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"I worry greatly that facts on the ground will unfortunately warrant future analyses to be even more disheartening."
Alan Greenspan's Too Late to Matter Mea Culpa
As Fed chairman for nearly two decades (1987 - 2006), he engineered today's crisis. Some call him the Maestro of Misery for good reason. Those benefitting most sing his praises. In 2008, he had second thoughts.
A longtime Ayn Rand disciple, he strayed noticeably in October 2008 House testimony. Her libertarian views influenced his. She championed regulatory free markets. So did Greenspan. He practiced what she preached.
Perhaps House Oversight and Government Reform Committee members couldn't believe their ears. He acknowledged his worldview failure, saying:
"You know, that's precisely the reason I was shocked, because I have been going for 40 yeas or more with very considerable evidence that it was working exceptionally well."While trying to have it both ways, he admitted his faith in regulatory free markets was shaken, saying:
"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."
"The Federal Reserve had as good an economic organization as exists. If all those extraordinarily capable people were unable to foresee the development of this critical problem...we have to ask ourselves: Why is that? And the answer is that we're not smart enough as people. We just cannot see events that far in advance."
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