Letters to the Editor
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Where is Greenspan's error again?
I don't understand this drive to scapegoat Greenspan, unless it's issuing from a general liberal antithesis to anyone who is agressively free-market.
America isn't the only country which experienced a real estate bubble. It has happened all over the western world. That, along with interest rate insensitivity to the Fed's tightening moves, does point to global forces at work.
Also, ARM's are a great idea. I have one myself and it has saved me tens of thousands of dollars in mortgage interest over the fixed-rate alternative. The problem that arose was from reckless lending standards, enabled by a separation of lender from ownership of the debt. Greenspan is hardly to blame for that.
This article was just entirely irrational -- like the worst of of the dreck I see in the MSM. It started with a thesis and then cherry picked and slanted whatever it could find to try to support it. I subscribe to Salon because I expect better than this.