Socialist Worker

Economic who says

Issue No. 2093

“A poisonous cycle has taken hold... There is a whiff of 1929 about all this.”

Financial Times editorial, on the fall of Bear Stearns

“The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.”

Alan Greenspan, former chair of the Federal Reserve Bank

“This crisis will slowly spread from segment to segment of the credit market. It will spill over into the rest of the financial market and to the real economy.”

Wolfgang Münchau, associate editor of the Financial Times

“We know we’re in a sharp downclimb and there’s no doubt that the American people know that the economy has turned down.”

Hank Paulson, the US treasury secretary, trying very hard not use the word “recession”

“Forget Barings or Long Term Capital Management. These were the individual company failures that proved the system was robust. Today, the system itself is at risk.”

Tom Stevenson, The Daily Telegraph’s investment expert admits he has “seriously underestimated the depth of the current crisis”

“I don’t think anybody alive has seen events of this seriousness and magnitude affecting the markets. It’s hard to see exactly what tools the authorities do have.”

Terry Smith, chief executive, Tullett Prebon

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Who Says?
Tue 18 Mar 2008, 19:07 GMT
Issue No. 2093
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