03/28/2008 02:45 am ET Updated May 25, 2011

Greenspan: Market Turmoil Is Not My Fault

Alan Greenspan says don't blame him for the latest market turmoil.

The former Federal Reserve chairman said critics who have argued recently that he helped bring on the crisis in the market for risky home loans by cutting interest rates for three straight years "are mistaken.

"It was our job to unfreeze the American banking system if we wanted the economy to function," Greenspan told CBS' "60 Minutes" during an interview to be broadcast on Sunday.

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