Greenspan Admits Some Mistakes Amid Grilling by House Lawmakers - WSJ.com

Wow, this really is a watershed moment in high finance. Back to the drawing board for financial regulation, etc.

"In testimony to the House Government Oversight Committee, Mr. Greenspan acknowledged that the crisis 'has turned out to be much broader than anything I could have imagined. It has morphed from one gripped by liquidity restraints to one in which fears of insolvency are now paramount. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity (myself especially) are in a state of shocked disbelief,' according to Mr. Greenspan." Greenspan Admits Some Mistakes Amid Grilling by House Lawmakers - WSJ.com