Greenspan whines he is not to blame for housing bubble


Alan Greenspan spends all of his spare time on the road promoting his books and defending his legacy as head of the Federal Reserve. With the housing bubble being identified more and more frequently as the source of all of America's economic woes, some analysts have begun to point their fingers at Greenspan.

The old man claims, of course, that he is innocent. In an article published inThe Wall Street Journal, Greenspan accuses Stanford University Professor John Taylor of distorting the Fed's record, writing that "Aside from the inappropriate use of short-term rates to explain the value of long-term assets, his statistical indictment of Federal Reserve policy in the period 2003-2005 fails to address the aforementioned extraordinary structural developments in the global economy."