In his piece in the Saturday NY Times, he states:

Let's today step out of the normal boundaries of analysis of our economic crisis and ask a radical question: What if the crisis of 2008 represents something much more fundamental than a deep recession? What if it's telling us that the whole growth model we created over the last 50 years is simply unsustainable economically and ecologically and that 2008 was when we hit the wall -- when Mother Nature and the market both said: "No more."

We have created a system for growth that depended on our building more and more stores to sell more and more stuff made in more and more factories in China, powered by more and more coal that would cause more and more climate change but earn China more and more dollars to buy more and more U.S. T-bills so America would have more and more money to build more and more stores and sell more and more stuff that would employ more and more Chinese ...

We can't do this anymore.

So Greenspan says that his ideology of market self-regulation is "flawed," and Friedman says we went down the wrong path. Gee thanks guys. A lot of us have been trying to say exactly this for a long period of time and have been labeled "commies," "socialists," and outright "unamerican."

An apology to all of us and the world would be nice.