Bill Fleckenstein on Greenspan's role in fomenting the credit bubble and the coming consumer recession (2007)

Without the Fed's policy -- notably Greenspan's during his entire 18-year tenure -- of repeatedly bailing out reckless speculators, the problems we face would, in all likelihood, never have reached such gargantuan proportions. (This is not to absolve Corporate America, Wall Street or Joe Six Pack of their greed and cutting of corners.) I expect by sometime in the next three or four months, it will be quite clear that the economy is headed for a serious consumer-led recession.

~ Bill Fleckenstein, Contrarian Chronicles, MSN.Money, "Blame Greenspan for this bubble, too," March 26, 2007