Analysis: Fed Bearing Brunt of Blame

Policy makers may debate how we got into the current financial bind but seem to agree that getting out of it will be take a combined effort

"How did we go so wrong?" Greenspan asked in an essay in the Financial Times last month in which he predicted that the financial crisis would be the "most wrenching" in the United States since World War II.

He wrote that it was hard to burst economic bubbles because "Periods of euphoria are very difficult to suppress as they build (and) they will not collapse until the speculative fever breaks on its own."

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EDITOR'S NOTE Tom Raum has covered national and international affairs for The Associated Press since 1973.