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Alan Greenspan on the mortgage crisis: "I didn't do it!"
The end of the Cold War is the real villain, declares the Maestro. Now the U.S. no longer controls its own financial destiny
[2007-12-12]

  • Is he mad?

    Greenspan is full of shit. We bought our first house 4 years ago this month, Dec. 2003. Our first was a fixed-rate mortgage, but the second (20% of purchase price) was adjustable. It was fine for the first month, but this also coincided with near monthly rise in the Fed's rate. That meant that our ARM second went up monthly. This state of affairs continued until Sept. 04 when we refinanced the second to a fixed-rate. Had we stayed with the ARM, our monthly payments would have gone even higher.

    How does that help consumers? What planet is Greenspan on?

    -- gar
    [Read gar's other letters]
    Wednesday, December 12, 2007 09:20 AM
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