UNCLE AL MUST'VE ENROLLED IN A 12-STEP PROGRAM

His belief in the Free Market Fairy having been shattered, Alan Greenspan took another huge step toward reality:

Greenspan: Fix system before stimulus
By EAMON JAVERS 2/17/09 8:33 PM EST
POLITICO

The famously inscrutable Alan Greenspan used some uncharacteristically candid language to describe the dire plight of the American economy Tuesday night at the Economic Club of New York.

“Since the collapse of Lehman Brothers in September, we have been exposed to the most rapid and unremitting set of gloomy statistics that I have ever seen,” the former Fed chairman said in remarks prepared for delivery at the club’s 401st meeting at the New York Hilton.

Finally, Greenspan said that – despite his preference for low federal regulation of the financial markets, he sees “no alternative to a set of heightened federal regulatory rules for banks and other financial institutions.”