Former Fed Chief 'Shocked'

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By
Muhammed El-Hasan
on October 23, 2008 8:33 AM | | Comments (0) |

Shouldn't Alan Greenspan give America a huge apology and admit that he deserves a lot of responsibility for today's credit crunch.


Greenspan "shocked" at credit system breakdown

WASHINGTON (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 expects the unemployment rate to jump.

Despite concerns he had in 2005 that risks were being underestimated by investors, "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.

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This page contains a single entry by Muhammed El-Hasan published on October 23, 2008 8:33 AM.

Real Estate Professionals Find Ways to Make Money was the previous entry in this blog.

Turning Real Estate Lemons into Lemonaid is the next entry in this blog.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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