Friday, December 21, 2007


This is just a quickie followup on my throw-away comment about Alan Greenspan. Here's a quote from the man:

In a 1963 essay for Ms. Rand’s newsletter, Mr. Greenspan dismissed as a “collectivist” myth the idea that businessmen, left to their own devices, “would attempt to sell unsafe food and drugs, fraudulent securities, and shoddy buildings.” On the contrary, he declared, “it is in the self-interest of every businessman to have a reputation for honest dealings and a quality product.”
Now, this was 1963 and maybe Big Al grew up a little after that. But his handling of the financial markets, particularly the mortgage businesses during his tenure as Fed chair would suggest that he didn't learn much.

Hey Al! Ever hear of a little book called "The Jungle"? I had to read it in 8th grade. Did you?

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