Greenspan sees no bubble with record Dow
Former Federal Reserve Chairman Alan Greenspan said the economy probably will grow more slowly next year than some forecasters predict and indicated that a record stock market isn't in a bubble.
“This does not have the characteristics, as far as I'm concerned, of a stock market bubble,” Greenspan said on Bloomberg Television's “Political Capital with Al Hunt,” airing this weekend.
Greenspan said that even with the rise in equities, the economy is restrained by a “degree of uncertainty” that is reducing investment. Economists who forecast 2.5 percent to 3 percent growth next year may be too optimistic, he said.
Greenspan said his fore- cast is “closer to 2 percent.”
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