Broken clock: right twice a day. Alan Greenspan: "I Was Right 70% Of The Time"

Greenspan Testifies To Financial Crisis Commission, Blames Fannie, Freddie For Subprime Crisis (LIVEBLOG, VIDEO)

Greenspan Testifies To Financial Crisis Commission, Blames Fannie, Freddie For Subprime Crisis (LIVEBLOG, VIDEO)

(We'll be running a live blog of the testimony at the Financial Crisis Inquiry Commission's latest round of hearings in Washington, D.C. Former Federal Reserve Chairman Alan Greenspan is scheduled to speak today; tomorrow will feature former Citigroup CEO Charles Prince and former Citigroup chairman and ex-Treasury Secretary Bob Rubin. Check back here for regular updates and video.)

UPDATE: 9:45 A.M. Greenspan: I Was Right 70 Percent Of The Time - Ryan McCarthy

While being grilled by commission chairman Phil Angelides, Alan Greenspan offered a guess about his batting average as head of the Federal Reserve. In fact, Greenspan seemed to pat himself on the back for only being wrong 30 percent of the time.

Angelides asked whether or or not Greenspan would characterize his handling of the subprime crisis as a mistake -- a fair question that got a fairly convoluted answer. Here's the exchange:

Angelides: Would you put this under the category of 'Oops,' we should have done it?

Greenspan: When you've been in government for 20 years, as I have been, the issue of retrospective and figuring out what you should have done differently is a really futile activity... My experience has been, in the business I was in I was right 70 percent of the time, but I was wrong 30 percent of the time and there are an awful lot of mistakes in 21 years.

Angelides: Would you put this in the 30 percent category?

Greenspan: I don't know.

WATCH the exchange: http://www.huffingtonpost.com/2010/04/07/greenspan-to-financial-cr_n_528147.html