‘I made a mistake,’ admits Greenspan

‘I made a mistake,’ admits Greenspan
By Alan Beattie and James Politi in Washington, Financial Times
October 23 2008 21:26


Alan Greenspan, the former Federal Reserve chairman, said on Thursday the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.

“I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders,” he said.

Shut Up!

Alan Greenspan was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. He talked and few could quite figure out what he was saying. That was mostly a good thing. I loved finding him on c-span late at night. I could turn him on and be assured of a rapid return to sleep. Then he retired. Except no one retires anymore. They write a book. Alan Greenspan seems to be determined to become the Jimmy Carter of ex fed chairmans. That is too bad. No good can come out of his jabbering for the country or the market. Some people do not know when to just shut up. Alan Greenspan is one of them.