“The galling thing about this is that there are a lot of policy makers who should have known how big a risk they were taking by reducing the interest rates so much and injecting so much liquidity into the market (M3).”

I hear that.

While there is *much* blame to go around, I generally feel the focus should be directed upwards. Its guys like Greenspan that really should (need actually) to know better. Heck, its was his friggen job to know better!

Whats sad is every single FB is gonna get smacked much harder in the end than Greenspan, whom is really has not much to lose from the mess he made. Unless he has a bunch of investment properties bought with ARM’s!