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- Greenspan was chairman of the Federal Reserve for 18 years
- Testified before Congress on October 23, 2008
- Greenspan predicted a recovery in the U.S. housing market was "many months" awayBBC News: Financial crisis 'like a tsunami' (October 23, 2008)
- Also predicted U.S. unemployment rate would rise dramaticallyBBC News: Financial crisis 'like a tsunami' (October 23, 2008)
- Congressman Henry Waxman suggested Greenspan contributed to credit crisis by rejecting calls for regulation of the subprime mortgage marketBBC News: Financial crisis 'like a tsunami' (October 23, 2008)
- Greenspan said he was "partially" in support of deregulating financial marketsBloomberg.com: Greenspan...'Found a Flaw' in His Free-Market Ideology (October 23, 2008)
- Greenspan told lawmakers he supports the $700 billion dollar bailout planCNN Money: Greenspan: It's a 'credit tsunami' (October 23, 2008)
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Former Federal Reserve Chairman Alan Greenspan testified before Congress on October 23, 2008, calling the credit crisis a "once-in-a century credit tsunami." When pressed by lawmakers, Greenspan conceded he made a mistake by presuming that lenders would protect their finances, admitting he was in a "state of shocked disbelief" by the banking sector crisis.CNN Money: Greenspan: It's a 'credit tsunami' (October 23, 2008) BBC News: Financial crisis 'like a tsunami' (October 23, 2008)
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Greenspan Credit Crisis Tsunami Questions
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