Investors, not Fed, to blame for crisis-Greenspan

[El Pinko]

http://www.reuters.com/article/marketsNews/idUSL0742422520080407?sp=true


Investors, not Fed, to blame for crisis-Greenspan
Mon Apr 7, 2008 4:07am EDT

LONDON, April 7 (Reuters) - Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.

In an article in Monday's Financial Times newspaper, Greenspan wrote that the housing bubble which inflated between 2001 and 2006 had not been unique to the United States.

"The U.S. bubble was close to median world experience and the evidence that monetary policy added to the bubble is statistically very fragile," Greenspan wrote.

Under Greenspan the Fed cut rates from 6.5 percent in late 2000 to 1.0 percent in mid-2003. Most other leading central banks followed suit, although not to such low levels apart from the Bank of Japan.




Yeah, it wasn't your fault at all Greenscum. You had nothing to do with the deregulation of the lending industry and never encouraged people to take out ARM loans, right?

Lying scumbag...

[cliss]

1. He's out there a lot lately.

Mr. Pondscum probably figures it's better to be ahead of the train wreck, than behind it. Too bad it won't work.

[blondeatlast]

2. Excuse me, Mr. Greenspan, just what was it that allowed ordinary citizens with average incomes to

invest in homes other than their residences?

Did they all win 7 figure lottery prizes? Or was it something more sneaky concerning easy credit, something you had your greedy little hands in? Hmm?