GWB made Greenspan's blunder far worse. The first thing he should have done was hold Greenspan accountable and asked for his resignation. Greenspan even offered it in his own obtuse way.
I love our President, but his one great strength is also one of his failings -- he seem incapable of firing people or asking/accepting resignations... I would be quite happy if he overcame this early in his administration and had fired Greenspan (whom I loathe).