Greenspan's Revisionist History

By Isaiah J. Poole

Created 10/23/2008 - 11:06am

Former Federal Reserve Chairman Alan Greenspan today engaged in an attempt to rewrite history that was so egregious that even CNBC anchor Mark Haines, a free-market cheerleader, was aghast.

The offense was on the first page of Greenspan's written testimony [1] before the House Government Oversight and Reform Committee. "In 2005, I raised concerns that the protracted period of underpricing of risk, if history was any guide, would have dire consequences," he said.

He may be technically correct, but that warning was at best a footnote to his main message, which was that Congress and the White House should more or less leave markets alone, and that the masters of Wall Street will always do what's best.