From the New York Times:
Facing a firing line of questions from Washington lawmakers, Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he “made a mistake” in trusting that free markets could regulate themselves without government oversight.
18-year tenure at the Fed’s helm, Mr. Greenspan has faced mounting criticism this year for having refused to consider cracking down on credit derivatives, an unchecked market whose excesses partly led to the current financial crisis.
Uncle Alan has just repudiated the central organizing principle, the raison d'être, the Prime Directive, the . . .
As usual Spot, we get it.
All right. Sorry, Sticks, Davey, and King; Spot thinks we'll be installing some fetters for the economy now.
Spot also understands that Milton Friedman has been recalled from the grave by the House Committee on Government Oversight to come and explain himself.