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Greenspan and the Guilt of Others
Before the committee, Greenspan immediately went on the offensive (cf. Creole trick). The irresponsible loans of banks caused the crisis, not the low interest of the Federal Reserve. The Fed failed in regulating the banks because its employees were not neutral. The Fed failed to limit deceptive awarding of credit - although it had the power to do that.
Before the committee, Greenspan immediately went on the offensive (cf. Creole trick). The irresponsible loans of banks caused the crisis, not the low interest of the Federal Reserve. The Fed failed in regulating the banks because its employees were not neutral. The Fed failed to limit deceptive awarding of credit - although it had the power to do that.
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