Rain Forest Butterfly, Calif. Academy of Sciences
Don't Overdo It, Fellow Workaholics

Greenspan Admits Error in Trusting Free Markets

Greenspan Admits Error in Trusting Free Markets
Michael M. Grynbaum, The New York Times: "Facing a firing line of questions from Washington lawmakers, Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he 'made a mistake' in trusting that free markets could regulate themselves without government oversight."


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Greenspan was a close friend of Ayn Rand, and was (and may still be) a follower of Rand's extreme right-wing "Objectivist" free-market and anti-government dogma.

For him to admit a "flaw" in that ideology is pretty significant.

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