Greenspan Would Make Mentor Rand Proud

Greenspan Would Make Mentor Rand Proud

He can spin all he likes, but many are not buying former Federal Reserve Chairman Alan Greenspan's attempts to distance himself from the housing crisis -- and to make sure the Fed's laissez-faire economic practices don't take any blame either.

Greenspan, both his critics and his political allies note, is a political survivor who does what it takes to stay on top. So he's forcefully and publicly defending himself and his staunch anti-regulatory views, even as fingers point to his tenure at the Fed as the source for the housing mess.

"The Fed is Blameless on the Property Bubble," declared the headline of Greenspan's piece in Monday's Financial Times. He offered no apologies, and instead wrote, "Free competitive markets are the unrivalled way to organise (cq) economies." In a defensive interview in The Wall Street Journal Tuesday, Greenspan said he was speaking out to set the record straight and to make sure the wrong lesson - tighter regulation - wouldn't be the end result of the foreclosure crisis.

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