Former Fed Chair: ‘We Are Running Out Of Buffer In The Economy’

“In an appearance on ‘In The Loop With Betty Liu,‘ Greenspan warned that the economy has almost no room to maneuver if faced with a security threat:  ‘We are running out of buffer in the economy. We don’t have the capability should, for example, we run into a major conflict in the Middle East or elsewhere where it requires a major increase in our defense budget. Our defense budget is heading in a direction where in a couple, two or three years it will be at the lowest level relative to GDP since before World War II. We don’t have the physical resources to respond.’  Greenspan believes a correction is likely given current valuations, but it’s impossible to say when it will hit.”

http://www.businessinsider.com/greenspan-we-are-running-out-of-buffer-in-the-economy-2014-7

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