Mr. Greenspan said he had made a â€œmistakeâ€ 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 â€œa flaw in the model that I perceived is the critical functioning structure that defines how the world works.â€
Mr. Greenspan, who headed the nationâ€™s central bank for 18.5 years, said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a â€œstate of shocked disbelief.â€
When asked what we could do to fix the mess that he had caused, Greenspan mysteriously responded
“Who is John Galt?”