"There are men, in all ages, who mean to exercise power usefully; but who mean to exercise it. They mean to govern well; but they mean to govern. They promise to be kind masters; but they mean to be masters." Daniel Webster

Friday, October 24, 2008

Greenspan's Mistake

To no one's surprise, Alan Greenspan doesn't seem to think his biggest mistake was flooding the market with money and helping to spark a housing bubble (after earlier flooding the market and causing a stock bubble).

I agree with Frederic Sautet that Greenspan's fundamental mistake took place decades earlier.

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