Thursday, October 23, 2008

Greenspan Admits He Was Wrong

I've said and I'll say it again, the primary cause of the economic mess was regulatory and oversight failures. See Washington Post, Greenspan: 'Crisis Broader Than Anything I Could Have Imagined', in which Greenspan admits that the failure of the expected self-regulation represented "a flaw in the model" he used to analyze economics.

Translated from Greenspan-speak he said he now realizes that the fox shouldn't be left to guard the henhouse.

Thanks for the insight. Someone should revoke his government pension.

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