by: Michael M. Grynbaum, The New York Times
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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