Today's post is from Marilyn Sewell, senior minister at the First Unitarian Church in Portland, Oregon. Sewell is the author of Breaking Free: Women of Spirit at Mid-Life and Beyond and Resurrecting Grace: Remembering Catholic Childhood, and the editor of two collections of poetry, Claiming The Spirit Within: A Sourcebook of Women's Poetry and Cries of the Spirit: More Than 300 Poems in Celebration of Women's Spirituality. This post also appeared on her personal blog, Reflections.
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People are mad at Greenspan. Yes, the Lord of the Stock Market, the One True God we worshiped, has failed us, we see. Alan Greenspan, almost three years after retiring as chair of the Federal Reserve, is realizing that free markets don't always self-correct. Last Thursday he told the House Committee on Oversight and Government Reform, "Those of us who have looked to the self interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief."
Lawmakers asked him to say, "I was wrong, and I'm sorry." Pretty simple. But Greenspan declined. At a time when unprecedented numbers of people all over the nation are losing homes and now losing jobs, as well, the former Chair refused to accept responsibility for the crisis. He did say, however, that his faith in deregulation has been shaken. We were hoping you might have noticed sooner, Mr. Greenspan. And since you have fiercely opposed deregulation for almost 15 years, one would hope that you would at least apologize for letting ideology rather than market realities determine our economic policy. "The whole intellectual edifice . . . collapsed in the summer of last year," he said.