Tuesday, September 18, 2007
There's a definite lack of love towards Greenspan:
"Watching Chairman Greenspan comment on his handiwork in speeches and in his memoirs, and rake in the six-digit speaking fees all the while, we can't help but ponder the victims of the subprime debacles, especially outside Wall Street. Like the individual US home owner who was unlucky enough to get a subprime loan (which ended up inside some hideous CDO) and now faces foreclosure. Or the shareholders of UK mortgage bank Northern Rock, which was rescued by the Bank of England over the weekend and is likely to be sold. Or the investors in dozens of other mortgage companies which have failed in the past six months."
Not that the blame goes to him alone. He just loaded the gun—the mortgage holders aimed it at their own foot and pulled the trigger. Repeatedly, in many cases.
Labels: mortgage bubble