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Like Captain Renault in Casablanca, Alan Greenspan is"shocked, shocked" to find that people were gambling with the dollars that the Fed generously kept producing."As I wrote last March: those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself especially) are in a state of shocked disbelief," he said in his congressional testimony.
Yes, it would have fit the more recent situation pretty well.
He blamed the last bubble on "irrational exuberance". Apparently it wasn't supposed to happen again, maybe that's why he didn't use those words again.