“For too long, the prevailing attitude in Washington has been that the market always knows best. The Federal Reserve had the authority to stop the irresponsible lending practices that fueled the subprime mortgage market. But its long-time Chairman, Alan Greenspan, rejected pleas that he intervene.” — Rep. Henry Waxman (D-Calif.), presiding over a hearing on the role of the regulators in the financial crisis.

“As I wrote last March, those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself especially) are in a state of shocked disbelief. Such counterparty surveillance is a central pillar of our financial markets’ state of balance. If it fails, as occurred this year, market stability is undermined.” — Former Federal Reserve Board Chairman Alan Greenspan, testifying at the same hearing.