Greenspans' Greenbacks

The NYT has an good piece on how Greenspan is to blame (to different degrees) for the financial crisis - specifically by refusing to regulate derivatives. I remember after Clinton left office and it was between W and Gore a lot of people (especially a Tom Toles cartoon) claimed that it didn't matter who won, as long as Greenspan was still the Fed Chairman.

“The sudden failure or abrupt withdrawal from trading of any of these large U.S. dealers could cause liquidity problems in the markets and could also pose risks to others, including federally insured banks and the financial system as a whole,” Charles A. Bowsher, head of the accounting office, said when he testified before Mr. Markey’s committee in 1994. “In some cases intervention has and could result in a financial bailout paid for or guaranteed by taxpayers.”