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Former Fed Chief Says US Financial Crisis is 'Credit Tsunami'


The former head of the U.S. central bank, Alan Greenspan, has called the current financial crisis a "once-in-a-century credit tsunami."

He spoke on Thursday before one of the many congressional hearings aimed at figuring out what caused the economic meltdown and how to prevent another one. Greenspan faced criticism and sharp questioning during the hearing. He opposed tighter regulation of financial companies during the 18 years he was chairman of the U.S. Federal Reserve. But he now urges more regulation of financial firms and predicts a rise in layoffs and unemployment.

At the same time, the head of the government's 700-billion-dollar financial rescue program told a Senate hearing the administration has made "tremendous" progress in organizing the huge effort.

Neel Kashkari also said there have been "signs of improvement" in markets. Global stock markets posted mixed results in today'strading. Stock prices in Tokyo, Seoul and Hong Kong were down sharply at the close, while European and U.S. markets were mixed. Investors have been discouraged recently by a flurry of disappointing earnings reports from major companies.

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