"But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform."
This doesn't seem like rocket science to me. I too celebrate the power of the market. But I have also compared it to the power of a wild tiger--powerful and innovative, but also potentially destructive. Perhaps this is a harbinger of a fundamental change in philosophy to a place where Grover Norquist and Newt Gingrich find themselves on the fringes of conservatism. We can only hope.
Oh, and just remembered that Scott McClellan endorsed Obama yesterday. Hard core Republicans will ignore him and Powell, but what about those in the middle?