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Greenspan Admits He Was Wrong About Regulation
By
Jen Chung
Published Oct 23, 2008
Modified Oct 23, 2008
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By
Jen Chung
Published Oct 23, 2008
Modified Oct 23, 2008
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Former Federal Reserve chairman Alan Greenspan said today that he was wrong to think, as AP puts it, "free markets could regulate themselves without government oversight." Greenspan was testifying in front of the House Committee of Government Oversight, when he declared, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," and said his free-market ideology was flawed-- "I don’t know how significant or permanent it is. But I have been very distressed by that fact... I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”
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Alan Greenspan
economy
free markets
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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