Fed Chairman Ben Bernanke announced today that the Federal Reserve Bank will take steps to protect consumers from predatory loans by closing the barn door now that all the cows are already out. This does leave the possibility that if the cows do return they will be stuck outside and not able to get back into the barn, but Chairman Bernanke is a strong supporter of the better late than never school of philosophy.

In a related story, former Fed Chairman Alan Greenspan continued his book tour with an appearance on the Today show. He announced that the slowdown in the real estate market was a big concern and the low interest rates set during his time at the Fed may have contributed to the bubble. He also acknowledged that his endorsement of adjustable rate mortgages and non-traditional types of financing may have made it worse. While the problem we have may have come about due to decisions made on his watch, he assured the host that it certainly wasn’t his fault.

In a side note, former Chairman Greenspan claimed that a major problem in our nation is the failure of people to take personal responsibility for their actions.

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