Worst Credit Crisis in 50 Years!

Former Federal Reserve Chairman, Alan Greenspan told a conference in Tokyo on april 8, 2008...

"The current credit crisis is the most wrenching in the last half century and possibly more." Blaming the sub-prime mortgage-market for the credit crunch and decline in home prices, he went on to state that it will be a couple of months before we'll see if home prices stabilize.

A week earlier, citing the worst U.S. financial crisis since the Great Depression, The IMF cut its forecast for global growth this year and said there's a 25 percent chance of a world recession.

At the same time, current Fed Chief Bernanke, told Congress that the U.S. economy may contract in the first half of 2008 and for the first time acknowledged the chance of a recession.

There you have it, we're in a recession. We all knew that, didn't we? If we did not we should have. But it goes much, much further, because recessions come and go but this one has been around for a while.

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