Greenspan mulls roots of crisis he didn't foresee
Probably because you're an Ayn Rand acolyte Alan. Anyone who's studied history knew this was bound to happen eventually.
WASHINGTON (AP) - For 18½ years as Federal Reserve chairman, he was celebrated for helping drive a robust U.S. economy. Yet in the years after he stepped down in 2006, he was engulfed by accusations that he helped cause the 2008 financial crisis - the worst since the 1930's.
Now, Alan Greenspan has struck back at any notion that he — or anyone — could have known how or when to defuse the threats that triggered the crisis. He argues in a new book, "The Map and the Territory," that traditional economic forecasting is no match for the irrational risk-taking that can inflate catastrophic price bubbles in assets like homes or tech stocks.
In an interview Sunday with The Associated Press, Greenspan reflected on his book, his Fed tenure and the risks that still endanger the financial system. Relaxed and looking fit at 87, he spoke for an hour in the sunroom of his house overlooking a wooded hillside of Northwest Washington. It's a home he shares with his wife, Andrea Mitchell, the NBC News anchor and chief foreign affairs correspondent.
Surrounded by books of presidential and financial history, Greenspan acknowledged some errors of judgment as Fed chair. But he said he saw no reason to downgrade his own assessment of his tenure.
"Our record was fairly good," he said.
http://money.msn.com/business-news/article.aspx?feed=AP&date=20131021&id=17018546
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