5 

Planning, Markets and Public Transport

 

Chairman WAXMAN

Dr Greenspan, I am going to interrupt you. The question I had for you is you had an ideology. You had a belief that … ‘Free competitive markets are by far the unrivalled way to organize economies.’ [Do] you feel that your ideology pushed you to make decisions that you wish you had not made?

Mr GREENSPAN

Well, remember… To exist, you need an ideology. The question is whether it is accurate or not. What I am saying to you is, yes, I found a flaw. I don’t know how significant or permanent it is, but I have been very distressed by that fact. But if I may, may I just finish an answer to the question –

Chairman WAXMAN

You found a flaw? 

Mr GREENSPAN

I found a flaw in the model that ...

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