The U.S. is on track for both a bond crisis and double-dip recession, said Alan Greenspan on Sunday while speaking to NBC’s Meet the Press.The only solution is to fix America’s long-term deficit problems now:
“We’ve got to resolve this issue before it gets forced upon us,” Greenspan said of the ballooning U.S. debt levels.
“The big, serious problem is whether or not the outlook for the longer-term deficit spooks the bond market to a point where long-term interest and mortgage rates move up very sharply,” said Greenspan. “If that happens, that will cause the double dip.”
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