Monday, Nov. 03, 2008
Greenspan "shocked" to find flaws in his free-market ideology
He used to be known as "The Maestro," for presiding over such a long period of economic growth. But this fall the former Federal Reserve chairman was being blamed for the laissez faire economic policies that contributed to the current financial crisis. In Congressional testimony in October, Alan Greenspan acknowledged that he was "partially" wrong in opposing financial regulation. "Yes, I found a flaw," he said, when grilled about his free-market ideology. "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." Also shocked is anyone who plans on retiring before the end of the next geologic era.