Credit Crisis Bailouts Continue; China Takes Aggressive Action on Economy

Economics / China Economy Oct 28, 2008 - 03:26 PM

By: Money_and_Markets

Economics
Best Financial Markets Analysis ArticleTony Sagami writes: Alan Greenspan and Ben Bernanke will go down in history as two of the most incompetent Federal Reserve chairmen our country has ever had. Like Mr. Magoo, they blindly drove the stock market and then the real estate market into some of the biggest bubbles our world has ever seen.

Now, however, they are dead right about just how bad the situation has gotten. So you should believe every word of warning that is coming out of their mouths. And let me tell you, these are some of the most dire warnings you will ever hear from a central banker.

Last week, Greenspan told Congress:

“Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment.â€