It's easy to blame the nascent recession on George Bush, but it isn't fair. The man who deserves more blame is former Federal Reserve chairman Alan Greenspan (who is closer to Bill Clinton). By constantly lowering interest rates, neglecting to regulate mortgage lending and promoting the idea that exotic home loans would be good for the market, Greenspan blew more air into the housing bubble than anyone.

As a libertarian and former Ayn Rand acolyte, Greenspan believed that markets regulate themselves. In the long term, he might be right – some would say what we're seeing now is simply a painful adjustment. But, as another economist said, "in the long run, we'll all be dead." Greenspan was appointed to help make sure the market didn't leave too many people homeless in the meantime – and he and his ideology failed miserably. So why won't he go away?

In a Wall Street Journal interview, Greenspan defends his reputation under the guise of "getting the lessons of the crisis right." To most Americans, those lessons would indicate that the government shouldn't encourage speculative excess, and that Greenspan is a little gnome. (Sure, he's real smart, but how much damage have the best and the brightest done to this country already?) But, like Bush The Decider, Greenspan says he doesn't regret a single decision.

It takes a certain kind of ego to express such confidence: Not one, single decision over the course of almost two decades? Come on. And even if he was right most of the time – which I don't believe – shouldn't he express some human sympathy for those whose houses have been foreclosed on? Or are the audiences that pack his six-figure speaking engagements interested in other things.

There's more at stake here than Greenspan's reputation. At a time when there's public desire to change the system of financial regulation, we should be doing so aggressively in a way that makes sure the market doesn't steamroll those who participate in it. If we can all agree that Greenspan failed, that task will be that much easier. If Greenspan gets to write history however, he'll convince us that the market knows best and government should simply stay out of the way. New regulations will be toothless.

If we trust Greenspan – who inflated the bubbles that burst over our economy – we won't have learned anything at all. And the next bubble could be even worse.