GreenSpan Wrong? ... No...

he couldn't be wrong - let's see..

he lowered rates so everyone could afford to buy expensive things in the interest rate environment he created

then he set the interest rate environment to expire before the buyers could accelerate beyond their economic escape velocity (ex. in real -estate; getting beyond momentum value swings and into real solid equity growth from time/population/wage growth) , so they were doomed to crash if they didn't have a bailout plan or a lucky parachute under the seat...

then he failed to recommend the long-term interest rate problem be corrected before everyone crashed

and to this day - the Feds still have not lowered long-term interest rates to help anyone out...I guess we'll have to wait until after the election to get lower long-term borrowing rates