"right" interest rate, which is a fool's errand. When he'd pick a rate that was too wrong, we'd wind up with a misallocation of capital, and he would come back and try to rescue it with more easy money. There's lots of evidence of his willingness to cut rates but reticence to take back those cuts. The consequence was an epic stock bubble. When that burst, it took 13 rate cuts and three tax cuts to get us going again [and produced] a bigger housing bubble that's more dangerous.

So how do you square criticism of Greenspan with unprecedented economic growth during his tenure?
You have to weigh the gains with the fallout. If you're taking steroids and do really well, but three years later you get cancer, was it worth it? That's why in the stock mania, I said it would lead to problems, and people laughed at me before the Nasdaq dropped 70 percent.
It's the same in the housing bubble. If we are a year from now mired in the worst recession of the last 30 to 40 years, will it have........

Hedge fund manager William Fleckenstein

(My emphasis)

Enough said.

Enough said

I know what you're saying, but I'm of the opinion, that there's honest and dishonest people in every industry.