Mr. Bubble: Wall Street meltdown inevitable, deficit no problem

What a CYA from the man who was asleep at the wheel and ignored all of the warning signs. How many bubbles does one get a pass on in his mind?

"The financial crisis that erupted on August 9 was an accident waiting to happen," Greenspan said in a speech on the sidelines of the International Monetary Fund and World Bank meetings. "Credit spreads across all global asset classes had become suppressed to clearly unsustainable levels."

"Something had to give," he said.

"If the crisis had not been triggered by a mispricing of securitized U.S. subprime mortgages, it would eventually have erupted in some other sector or market," Greenspan said.

Uh huh. What a convenient answer.