by Daniel Costello

Now that Alan Greenspan-bashing is so in vogue, it seems as good a moment as any to make a contrary point or two.

And here to help us with that is the libertarian Cato Institute, which has a new paper out on why Greenspan isn't the bad guy everyone is making him out to be. Pah-lease, they say, to criticism that the famed Fed chairman carried on too expansionary a monetary policy that led to our current crises. (By the way, an economist I talked to yesterday called this "The Great Recession." I thought that was very catchy, if very scary.)

Considering Cato has called for abolishing the Fed for years, you have to love it when they are left to defend the Fed.