Now some in the mainstream media are starting to agree. Reuters:
During his 18 years at the central bank, Greenspan unleashed the greatest credit boom in recent memory, bringing interest rates to their lowest levels in a generation.
The result was an unprecedented lending bonanza that saw risk spreads narrow to all-time lows and sent investors far and wide in search for the highest possible returns.
"Years and years of easy monetary policy under Greenspan created a tremendous amount of excess liquidity, which caused a total mispricing of risk," said Frank Hsu, director of global fixed-income at Fimat. "Now we're getting payback."