by Laurence Brahm - 09/19/2009 09:50 - comments(0)
On October 23, 2008, Alan Greenspan, former chairman of the United Stated Federal Reserve, was hauled before Congress to testify on causes underlying the largest financial crisis since the 1930s Great Depression. “I made the mistake in presuming that the self interest of organizations, specifically banks and others, was such that they were best capable of protecting their own shareholders,” explained the ex-central banker adding he had “found a flaw” in his underlying economic assumptions. “The whole intellectual edifice,” he admitted, “collapsed in the summer of last year."