Greenspan: not my fault
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Alan Greenspan, the former Fed chairman wrote an article The Fed Didn’t Cause the Housing Bubble on WSJ to defend himself. He was saying his low fed rate from 2003 to 2005 is NOT the cause for the housing bubble, and current financial crisis. Interesting stuff. I remember Oct. Anderson Cooper (CNN) did a series of 10 most wanted culprit for (financial) collapse, and Mr. Greenspan was No. 6. The English article on CNN360 is not easy to get, here is Chinese translation.
Anyway, I don’t want to get into those political stuff. My point is, probably he has his share of mistakes. Of course, he is not alone in all this. It takes a meltdown of the whole system for us to get here, from regulators including the broader goverment (democrats and republican; congress and presidents), from business to consumser, from wall street to main street, from US to China,…each made some convenient choice without thinking the long term.
But the human nature when we hear the blame, we will say: no, not my fault.
Psychology 101: denial is the first response we hear bad news.