" Alan Greenspan "Blew It" on Mortgage Crisis
Alan Greenspan's denial of the existence of a housing bubble and his refusal to
do anything about shoddy subprime lending practices illustrates the folly of putting
a dogmatic libertarian worshipper of Ayn Rand in charge of a key government regulatory agency.
Edmund L. Andrews reports in today's 12/18/07 NYTimes that Greenspan ignored
repeated warnings on the dangers of subprime mortgages from Federal Reserve
governor Edward M. Gramlich nearly seven years ago, in 2001 from senior Treasury
Department official, Sheila C. Bair, and from leaders of a housing advocacy group in
California, John C. Gamboa and Robert L. Gnaizda who warned that deception was
increasing and unscrupulous practices were spreading.
"He never gave us a good reason, but he didn't want to do it (press lenders to adopt
a voluntary code of conduct). He just wasn't interested." "
http://hubpages.com/hub/Subprime-Mortgage-Crisis-Enabled-by-Alan-Greenspan