Greenspan warns of worst crisis since WWII.

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.

Well thanks a lot Mr Greenspan. You seem to have an amazing insight on the issue. Perhaps it is because you engineered the whole thing??? This is just crazy if you ask me.

I am at a loss for words. There are so many aspects of this financial collapse we are facing that is worth discussing. From the fact that everyone has seen this coming for some time, yet all of the experts and our beloved Commander in Chief seem shocked as the wheels are falling off, to the paralells of this crisis to the build up to the great depression en.wikipedia.org... .

It is all very depressing.



[edit on 18-3-2008 by Karlhungis]

yor quite right about the whole crisis being engineered...

maybe not exactly, but in the general direction & plan that the Fed allowed to happen.


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


if the fear-of-god wasn't sent up the spines of others in the financial sector
when Bear Stearns was assimilated at $2 a share... i can't imagine what will.
the sacrificial lamb (BSC), showed the other rogue banks/brokerages that
the new rules are going to be seriously enforced... i.e. join this [fascist] sector or be literally destroyed/consumed.



the value of the USD is being engineered to decrease in value,
and that's what Greenspan is warning of, as the nation and world trade
all re-set the value of USD.

reply to post by St Udio

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 am curious if you still feel that this is just a "reconfiguration" or "rebalancing"? I think your second statement is closer to the mark.

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

Although, it seems like it isn't isolated to the "few" any longer. This feels more like a huge funneling of wealth from the people to the fed. I can't even come to terms with the real scope of what is being done right now.

It worries me quite a bit.