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WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan testifies during a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan testifies during a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan testifies during a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan testifies during a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
Former U.S. Federal Reserve Chairman Alan Greenspan (L) asks if he is to be sworn in as he talks with House Oversight and Government Reform Committee chairman Henry Waxman (D-CA) (R) and ranking member Rep. Tom Davis (R-VA) on Capitol Hill in Washington October 23, 2008. Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead.
Former U.S. Federal Reserve Chairman Alan Greenspan arrives to testify before the House Oversight and Government Reform Committee on Capitol Hill in Washington October 23, 2008. Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead.
Former U.S. Federal Reserve Chairman Alan Greenspan arrives to testify before the House Oversight and Government Reform Committee on Capitol Hill in Washington October 23, 2008. Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead.
Former Federal Reserve Chairman Alan Greenspan, left, speaks with members of the House Oversight and Government Reform Committee, from second from left, Rep. Darrell Issa, R-Calif., Rep. Tom Davis, R-Va., and committee chairman Rep. Henry Waxman, D-Calif., on Capitol Hill in Washington, Thursday, Oct. 23, 2008, after the committee's hearing is looking into the federal role of the financial markets.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan testifies during a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan (L) walks past former Treasury Secretary John Snow (R) before the start of a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan (L) walks near former Treasury Secretary John Snow (R) before the start of a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
WASHINGTON - OCTOBER 23: Former Federal Reserve Chairman Alan Greenspan (R) talks with Rep. Elijah E. Cummings (D-MD) (L) before the start of a House Oversight and Government Reform Committee hearing on Capitol Hill October 23, 2008 in Washington, DC. The committee is hearing testimony on the roles and responsibilities of federal regulators in the current financial crisis.
Former Federal Reserve Chairman Alan Greenspan, left, Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, and former Treasury Secretary John Snow testify on Capitol Hill in Washington, Thursday, Oct. 23, 2008, before the House Oversight and Government Reform Committee hearing on the federal government role in the financial markets.
Securities and Exchange Commission (SEC) Chairman Christopher Cox, center, flanked by Former Federal Reserve Chairman Alan Greenspan, left, and former Treasury Secretary John Snow, testifies on Capitol Hill in Washington, Thursday, Oct. 23, 2008, before the House Oversight and Government Reform Committee hearing on the roll of the federal government in the financial markets.
Former US Federal Reserve Chairman Alan Greenspan(L) and Former Treasury Secretary John Snow arrive to testify before the House Committee on Oversight and Government Reform hearing on the roles and responsibilities of federal regulators in the current financial crisis October 23, 2008 on Capitol Hill in Washington, DC.
Former US Federal Reserve Chairman Alan Greenspan(L) and Former Treasury Secretary John Snow arrive to testify before the House Committee on Oversight and Government Reform hearing on the roles and responsibilities of federal regulators in the current financial crisis October 23, 2008 on Capitol Hill in Washington, DC.
Former U.S. Federal Reserve Chairman Alan Greenspan (R) talks with Sheri Cooper, chief economist for Bank of Montreal, during a talk to a financial audience in Vancouver, British Columbia January 24, 2008. Greenspan said on Thursday he was a little uncomfortable with sovereign wealth funds, but they were desirable overall.