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| Version 0 | Version 1 |
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| Financial crisis 'like a tsunami' | Financial crisis 'like a tsunami' |
| (31 minutes later) | |
| Former Federal Reserve chairman Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami". | Former Federal Reserve chairman Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami". |
| Speaking before Congress, Mr Greenspan, who stood down as Fed chairman in 2006 after 18 years, said he expected the US unemployment rate to jump sharply. | |
| He added that recovery in the US housing market was "many months" away. | He added that recovery in the US housing market was "many months" away. |
| Returning to the crisis in the banking sector, he said he had been left in "a state of shocked disbelief". | Returning to the crisis in the banking sector, he said he had been left in "a state of shocked disbelief". |
| Mr Greenspan made the comments to the House of Representatives Committee on Oversight and Government Reform. | Mr Greenspan made the comments to the House of Representatives Committee on Oversight and Government Reform. |
| Committee chairman Henry Waxman, a Democrat, suggested that Mr Greenspan had added to the problem by rejecting calls for the Fed to regulate the sub-prime sector. | Committee chairman Henry Waxman, a Democrat, suggested that Mr Greenspan had added to the problem by rejecting calls for the Fed to regulate the sub-prime sector. |
| "The list of regulatory mistakes and misjudgments is long," Mr Waxman said. | "The list of regulatory mistakes and misjudgments is long," Mr Waxman said. |