Daniel, thanks for clearing up Greenspan’s comments. But you really have to parse his words to get at what he meant. If his intention was to give more options, why didn’t he modify or explain it better, when he realized the media misquoted him and lenders were giving ARMs to subprime borrowers who had no ability to “manage their own interest rate risk”. Most of the people who took those loans couldn’t even tell you what that means. All they knew is what they read, and presumably what their lender told them: the government advocated ARMs. Greenspan had a duty to set the record straight, and conveniently, he did not.
