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Alan Greenspan, the former US Federal Reserve chairman, has publicly admitted that the US free-market ideology that he and others have championed for decades is flawed.
Greenspan, who headed the US central bank for more than 18 years, said on Thursday that he had "found a flaw ... in the model that I perceived is the critical functioning structure that defines how the world works".
[SNIP]
Greenspan said he was shocked at the banks' inability to self-regulate....
Greenspan also said that the current crisis had "turned out to be much broader than anything that I could have imagined"....
He admitted he had also been "partially" wrong in opposing the regulation of derivatives in recent years.
I don't believe that lying S.O.B. for an instant.
But if what he says were true, it would mean that all our lives, fortunes and sacred honor are in the hands of unutterable morons!
"But he is an expert"
Big deal! When are people going to wake up enough to know that they cannot trust the experts and the authorities?!!
Herr Professor Doctor Greenspan deserves a big boot up his arse! He and his ilk should be wearing dunce caps and made to write at the blackboard, "I will not do it again," about ten trillion times!
