Greenspan defends his record

April 9, 2008 at 11:22 AM
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WASHINGTON, April 9 (UPI) -- Former U.S. Federal Reserve Chairman Alan Greenspan said he has "no regrets" concerning his economic policies.

"I have no regrets on any of the Federal Reserve policies that we initiated back then," Greenspan said in a CNBC interview.

Greenspan has taken on the unfamiliar role in recent weeks of defending his previously applauded track record. Previously called "Maestro," for his years of economic policy-making, Greenspan is now referred to as "Mr. Bubble," for keeping interest rates low and failing to reign banks to head off what author and banker Charles R. Morris calls "The Trillion Dollar Meltdown," the Los Angeles Times reported.

House Financial Services Committee Chairman Barney Frank, D-Mass., has become one of Greenspan's detractors, calling his policies, "bifurcated," the paper reported.

But, Greenspan says hindsight is 20-20.

"In retrospect, do I think it would've been nice to have a higher record of forecasting accuracy? Of course. Do I think that it's possible? No," Greenspan said recently.

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