The economy crumbled

Of all the economic earthquakes that racked the global economy in 2008, one temblor ranks supreme. Alan Greenspan's declaration to Congress on Oct. 23: "I made a mistake."

In those four words can be heard the crumbling of at least three decades of ideological dominance. Technically speaking, Greenspan was acknowledging that he had misjudged the private sector's ability to manage risk in a… » Full Story on Salon.com