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.
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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