Alan Greenspan has called the financial crisis, “by far the greatest financial crisis, globally, ever” — including the 1930s Great Depression. Greenspan commented on the crisis in an address to a Credit Union National Assocation conference on Tuesday.

The “extremely unbalanced recovery” is being led by high- income consumers and large businesses that are benefiting from a recovery in stock prices, he said.

Bloomberg reports that Mr Greenspan went on to warn of an extremely unbalanced recovery in the global economy, with some sectors such as housing and the auto industry expected to see further pain.

The financial crisis was caused by a “fundamental misjudgment in the marketplace,” Greenspan said. Greenspan defended markets, because other forms of economic organization are worse.

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