Can anyone imagine that someone as smart as Mr. Greenspan could not see the near-term and long term future peril of the folly of ARMs/adjustable rate mortgages sold to ambitious unwise working poor fools?
The banks certainly are smart and powerful and personal debt/foreclosure/repossession driven enough to have foreseen this and as the power player in this business contract, must bear the full cost of such overly ambitious greed. No federal bailout is warranted tho the Federal Reserve certainly looked the other way and allowed this major stupidity and huge threat to our weaken national economy. Another nation lesson to learn.
