Author Topic: U.S. in midst of 'credit tsunami,' Greenspan says  (Read 441 times)

Bindare_Dundat

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U.S. in midst of 'credit tsunami,' Greenspan says
« on: October 23, 2008, 07:51:56 AM »
Former Federal Reserve Chairman Alan Greenspan plans to tell a House committee today that the nation will emerge from the current credit crisis with a "far sounder financial system." In prepared remarks to the House Oversight and Reform Committee, Greenspan will explain that "we are in the midst of a once-in-a century credit tsunami."

"We are in the midst of a once-in-a century credit tsunami," Greenspan told the House Oversight and Reform Committee.

Greenspan said that whatever regulatory changes are made to respond to the crisis, "they will pale in comparison to the change already evident in today's markets."

He said that markets "will be far more restrained than would any currently contemplated new regulatory regime."

"Investors, chastened, will be exceptionally cautious," he added.

http://money.cnn.com/2008/10/23/news/economy/committee_regulatory/index.htm?cnn=yes

Decker

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Re: U.S. in midst of 'credit tsunami,' Greenspan says
« Reply #1 on: October 23, 2008, 07:55:59 AM »
I wonder if Greenspan will testify to his own role in the economic downfall of this country?

He's still spouting the "'self-regulation' of markets" bullshit.  Christ, when will this guy learn?