Here's One Mistake Alan Greenspan Made While He Was Federal Reserve Chairman

Two years after Alan Greenspan left his nearly 20-year tenure as Federal Reserve Chairman in 2006, one of the biggest financial downturns in history occurred. "Greenspan went from hero when he was Chairman to zero after the [2008] crisis," said Sebastian Mallaby, author of a new biography about Greenspan, titled The Man Who Knew. Mallaby says Greenspan tried stop to the financial bubble from bursting through financial regulation, but failed due to political resistance. "Interest rates were the mistake," he says. "Greenspan should have hiked more at the end of his tenure." Mallaby thinks Greenspan would raise rates at the Fed's upcoming meeting in December, if he was still Chairman. TheStreet's Scott Gamm reports from Wall Street.