Greenspan WAS the flaw in his free market model…because he altered free markets by lowering rates to boost the economy after the stock bubble burst. Plain and simple. Had free markets been allowed to correct after the bubble burst, we would have unwound the excess risk and leverage much sooner and with much less pain.
I can’t believe so many people still aren’t clear about how this happened. Internet boom…everything else has been a symptom of that economic growth anomaly.