Greenspan Credit Crisis Tsunami

  • 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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