Former Federal Reserve Chairman Alan Greenspan read a prepared testimony to Congress Thursday saying the current global financial crisis is a "once in a century credit tsunami" that lawmakers did not anticipate.

Greenspan said he was in shock over the present turn of economic events and called conditions "deplorable."

"Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment," Greenspan said. "Fearful American households are attempting to adjust, as best they can, to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity."

Greenspan also said that it could take months for an upswing in the economy and encouraged to the government to continue forward with all efforts to aide in this financial crisis.