Economy Blog » Criticizing Greenspan’s Rate Hikes

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We all know the thesis that the subprime crisis is Alan Greenspan’s fault for cutting interest rates way too much and fuelling an unsustainable mortgage-credit bubble. But now Michael Mandel comes along with the flipside argument: that the
subprime crisis is Alan Greenspan’s fault for raising interest rates way too much and thereby concentrating pain on the holders of adjustable-rate mortgages.
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