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The former Fed chair told angry lawmakers on Thursday that after 40 years of buying into free-market ideology he had "found a flaw." Rep. Henry Waxman told Greenspan "our whole economy is paying the price" because he ignored advice and resisted regulation.

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Former Federal Reserve Chairman Paul Volcker said Tuesday that the US was already in a recession, despite the efforts of the U government and other nations' leaders to intervene "I have seen a lot of crises but I have never seen anything quite like this one," said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.

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Alan Greenspan is no fan of the Bush administration or the once-dominant congressional Republicans. In his new memoir, "The Age of Turbulence: Adventures in a New World," the former Federal Reserve chairman disparages the two groups for violating the GOP's values on spending and small government. Updated

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The stock market Tuesday had its worst day since 9/11 as investors around the world began to lose faith in the U.S. economy. The Dow fell by 4.3 percent, and S&P estimated total losses at $632 billion. The development came only a day after Alan Greenspan warned of a potential recession.

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Alan Greenspan used his powers of economic foresight Monday to caution Americans about a possible upcoming recession. While the former Fed chairman stressed that he can't accurately predict changes far in advance, Greenspan speculated that we may see a dip in the economy within the year.

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