Greenspan's Endless Loop

Pointed out at Calculated Risk:

...Alan Greenspan said the credit crunch was past the worst. "We are beginning to see the frenzy calm down," the former chairman of the Federal Reserve told a conference in Lisbon. "Unless we get secondary effects the worst is over."

That was yesterday, October 3, 2007.

Here's October 9, 2006:

Former Federal Reserve Chairman Alan Greenspan said the ``worst may well be over'' for the U.S. housing industry that's suffering its worst downturn in more than a decade

And, at some point in time, Greenspan will be right. Just keep looping the tape.