Alan Greenspan, Who Strongly Denied the Existance of a Housing Bubble, Says the Financial Crisis Will End Only When House Prices Begin to Stabilize

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Forgiveness might be divine, but forgetting is just bad reporting. When former Fed Chairman Alan Greenspan warns the public that the financial markets will not be set right until the housing bubble has fully deflated, it is worth reminding readers that Mr. Greenspan was a vigorous bubble denier during his tenure as Fed chair. He refused to take any steps to head off the growth of the bubble and repeatedly insisted that there was nothing out of line in the housing market.

--Dean Baker

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