Alan Greenspan - long on Words, short on Insight

That is what he produced for years, and Media and Investors were hanging on his every uttering. It went so far that the gullible Commentariat even tried to get a glimpse of his suitcase when he walked from the Fed to Congress and tried to devine what the 'Sage' might intend to say based on correlation with previous events.
We are grateful for this gem of a quote we found on the Marketoracle: I think further comment is not required.
“Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants… With these advances in technology, lenders have taken advantage of credit scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers… Where once more marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending,… fostering constructive innovation that is both responsive to market demand and beneficial to consumers.”-- Alan Greenspan, April 2005