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The current crisis rocking the markets and global economy could turn out to be the worst since World War II, former US Federal Reserve chairman Alan Greenspan said in remarks published Monday.
"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.
"It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities," he said, referring to the meltdown in the US subprime home loan market and subsequent massive losses for the banks holding the debt instruments.
"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.
your phrase "... the wheels are coming off"
would more accurately be along the lines that
the USAs financial house is undergoing a 'reconfiguration' or a 'rebalancing'
i think the aim all along was to assimilate a few of those large but private
Investment Banks/Financial Houses/ Brokerages
into the Feds cartel and under the juristiction of the 12 central banks