Greenspan: "I was wrong about the economy".

The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a « mistake » in the free market ideology which guided his 18-year stewardship of US monetary policy.

A long-time cheerleader for deregulation, Greenspan admitted to a congressional committee yesterday that he had been « partially wrong » in his hands-off approach towards the banking industry and that the credit crunch had left him in a state of shocked disbelief. « I have found a flaw, » said Greenspan, referring to his economic philosophy. « I don’t know how significant or permanent it is. But I have been very distressed by that fact. »

la suite dans The Guardian du 24/10/08

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