Greenspan's "once-in-a century" financial crisis counters McCain's economic hallucinations

"I still believe the fundamentals of our economy are strong. We’ve got terribly big challenges now, whether it be housing or employment or so many of the other — health care. It’s very, very tough times. It’s very tough. But we’re still the most innovative, the most productive, the greatest exporter, the greatest importer."

-- John McCain, on the Laura Ingraham program (8/21/2008)

How long can McCain keep up this fantasy that a few tax cuts will get us out of this economic mess? Alan Greenspan gives it a 50% chance we will go into recession.

The United States is mired in a "once-in-a century" financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday.

The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States.

"First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event," Greenspan said on ABC's "This Week."

Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied "Oh, by far."

"There's no question that this is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go," Greenspan said.

Obama's latest commercial:

What's happened to John McCain. He's running the sleaziest ads, ever.

Truly vile. Dishonest smears that he repeats, even after it's been exposed as a lie.

Truth be damned.

A disgraceful, dishonorable campaign.

After voting with Bush 90% of the time, he proposes the same disastrous economic policies.

It seems deception is all John McCain has left.