Greenspan "SHOCKED"

Tells Congress that credit crisis Is “Tsunami” that he did not anticipate.


Just to switch gears for a sec, don’t you think using that word is a.) in poor taste and b.) dates him?

Reuters: Former U.S. Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is “shocked” at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead.

Despite concerns he had in 2005 that risks were being underestimated, “this crisis, however, has turned out to be much broader than anything I could have imagined,” Greenspan said in remarks prepared for delivery to the House of Representatives Committee on Oversight and Government Reform.

“Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself especially) are in a state of shocked disbelief,” he said.

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