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Greenspan Has 'No Particular Regrets'  

Posted Nov 23, 07 5:41 PM CST in Business    Most Covered

(newser) – The US housing market crisis is not the result of Federal Reserve policies but part of a global phenomenon, former Fed chair Alan Greenspan says. "I have no particular regrets," he said yesterday in Oslo. "The housing bubble is not a reflection of what we did, as it is a global phenomenon," Bloomberg reports.

Furthermore, “no one expected” the subprime collapse, Greenspan adds, asserting the problem is over for one excellent reason: "It went to zero and can't get any lower.''  Economists are divided over Greenspan’s 18-year reign; some say dropping the Fed funds rate to 1% was an important contributor to the housing boom.

Source Bloomberg

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Greenspan Has 'No Particular Regrets'
Former chairman of the U.S. Federal Reserve Alan Greenspan speaks during the 91st LIMRA International Annual Meeting, Tuesday, Oct. 30, 2007, in Boston.(AP Photo/Bizuayehu Tesfaye)   (Associated Press)
Greenspan Has 'No Particular Regrets'
Former chairman of the U.S. Federal Reserve Alan Greenspan pauses as he speaks during the 91st LIMRA International Annual Meeting, Tuesday, Oct. 30, 2007, in Boston. (AP Photo/Bizuayehu Tesfaye)   (Associated Press)
Greenspan Has 'No Particular Regrets'
Former chairman of the U.S. Federal Reserve Alan Greenspan leaves the podium after speaking during the 91st LIMRA International Annual Meeting, Tuesday, Oct. 30, 2007, in Boston.(AP Photo/Bizuayehu Tesfaye)   (Associated Press)
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