Regulators cannot successfully use "the bully pulpit" to manage asset prices, and they cannot calibrate regulation and supervision in response to movements in asset prices, said the former Fed chief.

"Nor can they fully eliminate the possibility of future crisis, " he added.

Greenspan admitted there were "an awful lot of mistakes" in his two decades as Fed chief, but that he was right 70 percent of the time.

"I was wrong 30 percent of the time, and there were an awful lot of mistakes in 21 years," he said.

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