CNBC Press Releases

WHEN: Monday, October 15, 2007
WHERE: "Closing Bell"

The following is the unofficial transcript of a first on CNBC interview with Former Federal Reserve Chairman Alan Greenspan on CNBC's "Closing Bell" today. All references must be sourced to CNBC.

In a first on CNBC interview, CNBC's Maria Bartiromo interviews Former Federal Reserve Chairman Alan Greenspan on CNBC's "Closing Bell." During the interview, Greenspan discusses the record prices of oil and the impact on the economy, recession, the housing market, economic growth, China and commodities, among other topics.

BARTIROMO: FORMER FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN SAYS THE ODDS OF U.S. RECESSION ARE NOW LESS THAN HALF. AND IT'S STOCK PRICES MOVE HIGHER FROM HERE, HE SAYS IT SHOULD BALANCE OUT DECLINES IN HOME PRICES. IN ANOTHER FIRST ON CNBC INTERVIEW I'M JOINED RIGHT NOW BY THE FORMER FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN NOW THE AUTHOR OF THE NEWLY RELEASED BOOK, THE AGE OF TURBULENCE. NICE TO HAVE YOU BACK ON "CLOSING BELL", WELCOME.

GREENSPAN: THANK YOU.

MARIA: GOOD TO SEE YOU AGAIN. LET ME ASK YOU ABOUT THAT ECONOMIC LANDSCAPE RIGHT NOW. WE'VE SEEN SUCH A TIGHT CREDIT ENVIRONMENT HERE IN THE UNITED STATES AND OF COURSE, A SLOWING HOUSING MARKET. ARE YOU EXPECTING THE SLOWDOWN HERE TO TAKE SOME OF THE SPARK OUT OF THE INTERNATIONAL ECONOMIES WHICH OF COURSE HAVE BEEN REALLY WHERE THE REAL GROWTH STORY HAS BEEN?

GREENSPAN: WELL, ONE WOULD CERTAINLY EXPECT SOMETHING BECAUSE THE-- THE EMERGING MARKETS OR THE UNDEVELOPED COUNTRIES OR LESSER DEVELOPED COUNTRIES THAT WE SOMETIMES ALL CALL THEM ARE DOING EXCEPTIONALLY WELL. AND THERE'S NO EVIDENCE THAT THEY'RE WEAKENING, BUT OBVIOUSLY CHINA IS AT THE CENTER PART OF THAT AND AT SOME POINT THIS 10% RATE OF INCREASE-- ANNUAL RATE OF INCREASE IS PRESUMABLY GOING TO SLOW DOWN, BUT IT HASN'T YET.

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