How bad is the news that the British decided to leave the European Union? For those of you wondering if all the freaking out is out of proportion, that this whole thing will blow over and everything will be back to normal by Monday morning, former Federal Reserve Chairman Alan Greenspan is here to put things in perspective: people aren't freaking out enough. In fact, in all of Greenspan's time, which is vast, this strikes him as pretty much the worst time ever, and that includes both Black Friday of '87 and the more recent financial crisis that he caused, which he'd prefer not to discuss.
"This is the worst period, I recall since I've been in public service," Greenspan said on "Squawk on the Street." "There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away."