When things are riding high and everything is going far beyond your wildest dreams, it is not part of human nature to question the good fortune, boom times, all that seemed to be going right because, we all, particularly Mr. Greenspan, believed it was all part of the economic cornucopia that was the American dream.
Reading through the article I got the impression that Greenspan really didn't know what he was doing, that he simply happened along at the most lucrative period in American history that would remained essentially the case no matter what decisions he made. The worst, most tragic mistake was that he believed he knew what he was doing and took the accolades, credit for it all, until it ended, circumstances which made him all the more confused and baffled, and along with it unanimity in which he was discredited, blamed for what happened.
Now, he's back trying very hard to concoct the unseen economic mechanisms that were lurking in the darkness in desperation to restore of his vainglorious ego in the hope he can exonerate himself. But, my sense is that he doesn't come across very convincing.
So Greenspan admits that central planning doesn’t work. That’s not a surprise nor is it unexpected.
The fact that he’s married to the loathsome Andrea Mitchell should have been a huge clue for us all about just how seriously suspect his judgment is.