Former Fed Chief Says He's "Shocked" by Extent of Crisis

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Uploaded by on Oct 24, 2008

Former Federal Reserve Chief Alan Greenspan was grilled by lawmakers Thursday who asked him to explain his role in creating the conditions that led to the current financial crisis. Greenspan, chairman of the US Federal Reserve for 18 years, blamed the financial meltdown on what he called a "once in a century credit tsunami". But as VOA's Mil Arcega reports, lawmakers were not willing to let him off the hook.

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