He played Colin Powell's role in pimping for the Bush tax cuts and was directly responsible for the real estate bubble that created the illusion of a growing economy during the Bush years. He was a slavish disciple of Ayn Rand and promoted Economic Fundamentalism under the cover of being a centrist Fed Chairman who had only the country's interest's at heart.
Well, today Mr. Greenspan showed a rare quality for movement conservatives and admitted he was wrong.
From testimony in Congress:
Mr. Greenspan conceded a more serious flaw in his own philosophy that unfettered free markets sit at the root of a superior economy.
“I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms,” Mr. Greenspan said.
Referring to his free-market ideology, Mr. Greenspan added: “I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”
Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.
“Absolutely, precisely,” Mr. Greenspan replied. “You know, that’s 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.”
At least he has the strength of character and intellectual honesty to admit that his theories were wrong. I doubt we will ever see such honesty from Bush, Cheney, Rove or the rest of their cabal.
2 comments:
Yo Snipe,
Imagine that, a bunch of greedy bastards are slowly admitting that greed may not be a good thing, after all. Now that they're busted, they've found a little humility. How touching...
Understand clearly, that these leaders have, once again, been caught red-handed, with their pants down around their ankles, and their hands in the cookie-jar/till, colluding to exploit and deceive everyone and at a scale and scope that is absolutely mind-boggling. Furthermore, this model of civilization (money, politics, and religion) has repeatedly failed. Unlike past failures though, this one is global in scope and greatly compounded by massive international deception and rampant greed in the form of derivatives, other smoke and mirrors financial schemes (scams), and several layers of speculation. The same out-of-control "betting schemes" were also behind the skyrocketing oil prices of recent years.
The derivatives scams alone have grown to more than 10-times the entire global GDP (at last counting) and are now failing because the scam/pyramid scheme broke and exposed the deception for all to see. A significant portion of global wealth and power was created and propped-up using these and other now-proven smoke and mirrors and house of cards illusions and delusions. These deceptions have grown many times larger than the rest of the entire world economy. Consequently, there is no way that all of the world's governments combined, who themselves borrow so-called "money" from other central-bank smoke and mirror deceptions, can solve this debacle, by using more smoke and mirrors money scams. The only solutions they are offering will take centuries to repay, if ever.
So, why should all of humanity be forced to suffer and struggle any longer now that the entire global financial system has been exposed as a mind-boggling deception within many other deceptions? No one in their right mind would continue to be enslaved by a proven deception, which is also proven to be undeniable slavery-by-proxy !!!
Here is Wisdom...
Wow. You have a pretty good handle on the situation.
The sad irony is that we should be happy to be seeing the grip of the Wall St. fat cats slipping. Unfortunately, they're may be taking all the rest of us down the drain with them.
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