Former Federal Reserve Chairman Alan Greenspan, the man who many have blamed for the current financial crisis, appeared before the House Oversight Committee on Thursday enduring a barrage of questioning from lawmakers. Greenspan, who was once lauded as the nation’s premier authority on monetary policy, was all but attacked by incensed legislators. Committee chairman Henry Waxman ignored Greenspan’s explanations stating: “You had the authority to prevent irresponsible lending practices that led to the subprime-mortgage crisis. You were advised to do so by many others. And now our whole economy is paying its price.”
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