Apropos of the previous post regarding Mr. Soros’ reflexivity theory, Andrew Sullivan quotes Alan Greenspan testifying before the House Committee on Oversight and Government Reform, October 23, 2008.

“I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms. I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”