UM: Federal Reserve

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The New York Times reports that Alan Greenspan is being criticized for comments he made about Ned Gramlich, the late UM economist and former member of the Federal Reserve board of governors. Gramlich issued early warnings about subprime mortgages, but now Greenspan appears to be laying some of the blame for the lending crisis on Gramlich, who died in 2007. The article quotes Paul Courant, UM dean of libraries: “If Greenspan were as honorable and loyal as Gramlich, we wouldn’t be having this conversation, because Greenspan wouldn’t have raised the point in the way he did in the hearing the other day.” [Source]