Why He's Meanspan

Alan Greenspan was on an irascible roll last week, first dissing everyone who holds a fixed-rate mortgage--suckers!--and later picking on folks who collect Social Security: Get back to work, Grandma. In between, the chairman of the Federal Reserve Board scolded the big mortgage firms Fannie Mae and Freddie Mac, which make homeowning more affordable, for taking too much risk. In a couple of days' work, Greenspan went through sacred cows like an overzealous Atkins dieter.

Greenspan's most jarring rant was his call for Social Security reform. He wants to cut future payouts and delay the age at which people can...

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