Greenspan---circa 2002.

[AlCzervik]

"New financial products have enabled risk to be dispersed more effectively to those willing, and presumably able, to bear it," he said. "Shocks to the overall economic system are accordingly less likely to create cascading credit failure."
It's like having recession insurance.
Consumers have been a major beneficiary of this hedging. The secondary mortgage market, created by the banks and thrifts to hedge their risks and rebuild the amount of capital they have available to lend, has also helped homeowners extract some of their home equity and keep consumer spending rising.

Be quiet Alan


Greenspan loved much of what has become the downfall of the economy now.