Our recent economic recession has been blamed on many people.

• George W. Bush – sitting president at the beginning of the recession
• Wall Street Bankers – unnamed mob of greedy folks out to scrape in the dollars
• Greedy Americans – the general public that tried to live above their means and got bit in the butt for it
• Alan Greenspan – former fed chairman who was an ardent supporter of deregulation in the free market

It’s pretty common for Americans to blame George Bush for everything from high gas prices to the common cold.  However, the economic recession has more to do with Greenspan than Bush.  Alan Greenspan was a huge supporter of Adjustable Rate Mortgages (which put more than a few people out of a home).  Greenspan also fought for the deregulation that eventually allowed lenders to provide homes with no background checks or income validation.  We all know that the US economy tanked in line with the housing market.

Up until the housing crash Alan Greenspan was heralded as a genius.  He served as Fed Chief under George H.W. Bush and Bill Clinton.  Even geniuses make mistakes (sometimes huge ones).  This begs the question.

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