Special Series
Economic Turnaround
In a Series
Greenspan Rethinks Regulation: "Oops!"
The Associated Press reported:
Greenspan said he had made a "mistake" in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.
Greenspan called this "a flaw in the model that I perceived is the critical functioning structure that defines how the world works."
[I]n a tense exchange with Representative Henry A. Waxman, the California Democrat who is chairman of the committee, Mr. Greenspan conceded a more serious flaw in his own philosophy that unfettered free markets sit at the root of a superior economy.
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.”
Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.
“Absolutely, precisely,” Mr. Greenspan replied. “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.”
In other words, “Oops!”
Special Series
Green-Collar Jobs: Realizing the Promise
In a Series
Jobs, Baby, Jobs!
If you’ve been reading our suggestions about a green economic stimulus, you might like to sign the Apollo Alliance’s new petition.
As we speak, Congress is putting together a bill to revive our lagging economy.
Will our leaders help everyday Americans by creating green-collar jobs and lowering energy bills?
. . . We've been through drill, baby, drill – now, we need jobs, baby, jobs. Good, green jobs to end our oil addiction and get our economy back on track.
