If you want to know how Greenspan is attempting rewrite history then you need to know about Brooksley Born.
http://www.pbs.org/wgbh/pages/frontline/warning/interviews/born.html
She warned everyone about the dangers of over the counter derivatives. Those financial instruments that contained multiple fractions of combined mortgages parts. Greenspan is responsible for letting the whole thing get loose and fast.
Here she is letting him have it for trying to pretend it was congress, even though congress did go along with it.
Today:
http://news.firedoglake.com/2010/04/07/brooksley-born-excoriates-alan-greenspan-you-failed/
“At today’s Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure – to his face. Greenspan accords a certain degree of respect on Capitol Hill, despite Born’s accurate take on his many failures, and so this outburst was highly unusual – and gratifying.
Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency “failed to prevent housing bubble, failed to prevent the predatory lending scandal, failed to prevent the activities that would bring the financial system to the verge of collapse.” “
This all started under Clinton. Read it and weap...
I’ve seen that. :)
But for those FReepers and anyone else who hasn’t, I urge you to watch the Frontline special linked above. It is excellent. This woman was treated shamelessly; yet had they listened to even 25% of what she warned about, we wouldn’t be in this mess.
I wish Bush would have found a place for her in the administration. She strikes me as a very principled public servant.