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Greenspan was largely responsible for this mess. He admitted he didn't understand the magnitude of the subprime loans after he retired, but he was directly responsible for regulation on the banks. It was all under his watch. He really believed in very few controls and he left interest rates to low to long, which fueled the whole situation. Remember the Fed is a misleading name. They are not part of the U.S. government. They are owned by a few big world banks and get to make a ton of money to print our dollars.