Greenspan: Free Market Ideology "Flawed"
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Greenspan: Free Market Ideology "Flawed"
| Thu, 10-23-2008 - 3:30pm |
No really, that's what he said!Yet another one from the "duh" file:
If you were looking for this guy to flat-out say "I screwed up and this is mostly my fault," well....don't hold your breath. Despite the fact that he most certainly SHOULD do so, his ego is far too big to allow him to do anything like that. This is as close as you're likely to get from Greenspan ("partially wrong," "flaw" and the like sounding a lot less damning than what he probably should say).
Oct. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said a "once-in-a-century credit tsunami'' has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed.
"Yes, I found a flaw,'' Greenspan said in response to grilling from the House Committee on Oversight and Government Reform. "That is precisely the reason I was shocked because I'd been going for 40 years or more with very considerable evidence that it was working exceptionally well.''
Greenspan said he was "partially'' wrong in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected.
If you were looking for this guy to flat-out say "I screwed up and this is mostly my fault," well....don't hold your breath. Despite the fact that he most certainly SHOULD do so, his ego is far too big to allow him to do anything like that. This is as close as you're likely to get from Greenspan ("partially wrong," "flaw" and the like sounding a lot less damning than what he probably should say).

