He [Greenspan] is going to say we're not in a recession, but the risks are very, very high,

They will be cutting (rates) until they get some signs of rebound,

They wanted a big splash today. And they got it.

They simply don't want a recession. It's an insurance policy.

There was an auto industry correction and a high tech inventory correction, and if we can get through that without tipping the economy into a recession then we can get through this.

Everything was out of balance and part of figuring out where we are now is figuring out where we were and how many imbalances were built into the economy.