So in testimony to congress Greenspan finally admitted Uncle Miltie's idiotic ideas turn out to not be so sound after all. Nice to see a conservative who is capable of recognizing reality and changing his mind about his religion... He still seem baffled by the fact that it seemed to "work for 40 years"- totally ignoring or unaware that serious and comprehensive deregulation across the board has been steadily increasing with rising republican power over the past 12 years... seeming incapable of understanding how deregulation interacts with a world economy where OTHER nations have much greater growth... and therefore attract all real capital, leaving everyone else borrowing. But at least he can see, and can admit that, the rich can not be trusted to "self regulate"... maybe in a few years time he will be able to admit that the super rich usually get that way by being unscrupulous... and that unscrupulous people with access to billions of dolllars need to be scrutinized far more than the averagte joe. He also points out that 60% correct in economic forecasting is considered extraordinarily accurate... That's funny... being just BARELY statistically better than chance is considered a success in economics? In every other branch of science, such poor performance is conclusive proof that your theories are incorrect. Maybe, just maybe this country will wake up to the recklessness of investing the entire national economy in unproven ideas that do not work well in models. Maybe we can get away from the Absolutism of republican thinking... that frighteningly fascist moral certainty that enables them to kill 500,000 innocent Iraqi's without any qualms as easily as they dismiss the criminal conduct of their political leaders.... Its time for Americans to stop thinking of the structure of society like its a football game with one idea pitted against another... A free civilization mixes BOTH regulated captialism AND limited socialism. We have always HAD both... its time to stop treating either one as the incarnation of evil and recognize the importance and mutual reliance of both. And, seriously... you young folk... you need to start pressing the planning for a POST capitalist future economy... because you will live to see it. In 50 years, the world will be AS affluent as it will ever be... and population will begin to drop. NO MORE GROWTH... either means no more capitalism, or it mean permanent recession. The nobel prizes will go to the guys who can come up with a workable economic theory for a world without growth.