Alan Greenspan, former chairman of the Federal Reserve, and subject of previous postings on this blog, recently said of the sub prime mortgage debacle: “This was an accident waiting to happen.”

Apart from using a cliché to describe an economic collapse that might have been avoided through prudent Central Bank policies, or the rare case of the government using its regulatory capabilities, Greenspan himself could be accused of having set the scene for the “accident” through his own handiwork of supplying the market with plenty of cheap cash.

That’s real *chutzpah from the Bubblemeister.

*chutzpah, n. (Yiddish) nerve, gall, audacity.

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