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Not Bearish? This should help: Greenspan: Worst Financial Crisis EVER, INCLUDING the Great Depression



February 23, 2010 – Comments (4)

GW blogspot gathers the story here:

Greenspan: Worst Financial Crisis EVER, INCLUDING the Great Depression

Greenspan just said that the current credit crunch is "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression.

Bloomberg notes:

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
Greenspan also said “fiscal affairs are threatening this outlook” for recovery.

As I pointed out last May:

The following experts have said that the economic crisis could be worse than the Great Depression:

Fed Chairman Ben Bernanke

Economics professors Barry Eichengreen and and Kevin H. O'Rourke (updated here)

Investment advisor, risk expert and "Black Swan" author Nassim Nicholas Taleb

Former Fed Chairman Paul Volcker

Nobel prize winning economist Joseph Stiglitz

Economics scholar and former Federal Reserve Governor Frederic Mishkin

Well-known PhD economist Marc Faber

Former Goldman Sachs chairman John Whitehead

Morgan Stanley’s UK equity strategist Graham Secker

Former chief credit officer at Fannie Mae Edward J. Pinto

Billionaire investor George Sorors

Senior British minister Ed Balls

In the understatement of the day, Greenspan also called the recovery "extremely unbalanced," driven largely by high earners benefiting from recovering stock markets and large corporations.

4 Comments – Post Your Own

#1) On February 23, 2010 at 11:31 PM, shortgains (< 20) wrote:

Ironic since he was the main contributor to it

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#2) On February 23, 2010 at 11:42 PM, abitare (30.30) wrote:


Yep - numero Uno

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#3) On February 24, 2010 at 12:21 AM, AvianFlu (< 20) wrote:

Most of these links are to older articles, and it is now clear that our economy is completely out of the woods and the immediate future is filled with hope, prosperity, and rapid growth. There is not a black cloud on the horizon anywhere. Inflation is not even a remote risk, due to the overwhelming competence of our brilliant chief money person Ben Bernanke. The trend by our federal government to allow more personal freedoms and less totalitarian controls and regulations gives me a warm feeling.

Wait a minute...I guess I just peed my pants.

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#4) On February 24, 2010 at 12:41 AM, checklist34 (98.73) wrote:

he is right about the unbalance and the main beneficiaries probably being higher worth people, and thats too bad. 

and shortgains hits it square on the head

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