Greenspan for town clown

Alan Greenspan, former Chairman if the US Federal Reserve, an economist who espoused the open and free financial market in the face of any opposition from US lawmakers, has announced the no-one could have foreseen the "once in a century credit tsunami". 

No early warning systems in the market, Al?  No little hint that there could be a small, even tiny, problem in the offing?

How about the push to advance credit to pet Chihuahuas or dead people or credit card issuers sending one hundred credit cards to a single address with one hundred different names.  How about giving mortgages on empty lots or $500,000 parking spaces.  How about bankers bundling mortgages into little brown envelopes and selling them at a discount to other bankers.  How about executives and brokers taking home seven-digit pay packages.

I am sure that you won't mention any of this when you give the lunch speech in Toronto in November.  I wonder how much you are charging for couple of hours of your time?  Maybe you give that payment to some of the victims of the "credit tsunami"!