Even Alan Greenspan, the high priest of deregulation, has, like Ivan Ilyich in the famous Tolstoy story, had a moment of startling self-revelation that has left him confused about the purposes of his life's work.
He did not know what he thought he knew. What he thought was so is not the case. 'I have found a flaw,' he said in October, following the bank bailouts, 'I have been very distressed by that fact . . . Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself especially, are in a state of shocked disbelief.'
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