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While speaking to the House Committee on Oversight and Government Reform in October 23, 2008, former Federal Reserve chairman Alan Greenspan referred to the financial market crisis as a "credit tsunami." Greenspan admitted his partial accountability for the crisis, describing his "shock" of realizing that his free-market anti-regulatory ideology was indeed flawed.
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Fast Facts
- Referred to 2008 economic crisis as a "credit tsunami"Bloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
- Admits to flawed free-market ideologyBloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
- Noted that his anti-regulation market ideals had been partially at fault for crisisBloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
- Described "shock" after realizing system was flawedBloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
- Expressed "shocked disbelief" on why banks didn't regulate each other naturallyBloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
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Credit Tsunami News
- Bloomberg.com: Greenspan Concedes to `Flaw' in His Market Ideology (October 23, 2008)
- Telegraph.co.uk: Alan Greenspan warns of 'credit tsunami' (October 23, 2008)
- U.S. News & World Report: Greenspan: It's Not Just a Crunch... It's a 'Credit Tsunami' (October 23, 2008)
- BBC News: Financial crisis 'like a tsunami' (October 23, 2008)
- CBS News: Greenspan Sees "once In A Century" Crisis (October 23, 2008)
- CNN.com: Greenspan: It's a 'credit tsunami' (October 23, 2008)
- WashingtonPost.com: 'Crisis Broader Than Anything I Could Have Imagined' (October 23, 2008)
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View All Credit Tsunami Questions (508) | Ask a QuestionHow early can a tsunami be detected after earthquake occurs ?? (2 Answers)Tsunamis are triggered by earthquakes, when a shock wave sends water flying away from the epicenter. Because of the great technology in the field of seismology, they can actually detect ... read moreWhat is the likelihood of a mega-tsunami forming in the Altantic? (1 Answer)The Cumbre Vieja volcano on La Palma, one of the Canary Islands, has been hyped as the possible source of a "megatsunami" that would wipe out much of the Atlantic ... read moreDid the Tsunami early warning system work to save lives in Samoa? What areas of Samoa were hit by the Tsunami? (2 Answers)It looks like 1500 plus people believed the warning was real and went to high ground. It is sad when anyone loses their life in something like this, but if ... read more
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