Alan Greenspan is obfuscating the then extremely clear fact that junk mortgages were being mixed in with the good to a fatal degree. I knew it as early as 2002-3. The real-estate market was becoming insane. It didn't stop until the crash of 2008.Anyone who didn't know it would pop rather than letting the air out so slowly as to pose no problem was being a dimwit. Who would buy the junk once the cat was out of the bag? Nobody with any brains.
Alan says he failed to realize. What he failed to do was listen (or he's lying) to the huge number of people literally screaming that a crash was coming and coming quickly.
Alan Greenspan called the dot-com bubble but not the real-estate bubble. How could that be? What was different? I even decided that the real-estate bubble was just that partially precisely because I learned from Alan Greenspan's "irrational exuberance" comment. How could I have learned that way while he forgot?
What's he doing out there making lame excuses for himself? Why is anyone giving him air to do it?