Alan Greenspan, former chairman of the Federal Reserve, has been vilified for all but singlehandedly causing the country's current economic problems.
Media coverage on the tech bubble, housing bubble, risk of unregulated credit default swaps (CDS) and relaxed mortgage standards cite Greenspan's policies as primary contributors. The fact that the U.S. government has had to step in to fix the credit card industry is further evidence of another Greenspan failure.
The Federal Reserve was in a position to regulate the excesses of the credit card industry for years. However, it wasn't until December, after disaster had struck American households, that the Fed came up with a new set of rules, which will take effect in July 2010. Those regulations were too little, too late, as Congress and the president had already set their eyes on the need for comprehensive credit card reform.
For 15 years, credit card regulators have had the power to prohibit the excesses of the credit card industry, dominated by