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Greenspan: Fed not to blame in housing crash

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By JOSEPH KIRSCHKE WASHINGTON -- Since the end of his tenure as chairman of the Federal Reserve in 2006, Alan Greenspan has been harshly criticized in many quarters for failing to predict the monumental collapse of the housing market that began under his watch. Speaking at a Real Estate Summit Tuesday during a National Association of Realtors annual midyear conference at the Marriott Wardman Park Hotel, Greenspan hit back, and denounced a "recalibration of financial history that I find very puzzling." Long regarded as a "maestro" for guiding the economy and, by extension, the real estate market in more prosperous times, he was still greeted as such by hundreds of real estate brokers from across the country, with rounds of applause and standing ovations. Greenspan said that easy access to money and credit through the Fed in short-term interest rates were not what spurred the growth in housing -- rather, it was long-term rates. Moreover, he asserted, the ho...