Mr. Greenspan said that toward the end of the George W. Bush presidency, the United States experienced a "once in a life-time credit tsunami" and that the government was required to take unprecedented actions to save the economy. When President Obama took office, the credit markets were still so badly damaged that they were incapable of funding a restructuring of GM and Chrysler. According to the Republican governor of Michigan, without the immediate intervention of the Obama administration, 1.1 million manufacturing jobs in the United States would have been lost. There can be no doubt that this would have caused further, severe damage to the credit markets, to the value of our 401k plans and to the prosperity and security of the United States. Many more jobs then would have been lost.