Referring to his free-market ideology, Mr. Greenspan said: “I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”
Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.
“Absolutely, precisely,” Mr. Greenspan replied. “You know, that’s precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.” (SOURCE)
In the words of John Stossel, whose viewpoint is most relevant, "Gimme' a break!".
It's nice that Alan Greenspan, who served 18 years as the head of the U.S. Federal Reserve and is considered the key proponent of free market economics behind the inflation of the largest, most ruinous credit bubble in human history, now recognizes that there may have been a 'flaw' in his underlying 'ideology'. But his self-realization is a day late and dollar short....or, for that matter, 10,000 days late and a quadrillion dollars short. In the long-run, the blind faith of economic policy-makers in some imaginal invisible hand has wrought such catastrophic underlying damage to the global financial system, that it will literally take the Apocalypse to finally wipe the slate completely clean.
What's important for everyone to keep in mind here is that there is no 'flaw' with freedom. Freedom did not fail us....we failed freedom.
Instead of engaging in responsible self-governance, people opted to abuse their freedom by pursuing personal gain without social conscience, placing blind faith in the mindless invisible hand of markets or the visibly incompetent hand of government to take care of everyone else and the world as-a-whole. This is nonsense. WE ARE ALL PERSONALLY RESPONSIBLE FOR OUR COLLECTIVE WELFARE, and failure to recognize this fundamental truth is literally suicidal.
With regard to the unfolding financial collapse, there were the policy-makers that consciously ignored the booms and busts of market history in prescribing government policies, the bank executives who overlooked the massive systemic risks they were creating in seeking multi-million dollar paychecks, the mortgage brokers and realtors who pushed home sales they knew were dangerously unrealistic in pursuit of fees and commissions, the unqualified home buyers who turned a blind eye to the dangers of their purchases, etc., etc., etc. Each participant thought and behaved in a recklessly selfish manner without thinking of the long-term consequences for others, society as-a-whole, or ultimately themselves. This was foolish, irresponsible and downright insane.
In liberal economic theory, the core models to explain and predict the social outcome of self-interested behavior amongst individuals and businesses assumes that people think and behave 'rationally'. The problem emerges if people are irrational, and that is an inevitable consequence when the prevailing mindset is a popular delusion in which everyone believes themselves to be separate from others and the world at-large. WE ARE NOT SEPARATE. We are all part of an organic collective being in which our common survival is rooted in interdependence. Thus, the ideology exemplified by Jesus, which 'secular' science has gone against, is a truism essential for human survival.
Since people failed to heed the warnings of Jesus and abused the freedom God granted them, the free world is about to be vanquished and global governance will fall into the most evil, anti-Christian hands:
"If we presume the coming transformation of the Communist Party into the Russian Orthodox Party of the Soviet Union, we would obtain truly the ideal state, one which would fulfill the historical destiny of the Russian people. It is a question of the Orthodoxization of the entire world." - Gennadii Shimanov
From Alexander Yanov's "The Russian Challenge and the Year 2000" (1987)
Only those with the courage to think freely can then save this world. I suggest you join me in this global salvation effort.
It's as simple as that.
"Men must be governed by God or they will be ruled by tyrants." - William Penn