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January 02, 2009
Greenspan: "I made a mistake."
In Salon, see Andrew Leonard's excellent "The Economy Crumbled"--but then let's get busy cleaning up our mess. WAC? prefers Pollyannas who like to solve problems. Excerpt:
There were warnings along the way. Cassandras who feared that exotic financial innovation, specifically unregulated at the behest of both Democratic and Republican politicians, was setting the stage for a major systemic shock. But their voices were drowned out by a chorus of status quo defenders who told us, again and again, that financial innovation was making the world a safer, less risky place.
Posted by Holden Oliver (Kitzbühel Desk) at 04:07 AM | Comments (1)