03/28/2008 02:45 am ET Updated May 25, 2011

Spitzer: "Financial Tsunami" Is Coming

New York state governor Eliot Spitzer warned Thursday that bond and credit woes afflicting Wall Street and global markets could turn into a more damaging "financial tsunami."

In testimony to the US Congress, Spitzer urged lawmakers and regulators to urgently address the bond and credit problems roiling the financial industry which have forced some big firms to writeoff billions of dollars in troubled securities.

"If we do not take effective action, this could be a financial tsunami that causes substantial damage throughout our economy," Spitzer said, according to a transcript.

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