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Alan Greenspan Barely Apologizes To America

Oct. 27 2008, Published 7:07 a.m. ET

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Alan Greenspan, former chair of the Federal Reserve, is sort of apologizing to America before the House Committee on Oversight and Government Reform. But it was like the "Oh my bad!" kind of apology. His thinking "has evolved" he says now. He found a "flaw" in his, uh, entire ideology. As the proponent of the self-regulated market, which clearly does not exist, basically he should be throwing himself at the feet of Americans and begging for forgiveness, presumably right before everyone stones him to death. Plus! He said: "If we are right 60 percent of the time in forecasting, we are doing exceptionally well; that means we are wrong 40 percent of the time." Where have we heard that before?

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