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To be sure, to be sure, I've cut&paste it double (oopps) ... but if anyone is interested here is a link to the relevant transcript (I'm assuming it is accurate).

http://www.washingtontimes.com/weblogs/potus-notes/2008/Oct/24/he-found-flaw/

Key point summary: variety overload, flawed model, sub-committee operation only allowing the majority view. 


--- On Sun, 26/10/08, R Clemens <[log in to unmask]> wrote:
From: R Clemens <[log in to unmask]>
Subject: Greenspan & his "critical functioning structure"
To: "Listserv Listserv" <[log in to unmask]>
Received: Sunday, 26 October, 2008, 8:30 PM

You're flying until you hit the ground...

Appearing before the House Committee on Oversight and Government
Reform, the man once dubbed "The Maestro" said he had found a flaw in
the "critical functioning structure that defines how the world works".
"I don't know how significant or permanent it is but I have been very
distressed by that fact," Mr Greenspan said. 

"I made a mistake in presuming that the self-interests of
organisations, specifically banks and others, were such that they were
best capable of protecting their own shareholders and their equity in
the firms." 

Asked by committee chairman Henry Waxman if he was saying his world
view was "not working", Mr Greenspan said: "Absolutely, precisely. You
know, that's precisely the reason I was shocked, because I have been
going for 40 years or more with very considerable evidence that it was
working exceptionally well." 
(underline added) (http://www.theaustralian.news.com.au/business/story/0,28124,24548000-643,00.html)
Now does this equate to viability?
He goes on the add: 
"I made a mistake in presuming that the self-interests of
organisations, specifically banks and others, were such that they were
best capable of protecting their own shareholders and their equity in
the firms." (Ibid)

This sounds a bit like faith-based management to me.

And then we have 'world view' deficit -- one of many it seems at the top these days ('twas it ever any different?):

 
Asked by committee chairman Henry Waxman if he was saying his world
view was "not working", Mr Greenspan said: "Absolutely, precisely. You
know, that's precisely the reason I was shocked, because I have been
going for 40 years or more with very considerable evidence that it was
working exceptionally well." (Ibid)

I sum this to mean "I am shocked because I was wrong".  We call this 40 years of drinking your own bathwater! 
 





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