In article
>,
Bobo Bonobo® > wrote:
> On Apr 24, 7:21*am, Michel Boucher > wrote:
> > Capitalism is the astounding belief that the most wickedest
> > of men will do the most wickedest of things for the greatest
> > good of everyone. - John Maynard Keynes
>
> Ayn Rand did not consider them or their actions to be wicked.
>
> Alan Greenspan was a Rand disciple.
http://en.wikipedia.org/wiki/Phil_Gramm
"2008 Nobel Laureate in Economics Paul Krugman, a supporter of Barack
Obama, described Gramm during the 2008 presidential race as "the high
priest of deregulation," and has listed him as the number two person
responsible for the economic crisis of 2008 behind only Alan
Greenspan.[15][16]"
http://en.wikipedia.org/wiki/Alan_greenspan
"In Congressional testimony on October 23, 2008, Greenspan acknowledged
that he was "partially" wrong in opposing regulation and stated "Those
of us who have looked to the self-interest of lending institutions to
protect shareholder's equity -- myself especially -- are in a state of
shocked disbelief."[27] Referring to his free-market ideology, Greenspan
said: ³I have found a flaw. I don¹t know how significant or permanent it
is. But I have been very distressed by that fact.² Rep. Henry Waxman
(D-CA) then pressed him to clarify his words. ³In other words, you found
that your view of the world, your ideology, was not right, it was not
working,² Waxman said. ³Absolutely, precisely,² Greenspan replied. ³You
know, that¹s precisely the reason I was shocked, because I have been
going for 40 years or more with very considerable evidence that it was
working exceptionally well.² [66] Greenspan admitted fault in opposing
regulation of derivatives and acknowledged that financial institutions
didn't protect shareholders and investments as well as he expected.
During testimony, Rep. John Yarmuth (D-KY) compared Greenspan to Bill
Buckner, the Boston Red Sox first baseman whose fielding error caused
the team's loss in the 1986 World Series.[27]"
In other words, Alan Greenspan's experience is a perfect example of
Michel's quote.
--
Dan Abel
Petaluma, California USA