Thursday, October 23, 2008

I Laughed And Laughed

Until I cried. Because this really is the most hilarious thing I have read recently:

Alan Greenspan, the former Federal Reserve chairman, said Thursday that the current financial crisis had uncovered a flaw in how the free market system works and that had shocked him.

Mr. Greenspan told the House Oversight Committee on Thursday that his belief that banks would be more prudent in their lending practices because of the need to protect their stockholders had proven in the latest crisis to be wrong.

Mr. Greenspan said he had made a "mistake" in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.

Mr. Greenspan said that he had found "a flaw in the model that I perceived is the critical functioning structure that defines how the world works."

And this is the guy the Congress critters called "the Oracle"? Bwahahah!

Maybe this is funny only to economists.