It is clear at this point that we are in a full fledged crisis. Unfortunately we are still acting as if this were just a typical temporary downturn in the economy, as the President is arguing. There are some prominent persons whom are responsible enough to tell the truth. Will it be enough? Are we in denial? Has anyone heard from the Presidential candidates lately on the crisis?:
Today's economic condition could likely be seen as "the most wrenching since the end of the second world war," wrote former Federal Reserve chairman Alan Greenspan in the Financial Times on Monday.
The U.S. financial crisis won't end until housing prices stabilize, but that won't happen for months, wrote Greenspan.
The models used by the finance industry to determine risk and measure economic strength are too simple to fully account for human responses, he said. "We cannot hope to anticipate the specifics of future crises with any degree of confidence," he wrote.
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