HENRY KAUFMAN on the credit crisis

n Part One of this three part series, Henry Kaufman, the legendary Wall Street economist known as "Dr Doom" for his pessimistic forecasts on inflation and interest rates in the 1970s and 1980s, talks about the credit crisis, saying its magnitude is unknown. " Mr Kaufman says responsibility for the crisis lies with banks, ratings agencies and others, but the "dominant" responsibility lies with the Federal Reserve.