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So Alan Greenspan is "shocked, shocked" the credit markets melted down.

Our friends at MarketWatch describing the former Federal Reserve Chairman in "full-frontal legacy defense mode."

...telling the house oversight committee today that he was vigilant as he could be but those darn banks and brokerage houses clearly were not.

Their fault. Not his.

They forgot about their shareholders.

Old al didn't say a thing about how maybe he forgot about everyone else.

Here's the deal:

John Kennedy was right.

Victory has a thousand fathers, but defeat is an orphan.

When times were good, Alan was hot.

And the hotter the markets, and the economy, the hotter old al got.

He was Moses and Jesus wrapped up in one yoda-like zen master of the financial universe.

Worshipped on the left and the right...

The very face of an economic boom that, like all good booms, went bust.

But by then, Alan was long gone.

Surely, he had nothing to do with it.

Just like a complicit congress had nothing to do with it.

Or microphone-seeking politicians had nothing to do with it.

No, the tumult that was unraveling under their watch they just watched.

Today pointing fingers at others than simply looking in the mirror at themselves.

Yet al still is treated with kid gloves.

And his very questioners, co-conspirators in this mess, the kids asking the questions.

Look, I’m not saying the buck doesn't stop with the president.

I am saying it passes quite a few folks on the way.

The same folks sounding outraged and shocked today.

The same folks who had a hand in creating the environment that led to today.

They will never say that.

Today, I just did.