Greenspan deflects blame during heated testimony

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Alan Greenspan on Wednesday attacked Congress for using the Federal Reserve as a scapegoat for the housing bubble and jeopardising its independence for political gain.

"There is a perception that the Fed is an independent agency, and it is to some extent, but we are a creature of Congress," Greenspan, a former chairman of the Federal Reserve, was quoted as saying by the Financial Times. "And Congress was interested in increasing homeownership - they wouldn't have understood the problem of a hous

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