Public Enemy #1 - Alan Greenspan

Apparently, Alan Greenspan has no shame. There he was again today, with an op-ed piece in the Wall Street Journal. Mr. Greenspan was trying to shift the blame for the current economic mess we're in away from the horrendous monetary policies he implemented as head of the Federal Reserve.

Much of the blame for the current crisis can be laid directly at the doorstep of Mr. Greenspan and his "easy money" policies which encouraged a culture of debt. Mr. Greenspan also encouraged "financial innovations" which brought us all sorts of securitized products and derivatives on those products.

Mr. Greenspan still does not seem to grasp the concept of moral hazard. He also does not want to admit that the big Wall Street firms played him for a sap - allowing them to "socialize" any and all losses they incurred.

Instead of admitting he goofed, Mr. Greenspan pointed the finger elsewhere. He laid the blame on the "global savings glut". Yes, it's the fault of those crafty Chinese and other savers around the globe that brought the US economy to its knees. Yep - it was prudent people around the world that caused the financial crisis.

Mr. Greenspan continues to amaze me. He should be tarred and feathered!