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...?