Stupidity Squared

"..., it's important to remember we are in this mess because Greenspan elected to blow another bubble rather than face what would likely have been a short-term recession of limited consequences. Instead, Greenspan elected to bail out his banking buddies who were in deep trouble with loans to dot-com companies and Latin America. The fruits of Greenspan's attempt to bail out banks were worldwide housing and credit bubbles of epic proportion that have now popped, leaving banks much worse off than before."