Greenspan admits naivety …

Making comments to Congress, former Federal Reserve Chairman Greenspan, said that the recent financial crisis had left him “in a state of shocked disbelief”.

This might surprise financial players and pundits who had elevated Greenspan to godlike status.  Others, who have been doing simple sums of fundamental resource constraints and human behaviour against a background of seeming low risk, high growth expansion, are not so surprised.

Whether or not we learn from this crisis is not certain.  The people who brought us here are apparently expected to provide solutions.

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