US facing 'credit tsunami'
Updated on 23 October 2008
America is "in the midst of a once in a century credit tsunami", a former US Federal Reserve chairman has said.
Alan Greenspan warned that a "significant rise" in unemployment was unavoidable as the United States works its way through a massive financial crisis that will not ease up for many months.
The former chairman of the US central bank also told the oversight committee of the US House of Representatives that he had made a "mistake" in believing that banks, in operating in their self-interest, would be sufficient to protect their shareholders and the equity in their institutions.
These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.
