September 14, 2007 (LPAC)--Former Federal Reserve Chairman Sir Alan Greenspan has apparently decided that it were better to be thought of as an idiot, who failed to recognize the dangers of the runaway real estate debt bubble, than to be recognized as the architect of an insane policy which is blowing up all over the globe.

In an interview to be broadcast on CBS's 60 Minutes this week, Sir Alan insists he "didn't really get it" that selling overpriced homes to people who could not afford them could have a down side.

While our respect for Sir Alan is, admittedly, quite limited, we do believe he is being too modest. From his perch at the Fed, Greenspan presided over the creation of the largest financial bubble in world history, from derivatives to hedge funds and all in between, including the use of outrageous real estate prices to fuel his debt machine. With his life's work now exploding, sly old Sir Alan is now trying to slip the credit he so richly deserves.