In the article 'Greenspan Concedes Error on Regulation', by Edmund L. Andrews, discusses Greenspan's role in the current economic crisis. Greenspan, influenced by Ayn Rand, had always considered himself a 'Libertarian Republican' and often stuck to his non-intervention beliefs throughout his time as Fed Chairman.
When California Representative Henry A. Waxman asked Greenspan in a recent Congressional hearing, "Do you feel that your ideology pushed you to make decisions that you wish you had not made?” Greenspan conceded, “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.”
Low and behold, the one (semi) libertarian ambassador to the two-party system lost his belief in the free-market. Apparently, he has started to rethink his decisions to keep regulations lax and interest rates (naturally) low during what is now often viewed as the beginning of the current economic crisis.
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