We're not out of this yet - Greenspan

Despite a "creep back to normality" in the asset-backed commercial paper and inter-bank markets, Alan Greenspan, the former governor of the Federal Reserve, cautioned that the recent turmoil could have further repercussions.

Speaking in London last night, Central Bank News heard Greenspan warn that we may be about to enter "act two": "We may have a replay of what we have now. Back to normality may not be right at this stage."

Greenspan said that the oversupply of US housing would be the driver

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