Ex-Fed chief Greenspan taking a lot of heat for financial crisis. He's

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Ex-Fed chief Greenspan taking a lot of heat for financial crisis. He's

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	Author: shakedust	Posted: 23 months 7 days ago
	Author's vote:	Rate comment 2 0

I would be more willing to let him off the hook if he hadn't talked up some of the exotic home loans near the end of his term. When I heard what he said I flat-out couldn't believe it.

Greenspan influenced interest rates, which made available a lot of cheap money, which inflated house prices and encouraged debt. He was under a ton of pressure to do something to get the economy moving after the dot-com crash and 9/11, though, so his actions did not occur in a vacuum.

That said, Greenspan was just one cog in a series of people, conditions, and events that led us to the current situation. If the dot-com bubble had never occurred, or if there was tighter regulation on mortgage brokers, or if we didn't exist in such a status-conscious society, the mortgage crisis would probably have never occurred.

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