Geezer Bambi is Shocked, Mostly Blameless
"Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity (myself especially) are in a state of shocked disbelief," according to Mr. Greenspan.
Are you kidding me, Geezer Bambi? You thought the self-interest of lending institutions would protect shareholder equity? When there's nothing to be gained in the market by growing the value of that equity slowly? When the people making the decisions were slithering away with hundreds of millions in cash and quick equity bucks via grants based on mythological "earnings", and all the rewards were distributed for levering equity 20-30x and paying no attention to the knife-wielding man behind the curtain?
Geezer Bambi, you quite clearly were not paying enough attention to what was going on in the RE lending markets, the secondary markets, or the derivative swaps markets, despite being in charge of them.