Alan Greenspan, former chairman of the Federal Reserve and economic guru, was on the record for saying recently that he honestly hopes that the very worst of the credit crunch  is over and that the duration of a recession for America is tied directly to the length in which the financial turmoil of the county lasts.

Speaking by means of satellite to an economic conference being held in Italy, Greenspan has mentioned that the situation should still be seen as one of critical concern, and that the economic crisis may very well find itself being dragged out into 2009.