US Recession: Credit Crisis
US Recession: Credit Crisis
Alan Greenspan, who retired from the Fed in 2006, has described the credit crisis as the worst in 50 years. Should the credit crisis extend into 2009, the depth of the current recession will exceed the past two downturns, Greenspan said. The most recent recessions were in 2001 and 1990-91. -Scott Lanman: Bloomberg.com -Banks are in dept -non-farm payrolls – reported to have declined by 63,000 positions, marking the biggest decline since March 2003. -home foreclosures in the fourth quarter of 2007 reached their highest level in the history of the Mortgage Bankers Association’s survey
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07/31/2008 squidb8
This is the Fed not doing its job as banks banks. If I were Greenspan I wouldn't stick my face out so much, since sub prime lending started on his watch.