Greenspan: The nerve

Alan Greenspan certainly knows how to turn his mistakes to his advantage. In his just-published memoirs - for which he was paid a rumoured 8 millions USD, or 16,000 dollars a page - the former chairman of Federal Reserve Board admits he failed to notice the excesses of the US mortgage market until it was too late. Presumably, he was too busy honing his famously oracular statements about monetary policy. That mistake is likely to cost the US economy dearly. It led to excess construction, real es...