October 24, 2008

(big file 40 mgs)

Mrs. Andrea Mitchell was trying very hard not to take any blame for the economic meltdown this country faces.

Waxman: shock. That sounds like to me you're saying that those who trusted the market to regulate itself, yourself included made a serious mistake.

Greenspan: Well I think that's true of some products, but not all.

Waxman: Then where do you think you made a mistake?

Greenspan: I made a mistake in the presuming that the self interest of organizations specifically banks and others was such that they were best capable of protecting their own shareholders...

Waxman? Do you have any financial responsibility for the financial crisis?

(On his ideology)

Greenspan: ...to exist you need an ideology. The question is whether it is accurate or not and what I'm saying to you is "yes" I found a flaw...

He shucked and jived his way around this whole mess, but admitted I guess something. Who could have ever imagined that making millions of dollars a day with no oversight could possibly lead to greed and corruption and ultimate destruction?

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