Greenspan Admits he Was Wrong

// added October 24, 2008 // 6 comments //
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logicpocket

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http://gothamist.com/2008/10/23/greenspan_admits_he_was_wrong_about.php

Former Federal Reserve chairman Alan Greenspan said today that he was wrong to think, as AP puts it, "free markets could regulate themselves without government oversight." Greenspan was testifying in front of the House Committee of Government Oversight, when he declared, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," and said his free-market ideology was flawed-- "I don’t know how significant or permanent it is. But I have been very distressed by that fact... I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”

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Woops.
  1. groups:
    Money
  2. tags:
    Economy,  Money,  Finance,  Recession,  3 more

6 comments // Greenspan Admits he Was Wrong

  • Stevox
    • 0
      Stevox  

    • He was in charge when the economy is different. Now, it is more globalized and interlinked. That takes a lot of humility to go back on your professional opinion.

    • 1 year ago
  • sleepnomore
  • diode
  • donnyin3d
  • AveryMoore
    • 0
      AveryMoore  

    • Now Alan is begging for re-regulation?

      NOW?

      And all it took for this spontaneous illumination was a complete market meltdown, banks sinking in their own quicksand, and nothing ever registered a priori until after his fantasy-bubble popped?

      There's that limit to the conceptual grasp of 'youthful exhuberance' again. Ayn Rand must be having a rough time watching Alan spin away from the faith. Not that he had anywhere else to turn.

    • 1 year ago
  • jhydo
    • 0
      jhydo  

    • So what does this mean then when the masters of the universe openly admit that they actual got it wrong. That there exists no substance to the laissez-faire concept.
      In my humble understanding the down fall of the banks came as a result of EXCESSIVE GREED being the order of business introduced by those wisenheimer from Boston all the way through to Wall street.
      Maybe after this Governments would do what they ought to do normally protect the electorate not just from incursion from without but invasion from within.

    • 1 year ago
  • ninepounds6
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