Alan Greenspan previously said that the current credit crunch is "by far the greatest financial crisis, globally, ever" -- including the 1930s Great Depression.
As Bloomberg noted:
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financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
Today, Greenspan said:
The evaporation of the supply of such credits on so global a scale within hours or days of the Lehman failure is, I believe, without historical precedent ...
The bankruptcy of Lehman Brothers in September 2008 precipitated what, in retrospect, is likely to be judged the most virulent global financial crisis ever.....
Greenspan is not alone. more...
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