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Thursday, September 13th, 2007...9:00 pm

Alan Greenspan

Relative to the promiscuous “sub-prime” lending of recent years, Greenspan has exclaimed in a CBS interview that, “While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late,” he said in a CBS “60 Minutes” interview to be broadcast Sunday. “I really didn’t get it until very late in 2005 and 2006,” Greenspan said.

I’m not buying it.

I cannot believe that a chairman of the Federal Reserve was unable to understand that future economic problems could ensue from the practice of selling mortgages to millions of folks who couldn’t afford to repay them and the practice of packaging those mortgages into collateralized debt instruments for sale to speculators.

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