GREENSPAN IS A LIAR

Trying to extricate himself from any involvement in the sub-prime crisis, Greenspan writes:

Regulators, to be effective, have to be forward-looking to anticipate the next financial malfunction. This has not proved feasible. Regulators confronting real-time uncertainty have rarely, if ever, been able to achieve the level of future clarity required to act pre-emptively.

But when his book came out, we learned that one of his colleagues was worried about mortgage loans:

Greenspan said in the interview that he was aware of lax lending standards in the subprime market, in which borrowers have little or poor credit history. The admission comes a week after the death of former Fed Governor Ed Gramlich, who had pushed Greenspan to strengthen the central bank's oversight of banks during the record U.S. mortgage boom from 2004 to 2006.