Pocono News Section

Sen Casey says credit crunch could get worse!

Sen Casey says credit crunch could get worse! - Tuesday, September 30, 2008 at 1:42PM EST

Reported by: David DeCosmo WYOU TV News
Tuesday, Sep 30, 2008 @ 01:42pm EST
SCRANTON, LACKAWANNA COUNTY

U. S. Senator Bob Casey (D-PA.) says the nation's credit crunch could get worse unless lawmakers can agree on a so called 'bailout plan' soon.!

Speaking to reporters in his Scranton office Senator Casey said the complicated situation comes down to a simple reality. Senator Casey said "If credit remains as it is now, frozen or freezing, this economy, as bad as it is, could get a lot worse."

Asked if the current situation represented a 2008 version of the stock market crash of 1929 or a pre crash condition, Senator Casey said "Well its something very similar to that. I don't think there's any question about that." Casey said he'd leave it up to economic historians to do the comparison but added "When you see what's happened over the last couple of months to major institutions you get a sense of how big it is."