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Friday, October 24, 2008

Greenspan Admits Error in Trusting Free Markets

by: Michael M. Grynbaum, The New York Times

Greenspan testifies on Capitol Hill.
Former Chairman of the Federal Reserve Alan Greenspan arrives to testify before the House Oversight and Government Reform Committee on Capitol Hill. (Photo: Reuters)

Facing a firing line of questions from Washington lawmakers, Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he "made a mistake" in trusting that free markets could regulate themselves without government oversight. A fervent proponent of deregulation during his 18-year tenure at the Fed's helm,

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