Are you suggesting he's @ fault for an individual's decisions?...
I suspect when Greenspan made his remarks, that were hailed by the mortgage/banking/RE industry as manna from heaven, he kinda had the idea he would start raising the interest rates pretty soon (and he did). At the time the industry was like hot,glowing grey charcoal brickettes....and Greenspan was the yahoo who squirts a full can of charcoal starter over the top.
As for the sub-prime/exotic mortgage bust....I don't believe for a minute that any banker/economist/mortgage broker with a single working brain cell couldn't see that mess coming (I can easily forgive the 70-year-old granny from Guatemala who got suckered into their schemes.)
If Ben and Co. see the need to lower the rates, the U.S. will be in seriously deep do-do.
Why?
(According to the Government)
Stock market good...........check
Unemployment rate good...check
Inflation OK.....................check
Wages raising..................check
Corporate profits good......check
Consumer sentiment good..check
(According to NAR)
Housing Market Recovering.......check
Mortgage Rates are GREAT!......check
NOW is the BEST time to Buy!...check
[The last statement reminds me of the joke-sign over the bar that reads "Free Beer Tomorrow"]
Why on earth would the Fed consider lowering rates when everything is going along just swell? If they do, they must know of some type of ecomonic problem they haven't been telling us about.
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