I've always respected Alan Greenspan. But his recent comments regarding the "Housing Bubble" make me question if he was only politically grandstanding at the time, or is he grandstanding now.
Let's go back to June 10th of 2005. At the time Greenspan made the infamous speech about the housing market being comparable to "froth" and not a bubble. (See article) But now he's changing his tune ( see article ). So the question begs to be asked, Is Greenspan really that smart, or is he just a political hack that now feels that he's shouldn't be considered yesterdays news.
Now Greenspan like so many before him have bit the proverbial hands that fed them. Bush and his staff have been more the loyal to the GOD OF WALL-STREET and now he wants to avoid his share of the blame for the current market meltdown in the credit market. Amazing how you take credit for all that is good in the economy, but now it's time to beat a hasty retreat and blame it on someone else.
Mr. Greenspan, you and your boy's were the ones whom put gasoline on the fire, not the Bush administration. Try the blame game with someone else, because if anyone should share responsibility for the current market its yourself.
When history covers this era, I hope that Greenspan and his cronies are the ones who get the "blame" and not Bernake for the current crisis. Perhaps Bush's crew spent too much money and have us in an unpopular war, but you can't blame everything on this president. Alan needs to quit ducking or finally do what he claimed he was going to do last year, and thats RETIRE!!!!
(photo from Bloomberg)
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