The truth is most of the individual mistakes boil down to just one:
a belief that markets are self-adjusting and that the role of
government should be minimal. Looking back at that belief during
hearings this fall on Capitol Hill, Alan Greenspan said out loud,
"I have found a flaw." Congressman Henry Waxman pushed him,
responding, "In other words, you found that your view of the world,
your ideology, was not right; it was not working." "Absolutely,
precisely," Greenspan said. The embrace by America — and much
of the rest of the world — of this flawed economic philosophy
made it inevitable that we would eventually arrive at the place we
are today.