Former Fed Chairman Alan Greenspan just said that the current credit crunch is “by far the greatest financial crisis, globally, ever” — including the 1930s Great Depression.
Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
Greenspan also said “fiscal affairs are threatening this outlook” for recovery.
The following experts have said that the economic crisis could be worse than the Great Depression:
• Fed Chairman Ben Bernanke
• Economics professors Barry Eichengreen and and Kevin H. O’Rourke (updated here)
• Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb
• Former Fed Chairman Paul Volcker
• Nobel prize winning economist Joseph Stiglitz
• Economics scholar and former Federal Reserve Governor Frederic Mishkin
• Well-known PhD economist Marc Faber
• Former Goldman Sachs chairman John Whitehead
• Morgan Stanley’s UK equity strategist Graham Secker
• Former chief credit officer at Fannie Mae Edward J. Pinto
• Billionaire investor George Soros
• Senior British minister Ed Balls