Shorter Megan McArdle: It's not Greenspan's fault.
Encapsulated Megan McArdle:
A few weeks ago, I was talking to a well-respected journalist who doesn't cover
financial matters. She was pushing me for the culprit behind this mess,
and was unsatisfied when I pointed out that there were a lot of good reasons to
make most of these bad decisions. Ultimately she cried in frustration,
"but somebody must have done it!" This is how we approach the
problem: we want villains, guilt, punishment. But when systems fail,
they usually fail systemically. If one person, even Alan Greenspan, could
bring down the entire edifice, then we'd be in massive trouble, so we should be
grateful that it isn't the case.
Reasoning by anecdote, anonymous sources, strawman opponent spouting illogical and easily refutable opposition, strawman expressing emotional immaturity and limited reasoning, projection of one's own ideas on everyone else, meaningless catch-phrase, and finally a negation that depends on total ignorance of actual events.