Monday, August 03, 2009
WASHINGTON - Former Federal Reserve chairman Alan Greenspan says the economic downturn is not quite over but that the end is nearing.
Greenspan says that the health of the financial system has improved significantly. He says the collapse of the financial system is "off the table" after the system teetered for a while.
Greenspan expects unemployment and job losses to continue but at a slower rate.
The former Fed chief says the overwhelming response to the "cash for clunkers" program shows that confidence in the economy is picking up. The program gives car owners cash incentives for trading in older, less fuel-efficient cars for more efficient models.Greenspan appeared Sunday on ABC television's "This Week."