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Global Economic Meltdown: Greenspan's Legacy

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Executive Summary

The Global Credit Crisis that began like a small fire in the US housing finance market in 2007 spread and became a forest fire that first engulfed the US, then the Western economies, and eventually the rest of the world. The crisis is clearly the deepest and the most widespread economic meltdown that the world has faced since the Great Depression. Volumes have been written on how the unrestrained individual greed and perverse managerial incentives created the monstrous crisis. What has not been adequately addressed in the discussions is the regulatory 'reforms' that incubated the crisis. This paper documents the policies of unrestrained deregulation, unbridled monetary expansion, and changes in fair value accounting rule that spawned and nurtured the economic meltdown.

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