Ferguson blamed City and their Abu Dhabi riches for causing the "insane" market as the local and national balance of power shifted.
But Owen said: "It seems Fergie has a short memory because City didn't create what he calls the stupid transfer market - United did by raising the bar so often in the past.
"They have broken the transfer record on a number of occasions, including spending £30m on a defender, Rio Ferdinand, 10 years ago. That's still a huge fee today. They paid premium prices for the likes of Andy Cole, Michael Carrick and Wayne Rooney and spent a lot more on signings last summer, and that's what we all have to do to achieve success.