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This is not quite the mea culpa that some people who are angry about the credit bubble would like to see.

A bid for sympathy from a man who had gone from hero to zero in investors’ eyes?

Or was it possible that a former “maestro” of free markets could change his mind about how the world worked?

And if so, what does that imply for the discipline of economics, let alone Greenspan’s successors in the policy making world – such as Janet Yellen, nominated as the new head of the Fed?

So after, when I got hammered, it kind of balanced out, since I don’t think I deserved the criticism either …

I am a human so I feel it but not as much as some.” Yet in one respect, at least, Greenspan has had a change of heart: he no longer thinks that classic orthodox economics and mathematical models can explain everything.

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