Greenspan: Worst Global Crisis Ever -By Far, Recovery "Unbalanced"

[cieldumort]

Bloomberg:
Greenspan Says Crisis ‘By Far’ Worst, Recovery Uneven

Feb. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis was “by far” the worst in history and called the recovery from the global recession “extremely unbalanced.”

The world economy has undergone “by far the greatest financial crisis

Comments

[sophiaserpentia]

The worst in history? That's pretty bad, esp. since the Roman Empire had a recession in the Fourth Century that reduced most of the empire to essentially a stone age lifestyle and ushered in the age of serfdom.

[cieldumort]

It was a specific reference to global financial crisis, I believe. So the Roman Empire would have been excluded. Really anything not global in nature would not be considered in his statement.

[m_fallenangel]

But did Greenspan say, "And it's almost entirely my fault because I'm a goddamned idiot?" Didn't think so.

[cieldumort]

I have to say that I am in the camp that it was not *mostly* his fault. This was a toxic soup of mistakes made by many, and not just one central banker.

From the Fed chief and his associates, to so many politicians setting law, to corrupt mortgage bankers, greedy house flippers, etc. etc. etc. - this list is really quite long.

[m_fallenangel]

Absolutely, it's a long list of thieves, but Alan was the ringleader.

[cieldumort]

I think that the masses are making him out as a convenient scapegoat, but that this mess is really far more complicated than that. But don't get me wrong, I'm in no way any kind of big fan of Greenspan.