Former Federal Reserve Chairman
“The world economy has undergone by far the greatest financial crisis globally ever,” states former Federal Reserve Chairman Alan Greenspan.
He went on to say that the U.S. economy is in worse shape than it was during the Great Depression, and is potentially more harmful than in the 1930s because short-term credit has not been withdrawn.
Greenspan made these comments in a speech to the Credit Union National Association’s Governmental Affairs Conference in Washington D.C.
Editor: I was actually surprised he admitted this because the current and previous U.S. administrations have never called it a Depression. They always say it’s a “double dip recession” or a “jobless recovery”. Yeah, right. Depending on who you believe, unemployment is as high as 22%. So, it’s certainly jobless, but not a recovery. No wonder families are having a hard time having enough to eat. Senior citizens are having to choose between food and medicine. They always choose medicine.
Here is a link to the original article on Bloomberg News: