“We are in the midst of once in a century credit tsunami. Central banks and governments are being required to take unprecedented measures. Given the financial damage to date, I cannot see how we can avoid a significant rise in the layoffs and unemployment." Greenspan said the stabilisation of home prices is necessary for recovery and added the market freeze will begin to thaw when home prices stabilise. He feels that government's move to support the financial sector are correct. "Those who believed lenders would protect shareholders are shocked."
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