Are you shock that Greenspan is shocked?

I'm glad that I confronted myself to wake up about credit implosion before all these experts now wake up slowly. I can tell you that it was not easy to jump out of the track to make this conclusion myself.

Nevertheless, on a different note, I am not sure whether Greenspan has been pretending not to know or he has no where to hide now.

WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities.

Despite concerns he had in 2005 that risks were being underestimated by investors, "this crisis, however, has turned out to be much broader than anything I could have imagined," Greenspan said in remarks prepared for delivery to the House of Representatives Committee on Oversight and Government Reform.

"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," said Greenspan, who stepped down from the Fed in 2006.

"The reasons why we set up your agencies and gave you budget authority to hire people is so you can see problems developing before they become a crisis," Committee Chairman Henry Waxman, a California Democrat, told a panel that included Securities and Exchange Commission Chairman Christopher Cox and former U.S. Treasury Secretary John Snow.

"To say you just didn't see it, that just doesn't satisfy me," Waxman said.

http://www.reuters.com/article/topNews/idUSTRE49M58W20081023