Greenspan: Economy in 'once-in-a-century' crisis

"The U.S. credit squeeze has brought on a 'once-in-a-century' financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.

Greenspan told ABC's 'This Week' that the situation 'is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go.'

'Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes,' Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months."

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Greenspan: Economy in 'once-in-a-century' crisis