I'm already asleep. Ohh.. what could be more exciting than the former Chairman of the Federal Reserve talking about regulation policy in a hearing on the Hill? Perhaps an Enya concert?
However, towards the end of the story (that shows how slow of a workday it truly is, that I got this far) - I read a sentence that rocked my world a little bit.
Mr. Greenspan conceded a more serious flaw in his own philosophy that unfettered
free markets sit at the root of a superior economy.
“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,” Mr. Greenspan said.
Referring to his free-market ideology, Mr. Greenspan added: “I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”
I would really like to hear an analysis from my Ayn Rand to this crisis.
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