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Greenspan Concedes That the Fed Failed to Gauge the Bubble

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"In his most detailed examination of the causes of the financial crisis, Alan Greenspan, the former Federal Reserve chairman, acknowledged that the Fed failed to grasp the magnitude of the housing bubble but argued that its policy of low interest rates from 2002 to 2005 did not cause the bubble," the New York Times reports. "The paper, titled “The Crisis,” argued that a global housing bubble was primarily caused by a sharp drop in long-term interest rates in 2000 and 2005, brought about by export-oriented growth in developing economies, especially China, after the end of the cold war. China, saving the dollars it was earning, was in effect making the money available for cheap loans."
SOURCE:   New York Times