Two weeks ago, I wrote a blog post saying if any public official in the U.S. ought to be blamed for the current mess in the financial markets, it ought to be Alan Greenspan, the former Chairman of the Federal Reserve. A couple of days ago, at a Congressional hearing, Greenspan admitted that he had made mistakes, while stopping short of taking full responsibility. He also admitted that he had failed to take action earlier for idealogical reasons, believing that the markets would be self-correcting.
It’s a bad time to believe in capitalism. As a poster on QT3 remarked, Greenspan was “like BFF with Ayn Rand and everything”. Hopefully, I’ll have time to write a spirited defense of capitalism next week.
Greetings,
great post. I was going to do a post on this but did not. Glad you did. Funny how some of these guys are developing a conscience these days. Making millions off the books about their wrongdoing instead of going to jail but…at least they are talking. I can’t wait for one or more of them that knows who planted the thermite in the twin towers on 9/11 comes clean. Now that will be interesting.
kim
Not sure how 9/11 comes into this. Sorry, but Greenspan messing up is plain common sense, as the man himself acknoweledges, but thermite bombs causing the collapse of the WTC is conspiracy theory territory. But thanks for commenting anyway!