government trying to pull the wool over our eyes. We can't afford to play minds games and be politically correct anymore. America is hurting.

    June 24, 2008 at 5:05 pm |
  217. Ken

    The democrats are behind the oil prices in order to make oil obselete to push their global warming hoax. GET A CLUE PEOPLE!!!!

    June 24, 2008 at 5:05 pm |
  218. Lisette

    Honestly, it does not make any difference what you call it.

    America is in a HUGE mess, thanks to Bush/Cheney

    I can't imagine what Obama is going to do with this mess

    June 24, 2008 at 5:05 pm |
  219. Mikhail

    I suggest communism. America is slowly hating its government anyway... Changing to communism would keep the Americans hating the government, but solve multiple issues at once.

    June 24, 2008 at 5:06 pm |
  220. Dawn

    RECESSION!!!!!!.............More like DEPRESSION!!

    June 24, 2008 at 5:07 pm |
  221. Steve

    yes, we are on the brink,
    brink of the abyss

    June 24, 2008 at 5:08 pm |
  222. David,San Bernardino,CA.

    Bush is the new "Hoover".

    June 24, 2008 at 5:08 pm |
  223. Craig from Scottsdale, Arizona

    "You're doing a great job Greenie"

    Jack, Why is everyone so cynical? Don't they believe what Uncle tells them? Greenspan says we are only on the brink of a recession. GW says we are only in a "slowdown". Golly Gee Whiz...Inflation is only 4% according to the Feds. I don't know why my experience as a consumer does not back up what my government is telling me. I must be shopping at the wrong places.

    June 24, 2008 at 5:08 pm |
  224. Kirk (Apple Valley, MN)

    To paraphrase Lonestar; "We're already there!"

    June 24, 2008 at 5:09 pm |
  225. Brenton Henry

    Jack, weren't we asking that question three months ago? Of course we are in a recession.

    June 24, 2008 at 5:09 pm |
  226. Greg, Hamilton Ontario

    He has always been on the same page with the people and the economy Jack. It's Washington thats a day late and a dollar short.

    June 24, 2008 at 5:09 pm |
  227. James (NW Washington)

    I work in real estate and property managment and as slow as we are shows that I think the middle class are in a ressession and they are staying still where they are at keeping the market slow.

    June 24, 2008 at 5:09 pm |
  228. Jan

    We are already there. We should all be required to slow down driving...as we did the last time there was an 'oil crisis', real or imagined. It would decrease our dependency immediately.

    also, there are millions of gallons of oil available from our current oil fields that are not being pumped. what's up with that?! No way should we continue to pursue oil as our solution.

    June 24, 2008 at 5:09 pm |
  229. Betty - AL

    Vote the incumbents out !!!!

    Yes we can !!!!!

    June 24, 2008 at 5:20 pm |
  230. Ken- Long Island

    Economists are good for one thing: economic advice. Mr. Greenspan has been named by many economists as having caused the problems we now face. He was the one who allowed banks to team up with brokerage houses and the one who lowered interest rates below the rate of inflation. Both created economic bubbles which burst with catastrophic consequences. He has always favored the garnering of wealth at the expense of the poor and the middle class. But the current recession is a result of the debt run up by the Bush administration and the ineffectiveness of same to deal with the plethora of problems we face. The next president must achieve a consensus to achieve solutions.

    June 24, 2008 at 5:20 pm |
  231. Jenna Wade

    Do you agree with Alan Greenspan that the U.S is on the brink of a recession or are we already there?

    We've been in a recession for years now – where has Greenspan been?

    June 24, 2008 at 5:20 pm |
  232. Karen-Phoenix

    I've been a recession for the past two years. No raises but the cost of living keeps going up. Just looked up on google what it would take to retire to Canada or Mexico. Obama is our only hope!!!!

    June 24, 2008 at 5:20 pm |
  233. el-tee

    Jack - Alan Greenspan has always been a little slow to recognizing the condition of the economy. It appears that he fears this recession will be so bad that even his reputation will be damaged by it, hence his attempt to get out in front of it. It will more interesting if the Maestro offers any substantive ideas in resolving it. I doubt he will as he has spoken greenspan speak so long that he hasn't the ability to do so! - El-Tee from the lower right hand corner of ND

    June 24, 2008 at 5:20 pm |
  234. Darrell

    Yes I strongly agree with Mr. Greenspan. We have been on the brink of recessions for a couple years now. All you have to do is look around, it does not take a rocket scientist to see that. I have to blame the Bush administration for the mess we are in, all they do is wear blinders looking at their rich friends just living it up.

    Darrell

    June 24, 2008 at 5:25 pm |
  235. Franklin L. Wilton

    I believe we are in a recession. It is primarly caused by the Bush administration.

    We should add a 10 percent tax on every taxpayer to pay for the Republican Party's war in Iraq. This should include capital gains income.

    All of the proceeds should be used to construct solar power plants that use a system of parabolic mirrors.

    June 24, 2008 at 5:25 pm |
  236. John Stephens

    Greenspan is a weathy economic philosopher who is out of touch with planet Earth. He wouldn't recognize a world-wide ression if it hit him between the eyes. Of course we are in a recession. History will show we have been in a developing perfect storm recession since March of 2008. He should wake up and smell the oil.

    June 24, 2008 at 5:26 pm |
  237. Christy Rawlings

    Yes, I believe we are in a recession, and how the Bush boobs, believe and are able to convince the country and world that we are just fine, is beyond me, and I believe most of this country. The world is laughing at us.

    June 24, 2008 at 5:26 pm |
  238. Michael in New Jersey

    We are not on the brink of a recession. We are on the brink of a depression. I sure hope it won't be on the scale of the Great Depression of the 1930's. The way that Mr. Greenspan uttered that dreaded "r' word shows complete ignorance of government officials and oil companies CEOs. They are notorious for making money at any cost possible. I think that Americans should seriously consider trying a new type of government, like socialism.

    June 24, 2008 at 5:27 pm |
  239. Marcia Thompson

    California isn't in recession – it's in a DEPRESSION! Is there ANYTHING in America that this administration hasn't broken, perhaps beyond repair?

    June 24, 2008 at 5:27 pm |
  240. Eric Jouett

    If we're only on the brink of a recession , I don't know what we'll do if it gets much worse.

    June 24, 2008 at 5:30 pm |
  241. Mike Starke Pembroke Pines FL

    It's quite simple Jack.

    The rich are on perpetual recess.

    The poor are in perpetual recession.

    June 24, 2008 at 5:31 pm |
  242. Shana

    Jack,
    I love Mr. Greenspan but, the people I know have been in a recession for about two years now. You are interviewing the wrong people. Try someone with a little less money at stake.

    June 24, 2008 at 5:32 pm |
  243. Codo from Chicago

    Jack, Alan Greenspan is a very carefully and well thoughout analyst. I would agree with him that we are on the very edge of a depression. Although many of us are depressed already with the econony, and in the way things are in the world ; but, our enthusiasm to make changes is within reach – with the election of Senator Obama as President.

    It is with Obama as President that keep us from dropping to the dust bowl scenario.

    *******

    June 24, 2008 at 5:33 pm |
  244. James of San Antonio, Texas

    We are in a recession. You can see the proof all around us.

    June 24, 2008 at 5:34 pm |
  245. Glen in Laurel, MD

    Google "define: recession" and you get 26 definitions. First we need to decide on one, and not based on the national mood. Tiger Woods and his doctor didn't ask a cross section of America what they "felt" was wrong with his knee and what to do about it.

    June 24, 2008 at 5:35 pm |
  246. matt

    this is just the beginning of a recession. it will get alot worse if something not done soon. if we do away with welfare ssi and medical cards and stop handing out to bums that don’t work. we can use what we save in them tax dollars to stop all taxes on energy gas etc. that will help us all instead of just help those that don’t work cause they are lazy

    June 24, 2008 at 5:36 pm |
  247. Anthony Pabon

    You have to be suffering from delusions to not realize that we have been in a recession for a long time already. I think the goal here is to avoid a depression.

    June 24, 2008 at 5:36 pm |
  248. dennis north carolina

    no one wants to admit that we are in recession but we are. why are all the brains in government and business in denial or are they hiding something?

    June 24, 2008 at 5:36 pm |
  249. Tom in Desoto Texas

    Not long ago during a press conference when a reporter spoke of $4 per gallon in the near future Bush said he hadn't heard that. It will be months before he hears of a recession. By then he'll be running for Mayor of Crawford, Tx....which he'd probably lose.

    June 24, 2008 at 5:37 pm |
  250. Sege

    If we are still waiting to hear the (word) RECESSION from Presidents Bush’s Mouth in a press conference, before we know that we are in a RECESSION, it will never happen! Alan greenspan needs to catch up with the American people and speak out that we have been in RECESSION since last year.
    Sege

    June 24, 2008 at 5:39 pm |
  251. BDS

    I believe we are already in a recession.

    June 24, 2008 at 5:40 pm |
  252. James from New Orleans

    Jack,... do we really need a cristal ball to see that the country is on recession,? Everybody is sweating even those sitting in AC rooms.

    June 24, 2008 at 5:42 pm |
  253. PJG Spokane

    Jack
    Alan Greenspan knows the US economy better than anyone. When he talks we all should listen. Look what he did for us in the 90's. I would like to see him on board agin. I am sure Obama would too.

    June 24, 2008 at 5:43 pm |
  254. Josh

    Jack,

    These people with more money aren't feeling the outcome of this problem yet, you should try talking with people that have had to suffer with these issues. The less wealthy are feeling the outcome right this moment, but these wealthy people are just now noticing the dent it putting in their lives and wallets. Taking the word of Mr.Greenspan may be good at times for different issues, but on this matter you need to be speaking with the people, not the people that say they're "representing" the people.

    Surprise, Arizona

    June 24, 2008 at 5:44 pm |