capitalist fools and the economic meltdown

Alan Greenspan in congressional hearings this fall:

Greenspan: “I have found a flaw.”
Congressman Henry Waxman: “In other words, you found that your view of the world, your ideology, was not right; it was not working.”
Greenspan: “Absolutely, precisely."

I remember that point in the hearings. He sounded absolutely stunned, shocked, amazed. Yes, my ideology was totally fucked up and my persistence in trying to make the world fit the little map in my head has led us to disaster and I just can't believe it! Where is that withered up little bastard? I'd just love to choke him.

Nobel prize winning economist Joseph Stiglitz dissects the economic crisis in "Capitalist Fools," in January's Vanity Fair. It's an excellent read and an important one. If we ever get through the crisis, we'll need to get the history right in order to avoid another disaster.