“Greenspan said he was ‘partially wrong’ in opposing regulation of derivatives and acknowledged that financial institutions didn’t protect shareholders and investments as well as he expected.”
Read more in this excellent Daily Kos piece.
Communists excuse the failures of communism by claiming that “true” communism has never existed, as if that isn’t strong evidence that their ideal can never be achieved (hundreds of millions of people tried it for 40-60 years; if that’s not good evidence, I don’t know what is). And now we see the failures of the market, not because we did or didn’t interfere with the market in certain ways, but because the market, when left to its own devices, doesn’t produce the longterm outcomes that we desire.
