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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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Fast Facts
- 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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The Mahalo Top 7
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FOX News: Alan Greenspan: Credit Crisis Is 'Once in a Century Tsunami'
foxnews.com (October 23, 2008) -
CNN Money: Greenspan: It's a 'credit tsunami'
money.cnn.com (October 23, 2008) -
Bloomberg.com: Greenspan...'Found a Flaw' in His Free-Market Ideology
bloomberg.com (October 23, 2008) -
CBC.ca: Greenspan tells Congress he's shocked by credit crunch
cbc.ca (October 23, 2008) -
TheHill.com: Greenspan admits 'mistake' related to financial crisis
thehill.com (October 23, 2008) -
BBC News: Financial crisis 'like a tsunami'
news.bbc.co.uk (October 23, 2008) -
AFP: Greenspan says 'credit tsunami' to wipe out spending, jobs
afp.google.com (October 23, 2008)
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FOX News: Alan Greenspan: Credit Crisis Is 'Once in a Century Tsunami'
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Questions and Answers About Greenspan Credit Crisis Tsunami | View All | Ask a Question
View All Greenspan Credit Crisis Tsunami Questions (586) | 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 moreWhich states do not face a state budget crisis? (1 Answer)There are many states with little to no deficit. Here is a map from CNN that shows states' financial statuses: http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm You can put your mouse over a state for ... read more
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