Greenspan backs bailout, more regulation

Alan Greenspan, a former chairman of the Federal Reserve seen as a fierce advocate of free markets, on Thursday said he supported both the US Treasury's $700 billion bailout plan and greater regulation of the financial system.

In testimony to the House Committee of Government Oversight and Reform, Greenspan predicted that markets would thaw once US house prices stabilised. But, given that "stabilisation of home prices is still many months in the future", government injection were necessary. "

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