Alan Greenspan in his latest writing still refuses to perceive and/or own up to the FED’s and his responsibility for the housing bubble. By contrast, Lincoln’s Treasury Secretary, Salmon P. Chase, admitted his error on legal tender after he became Chief Justice of the Supreme Court. In Hepburn v. Griswold 75 U.S. 603 (at 625-626), he wrote: “The time was not favorable to considerate reflection upon the constitutional limits of legislative or executive authority. ..Some who were strongly averse to making government notes a legal tender felt themselves constrained to acquiesce in the views of the advocates of the measure. Not a few who then insisted upon its necessity, or acquiesced in that view, have, since the return of peace and under the influence of the calmer time, reconsidered their conclusions, and now concur in those which we have just announced. These conclusions seem to us to be fully sanctioned by the letter and spirit of the Constitution.”

The Best of Michael S. Rozeff