Greenspan Admits Free Market Ideology Flawed

by Brian Naylor, NPR

Former Federal Reserve Chairman Alan Greenspan told a House committee Thursday that the banking and housing crisis is a "once-in-a-century credit tsunami." When asked if his ideology pushed him to make bad decisions, Greenspan said he found a "flaw" in his governing ideology that has led him to re-examine his thinking.

Broadcast Dates

• Morning Edition, October 24, 2008