Monday, April 5, 2010
Significant Blame in the Meltdown goes to Alan Greenspan
The New York Times has an op-ed from Michael Burry. Burry is one of the cast of characters in Michael Lewis' book, The Big Short. Burry was one of the analysts who saw through the shell game at the heart of mortgage backed securities. This article says Greenspan had a duty to be a watchdog, instead of a cheerleader of our financial system. He details some of the cheerleading, after Greenspan dropped his initial warnings about "irrational exuberance" in the market.