Greenspan’s apology: Still MIA

By Felix Salmon
September 9, 2009
admitted he was "partially wrong" in deregulating the financial sector. But he doesn't seem to be able to take the next logical step:

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Alan Greenspan has admitted he was “partially wrong” in deregulating the financial sector. But he doesn’t seem to be able to take the next logical step:

The former Fed chief said the current economic crisis was a “once in a century type of event”, and one that he did not expect to witness.

Blamed by some for not doing more to prevent the crisis, Mr Greenspan denied any responsibility for the problems gripping the global economy.

“It’s human nature, unless somebody can find a way to change human nature, we will have more crises and none of them will look like this because no two crises have anything in common, except human nature.”

Well yes, I suppose that there will always be financial crises, in much the same way that there will always be homicides. But the inevitability of homicide doesn’t mean that murderers can’t be held responsible for causing them.

Financial crises, no matter how inevitable, have causes, and certain people caused this one. Greenspan was one of those people. It’s about time he admitted it, and apologized.

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