Alan Greenspan continues to show us just what kind of man he is, and we come away feeling disgust and loathing. Greenspan makes a couple of points that just must be addressed if we are to capture that essence of a ponzi scheme builder exposed. First, we know that he lied when he said he and no one else saw the housing bubble coming. This is wrong on two points. First, many knew it was coming as blogs were on the story fast. And second, he knew he was blowing a bubble. In February, 2004 he told the public that they could get a better deal through taking out an adjustable mortgage. He is an economist. Economists know that if you introduce artificial demand you drive up prices to an artificial, unsustainable level. There is nothing more artificial than taking out a massive amount of easy money, no money down, interest only, adjustable mortgages.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.