It was May of 2005, and Long Island's housing market and the broader economy were roaring. But some saw trouble on the horizon. 

So, when Alan Greenspan — then chairman of the Federal Reserve and one of the most powerful economic voices in the world — spoke at a gathering of the Economic Club of New York in Manhattan, he had a rapt audience of more than 1,000 business leaders, financial analysts and journalists — including me. 

"There are a number of things which, I think, suggest, at minimum, that there's a little froth in this market," Greenspan said that day.

The crowd laughed, nervously. Even in 2005, most of us knew that was an understatement. As it turned out, that "froth" was an enormous and dangerous bubble, about to burst.

I've been thinking about that Waldorf-Astoria Hotel luncheon this week after Greenspan passed away at the age of 100. That afternoon displayed both the best and worst of the man who served as........

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