Saturday, November 15, 2008

Former Goldman Sachs chairman prediction: “Worse than the Great Depression”

According to former Goldman Sachs chairman John Whitehead, the current downturn will be worse than the Great Depression. As reported by Reuters:

The economy faces a slump deeper than the Great Depression and a growing deficit threatens the credit of the United States itself, says former Goldman Sachs chairman John Whitehead.

"I think it would be worse than the Depression," Whitehead said. "We're talking about reducing the credit of the United States of America, which is the backbone of the economic system. ... I see nothing but large increases in the deficit, all of which are serving to decrease the credit standing of America. ... I just want to get people thinking about this, and to realize this is a road to disaster. I've always been a positive person and optimistic, but I don't see a solution here."

No comments: