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He predicted the financial crisis of 2007–2010 before 2007's subprime meltdown (Subprime mortgage crisis). He was one of the critics of Alan Greenspan's theory of the role of Monetary Policy as early as 1996. He challenged the former Federal Reserve chairman's view that central bankers cannot effectively slow the causes of asset bubbles. On 28 August 2003, White made his argument directly to Greenspan, at the Kansas City Fed's annual meeting in Jackson Hole, Wyoming. White recommended to "raise interest rates when credit expands too fast and force banks to build up cash cushions in fat times to use in lean years." Greenspan was unconvinced that this would work and said: "there has never been an instance, of which I'm aware, that leaning against the wind was successfully done"