Steve Pearlstein: Alan Greenspan still thinks he’s right:
[Greenspan's] latest book, oddly named “The Map and the Territory,” is meant to be an account of his intellectual journey to discover why, as the nation’s top bank regulator and its most famous economic prognosticator, he failed to see it all coming. Why had the markets, which for centuries had been so adept at self-correction, failed this time? Why had bank executives, with every incentive to protect their fortunes and reputations, knowingly gambled it all away?
What we find, however, is that Greenspan’s journey of discovery brings him right back to… an unshakable faith in free markets, an antipathy toward market regulation, and a conviction that progressive taxes and social spending are to blame….