Greenspan hits back

Alan Greenspan, a former chairman of the Federal Reserve, has said that the blame for the subprime crisis lies with the investment community rather than himself, as has often been argued.

In a response to criticism that his handling of US monetary policy had led to the subprime crisis written for newspaper the Financial Times's website, Greenspan said that the evidence of low real interest rates influencing the housing boom was "statistically very fragile".

Greenspan argued instead that subpr