Greenspan 'Shocked' That His Free Market Wisdom Was 'Flawed'
Not quite an apology, not exactly a mea culpa, but Alan Greenspan managed to confess that he was sorta kinda wrong while claiming to have done the best he could. Criminal defendants who make such a half-hearted attempt to accept responsibility during sentencing hearings usually wind up serving a long stretch in prison.
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 a 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.
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