As tributes and critiques emerge for former Federal Reserve chairman Alan Greenspan, the left is accused of promoting a false narrative about the causes of the 2008-09 financial crisis. Critics contend Greenspan bears significant blame for the crisis and the housing bubble due to low mortgage rates from 2000 to 2006 and his support for deregulation.

This perspective, however, omits crucial context. For extended periods post-war, mortgage rates were lower than in 2000-06 without triggering housing bubbles. Furthermore, financial regulation actually became stricter in the two decades preceding the crisis. This argument suggests that a more accurate understanding of economic history is necessary to correct flawed economic policies.

The narrative that Greenspan's policies directly led to the crisis is challenged by historical data on mortgage rates and the trend of increasing financial regulation. The piece advocates for a re-evaluation of the historical context surrounding the financial crisis to counter what it terms a "false narrative."