I’ve heard this quote attributed to Alan Abelson of Barron’s, but who knows, it may be from Kansas. Maybe Abelson used to listen to Kansas.
In any event, it came to mind when I heard that the Maestro, a Master of the Universe if there ever was one, spoke thus before Congress last week:
REP. WAXMAN: You found a flaw in the reality —
MR. GREENSPAN: Flaw in the model that I perceived as the critical functioning structure that defines how the world works, so to speak.
REP. WAXMAN: In other words, you found that your view of the world, your ideology was not right. It was not working.
MR. GREENSPAN: Precisely. That’s precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.