Heckuva job, Greenie!

In the past few years, I've mocked Alan Greenspan repeatedly as the clueless and/or dishonest serial bubble creator that he was. He allowed the tech bubble by refusing to raise margin requirements or tighten monetary policy years and thousands of Dow points after he saw "irrational exuberance." He took interest rates down to 1%, far below the level of inflation, to create the housing bubble to bail out the bursting tech bubble. Then, with rates at all-time, unsustainable lows, he encouraged home buyers to take out suicidal adjustable-rate mortgages. We are only now beginning to see the disaster that Greenspan has created.

The media and public officials still fawn over Greenspan, regarding him as a genius and the greatest Fed chairman of all time.

Whiskey and Gunpowder pours some reality on the party. Read the whole thing.

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