“I’ve never seen a particular situation during my professional experience anything like this,” the 94-year-old Greenspan told CNN’s Julia Chatterley on her show First Move on Thursday.
Although he wasn’t working in finance when he was a boy, he lived through the Great Depression.
Greenspan headed the Fed from 1987 to 2006, the second-longest tenure in that role. (He missed being first by four months.)
Trying to forecast where the virus is going at this stage is little more than a guess, Greenspan said. It might be possible to get back to normal by next spring, he added, but only if the virus’s spread is controlled and stays that way.
As long as there is general agreement that something needs to get done, passing a new stimulus package should be easy, Greenspan said. But in a situation this precarious, one should always ask what might go wrong.
“I’m not convinced at all that we have enough information to know how to deal with this type of problem,” Greenspan said, adding that there could be unintended consequences for society.