Quote of the day

"Yes, I found a flaw,'' Greenspan said in response to grilling from the House Committee on Oversight and Government Reform. "That is precisely the reason I was shocked because I'd been going for 40 years or more with very considerable evidence that it was working exceptionally well.''

From Bloomberg.

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[Steve Laniel]

I've seen this reported everywhere, and I'm baffled. Surely Greenspan was aware of the Great Depression? Unless I'm missing something major, the Depression provided ample evidence of the market's non-self-correcting nature. In fact, from a regulatory perspective, the issue now seems to be that the regulations aimed at depository banks should also be extended to investment banks. So it's not as though the Depression metaphor needs to be stretched very far, if it needs to be stretched at all.

Honestly, what is the great epiphany that this recent crisis brought to Greenspan that the Depression did not?

[robertdfeinman]

The parallels to those who lose their faith late in life are instructive.

How much reality does it take before one starts questioning one's (unexamined) beliefs?

Apparently Ayn Rand cast a spell that lasted 50 years - that's pretty powerful mojo.

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