Alan Greenspan testifies before a Congressional committee regarding the pivotal role he played in our current global financial crisis. Greenspan initially tries to defend himself by saying that derivative markets are working well, even though derivatives have already been identified as one of the main contributing factors to the meltdown. The Believability Meter sees right through that claim though, not fooled by Greenspan's attempts to divert attention away from his own culpability.

Greenspan eventually gives up trying to defend his actions, just telling the committee chairman, Henry Waxman, what he wants to hear. When Greenspan says that after 40 years in the financial sector he has found a "flaw" in his economic ideology, the Believability Meter goes red again; most likely because the former Fed chief still hasn't relinquished his disastrous dedication to free markets. Why did Alan Greenspan refuse to stop greedy bankers from destroying our financial system? Will Americans ever give the federal government the power it needs to properly manage our economy? Tell us what you think Congress or the next President should do to make this all better.   

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