Greenspan Shocked at Credit Crunch

By Purchasing Staff -- Purchasing, 11/13/2008 7:00:00 AM

Former Federal Reserve Chairman Alan Greenspan told Congress in October he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities. "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity—myself especially—are in a state of shocked disbelief," Greenspan said in his testimony.

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