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 also said “fiscal affairs are threatening this outlook” for recovery.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financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
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
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 also said “fiscal affairs are threatening this outlook” for recovery.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financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
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
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Unfortunately an extremely high percentage will have a few things stacked against them:
1. Consumer Mentality
2. Employee Mentality
3. Tend to blame other people and situations
4. Think that the future just happens
5. Wait for our congressmen to do something
6. Believe there's nothing they can do for themselves
7. Fill their leisure time with entertainment
If the financial crisis does get worse than the Great Depression, there will be a lot of wailing and woes and those who find themselves as above will be the ones to be pitied!
Posted by: Daniel Euergetes | 10/14/2010 at 06:50 PM
This is definitely a great analysis. =) Keep posting more.
Posted by: Karl the Depression Aid Guy | 10/23/2010 at 11:21 PM
After the painful early years of transition, economic growth took off, trade flourished, and stable institutions took root. What is most important: integration has improved the quality of people’s lives.
Posted by: bankruptcy attorney Chicago | 10/27/2010 at 01:00 AM