Alan Greenspan was in office and had the responsibility to take and handle financial situations which he did not do, and instead of taking control and trying to fix something, he continued to let it happen which led to our current modern financial crisis. If he would have stood up to take action, things would be different.
Alan Greenspan was a strong believer in deregulation. The sub-prime mortgage fiasco that brought everything tumbling down was said to have been due to Alan Greenspan keeping interest rates low, and not taking any action when things first started getting out of control. I believe that by not raising interest rates, he allowed the housing bubble to continue to snowball. When the bubble finally burst, we were already in a crisis.
Greenspan definitely contributed to the financial crisis. As the chairman of the Fed, Greenspan was in the position to regulate the trades that were being made by the banks, or, at the least, call attention to them. Instead, Greenspan, through his ignorance, allowed things to continue as they were happening.
Alan Greenspan was in charge of the Federal Reserve for the last 20 years. To say that he is the reason we are in a financial crisis currently would be very presumptuous. The many irresponsible actions of bankers and lenders were largely the reason for the financial meltdown. The Federal Reserve and its leadership did not make those decisions. There can be a few contributing factors from the Reserve, but nothing as significant as what the banks did.
No, I do not think that the actions of a single man could have had a large affect on the modern financial crisis that we are facing today. It has been building up for a while now, and this man could of only held a tiny part in what is happening.