Not Bearish? This should help: Greenspan: Worst Financial Crisis EVER, INCLUDING the Great Depression
February 23, 2010
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GW blogspot gathers the story here:
http://georgewashington2.blogspot.com/
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financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”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.
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