Chris Goodrich

Blaming Alan Greenspan for this current credit crunch is like trying to blame your parents for not teaching you not to kill somebody.

I don’t care how you spin it but Alan Greenspan, nor any other single person, is the cause for this crisis.  Remember briefly that the number 1 goal of the Federal Reserve system is to direct the monetary policy of the United States.  The goal is to stabilize the value of our currency by increasing or decreasing the United States money supply.

To assume that the Federal Reserve, or any of it’s past or present governors, is solely responsible for the ups and downs of our economy is preposterous.  The very thing that has caused this crisis is something that is very hard to control; greed.  In the free market capitalistic society that we live in, greed seems to be the foundation for most of our decisions.

This crisis was caused by our collective greed.  Greed from Wall Street investors looking for even greater returns, greed from homeowners thinking they could live a life better than they can afford, greed from credit card companies in seeking high interest rates on people who would never be able to repay.  We all have a part in causing this crisis.

In the 95 years of existence, the Federal Reserve has consistently changed it’s policies in how to best regulate the money supply.  The Federal Reserve has been around long enough to have seen many of these crises.  It is during a crisis that we find new and better ways to smooth out these ups and downs.  In all of this finger pointing of who caused this crisis, I have yet to hear anyone propose a solution that would guarantee this from happening again.  And until that solution comes along, the Federal Reserve is the system we have that has gotten us through the past 95 years of downturns.