Former Federal Reserve Board chairman Alan Greenspan said yesterday that the U.S. economy is going through a “once-in-a-century credit tsunami” which is sure to lead to a “significant rise” in unemployment.

Greenspan, in testimony prepared for delivery to the House Committee of Government Oversight and Reform, echoed current Fed chairman Ben Bernanke in saying a stabilization of housing prices is a prerequisite for ending the crisis and setting the stage for economic recovery, but said that is “still many months in the future.”

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