Greenspan: "Once in a century" financial crisis

In an exclusive interview with CNBC, former Fed Chairman Alan Greenspan said:

... the U.S. housing market is “nowhere near the bottom” and that the U.S. economy is “right on the brink” of slipping into a recession. But he told CNBC the latest economic data don’t yet indicate that a recession is inevitable.

Calling the current crisis in the financial markets a "once-in-a-century phenomenon," Greenspan said the Treasury had no choice in its recent moves to backstop the two government-sponsored mortgage finance giants, Fannie Mae and Freddie Mac.

Gee, Alan, thanks for telling us. And, oh by the way, just who was the Federal Reserve Chairman who ignored all the warning signs pointing to the biggest credit binge since the 1920s...?

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Chutzpah

Man, I have another lovely Greenspan moment to share.

Greenspan Recommends Wiping Out the Middle Class.

It's pathetic and yes now wasn't it Greenspan who kept interest rates artificially low and that is the main cause of the Real Estate bubble?

One little fact I noticed:

the ongoing slide in home prices has wiped out the home equity of “about 12 million homeowners who are basically net in the red

I have not heard much analysis on home equity loans and I know people were using their homes as a piggy bank with home equity loans due to being broke, the rates so low.

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