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Greenspan: Financial crisis is ‘credit tsunami'

Posted by weblaunches 1205 days ago, popular 1204 days ago (http://www.msnbc.msn.com)
Category: Economy | Tags: credit economy finances financial
Former Federal Reserve Chairman Alan Greenspan says the current financial crisis is a “once-in-a-century credit tsunami” which will have a severe impact on the U.S. economy, driving unemployment higher. Greenspan, who headed the nation’s central bank for 18½ years, says in testimony prepared for Congress that he and others who believed lending institutions would do a good job of protecting their shareholders are in a “state of shocked disbelief.”
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