Greenspan: Worst of Credit Crisis Is Over

By Reuters | 08 May 2008 | 03:38 PM

Former Federal Reserve Chairman Alan Greenspan said on Thursday that the worst of the credit crisis is over, according to attendees at a New York speech.

Greenspan also said house prices still had a long way to fall and it was unlikely they would stabilize by year-end, according to meeting attendees who provided Reuters details of the speech delivered at the Alternative Public Strategies Conference.

The attendees, who declined to be identified by name, said Greenspan mentioned that U.S. growth was likely to be sluggish for an extended period of time.

The U.S economy is reeling from a housing-led slowdown, with some analysts convinced it is already in a recession despite a 0.6 percent growth rate in the first quarter.

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