Former Fed Chairman Alan Greenspan, pictured left, has made a remarkable back flip on the subject of regulation. Greenspan, a devotee of free-market capitalism and self-regulated financial markets, is reported to be "very distressed" that his ideology has proven to be flawed.
You're not alone there Al!
According to reports, Greenspan said his mistake was thinking that financial institutions would act in their own self-interest to avoid the kind of risky lending that could bankrupt them.
Looking at the size of the golden parachutes handed out to the big players on Wall Street, you could hardly rule self-interest out of the equation. In fact, with the wisdom of hindsight you could even say that self-interest would guarantee the sort of outcome we've had.
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