Greenspan says downturn 'likely temporary'

The current economic downturn is "likely temporary," former Federal Reserve Chairman Alan Greenspan said Monday 6 November, noting that the worst of the housing market slump is likely over.

"The economy is obviously going through a significant slowing period, which as best I can tell is more than likely temporary," Greenspan said during a question and answer session at the annual Charles Schwab Impact conference in Washington.

Greenspan said that while the housing market is not out of the wood