http://www.reuters.com/article/ousiv/idUSTRE49M58W20081023 WASHINGTON (Reuters) - Former U.S. Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead. Despite concerns he had in 2005 that risks were being underestimated, "this crisis, however, has turned out to be much broader than anything I could have imagined," Greenspan said in remarks prepared for delivery to the House of Representatives Committee on Oversight and Government Reform. "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief," he said. Banks and other financial institutions need public support, such as the recently approved $700 billion bailout package, to avoid serious retrenchment, he added. Right... I think much of the problems we are seeing today - were all built up under the watch of Alan Greenspan. In fact he cheered the failed system, overspending and bubble on.