is the one who vetted Charles Keating and convinced a group of senators, including McCain, that Keating was such a swell guy they should give him the go-ahead for his savings-and-loan scheme. Yeah, that worked out well.

it aint personal, it's just business.

...about Capitalism was wrong. Idiot Libertarians.

I do remember him being shocked that individuals would put their own self interests above the corporation.

"You found that your view of the world, your ideology was not right, it was not working?" said Rep. Henry A. Waxman (D-Calif.), the committee chairman.

"Absolutely, precisely," Greenspan said. "You know, that's precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well."

Greenspan admits his worldview sucks in front of congress

I havent finished it but it looks like a bullshit smoke screen explaining that it wasnt his fault but that the market changed and no one could have foreseen the coming change. What really happened IMHO is that he and his minions couldnt see the possibility of a crash because they were blinded by capitalistic greed. I am sure Greenspan would tell you that no one foresaw that if you killed the Goose that there would be no more golden eggs.

Again thank you for that article. In the beginning of the article he does admit, as you point out, that his ideology didnt work, but I think he hedges on that statement now, as he states below, "we just cannot see events that far in advance". From the same article. He should clarify that the "we" means people with his ideology. Other economists have predicted the crash.


"The Federal Reserve had as good an economic organization as exists," Greenspan said. "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."

It gave him a credibility he didn't deserve. I remember when everyone hung on his every word as if he had some magic spell to deliver. It was nothing but doublespeak.

reality. He was a useful tool for the greedy capitalists that toted him as their god. And now he isnt taking responsibility for his errors. He claims, no one could have foreseen the iceberg, totaling ignoring all those that saw the iceberg.

The crash of 2008 was the greatest business maneuver ever for gaining massive wealth for no investment. It will be used again.