U.S. Financial Crisis

Those hoping for better news about the state of the U.S. economy—not to mention the bigger picture—aren’t going to hear it from former Fed chair Alan Greenspan anytime soon, judging by his ominous forecast released Monday. {Another instance of another expert – many would call him an “accomplice” – stating the obvious after the fact}.

“The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War,” Greenspan said in a Financial Times commentary. “The crisis will leave many casualties,” he said, his remarks coming after Bear Stearns, the fifth largest US investment house collapsed Friday and was taken over by JPMorgan Chase for a fraction of its value of only a week ago. [via link]

 

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~ by eaesthete on 03/17/08.

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