Former Treasury Secretary Lawrence Summers said on Sunday the risks of a recession are greater now than at anytime since the September 11 attacks due to real estate and mortgage market troubles.
"I do not think we yet would have a basis for making a prediction that there will be a recession," Summers said.
"But I would say that the risks of recession are now greater than they’ve been anytime since the period in the aftermath of 9/11," he said on ABC’s "This Week."
Summers headed the Treasury Department from 1999 to 2001. He resigned last year as president of Harvard University. In October, he joined a Wall Street hedge fund group.
I disagree with him, though. We have a basis for thinking there will be a recession. First is the fact that millions of homes are over-valued, and must now be ‘corrected.’ Second, the greedheads are running out of scams with which to dupe the American people into pumping more fake money into the economy. Third, foreign countries are increasingly turning to the Euro, at a time when our government is running huge deficits.
And that will be TWO Bush recessions. And don’t blame the last one on 9/11, because that’s not what caused it.