So Much for those 70 year charts......
WASHINGTON (CNN) -- The U.S. credit squeeze has brought on a "once-in-a-century" financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.
Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go."
So much for those 30 years charts your finanicial advisor shows you.
That is right Alan.....it took about 130 years to lever up our banking system so that now the whole thing is bankrupt.....everybody is praying for a bailout.....the only problem is that there is no money left to bailout. You can't print when the recipient can't pay you back.
I have been trying to tell you guys that this is unlike anything any living American has ever experienced. I may have to revise up my umployment projection to 50%....and I am not kidding. Just watch how many companies start to fold in the upcoming months as they run down the lines of credit.