I Didn't Do It!

Uncle Alan says he's innocent:

Former Federal Reserve Chairman Alan Greenspan has lashed out again at his critics, saying he was being blamed unfairly for the credit crisis and that he had no regrets about decisions he took while at the helm.

In an interview in Tuesday's Wall Street Journal, Greenspan, who left the Fed in early 2006, says critics are ignoring evidence in his favor and failing to give credit to the thinking behind the Fed's decision to lower rates when he was in charge.

No one could have predicted that encouraging home ownership in such a reckless manner and keeping the interest rate below the inflation rate for so long could have had such an effect. Except they did, and Greenspan was wrong. It's his Randian problem and he'll have to shoulder the blame for it.