Greenspan Concedes Error on Regulation

It looks like anti free-market Democrats in congress are getting the testimony they crave; Alan Greenspan spent some time being grilled and spewed forth this little nugget: “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.” Interestingly, Greenspan didn't mention having a hand at keeping the Fed funds rate too low for too long. What is most in salient in all this is that no one has mentioned that this whole crisis has the federal governments hand prints all over it.