Alan Greenspan and the 2008-09 Financial Crisis
- Investing Markets
Peter Lynch- 0
- 3 minutes read
As eulogies and critiques pour in for Alan Greenspan, one thing has become clear: The left is using the former Federal Reserve chairman’s death to peddle a false narrative yet again regarding the underlying causes of the 2008-09 financial crisis. Since so much bad economic policy rests on bad economic history, we need to set the record straight.
Greenspan’s critics argue he carries much of the blame for the crisis and the housing bubble that triggered it, due to the low mortgage rates on his watch from 2000 to 2006, as well as his support for deregulation. Missing from this evaluation of Greenspan’s career is any recognition that for extended periods during the postwar era, mortgage rates were significantly lower than they were in 2000-06, yet they created no housing bubbles. Also missing is that for two decades leading up to the crisis, financial regulation grew stricter.
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