One of the greatest charlatans of all time, Alan Greenspan, has a new book out.

[rhett o rick]

He tries to rationalize why he and his idiot followers couldnt have forseen the collapse of 2008.

Alan Greenspan says:
In 1963:

“Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.” (The Assault on Integrity, 1963)

Clearly Mr. Greenspan lives in a fantasy world.

And then in 2008 he says:

"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…”

Really, really? Any idiot with half a brain could see the fallacy that lead to the collapse. Capitalistic greed will kill the Golden Goose every time Alan.

[arcane1]

1. Because nothing inspires "trustworthiness" quite like self-interest.

[madamesilverspurs]

2. Greenspan

is the one who vetted Charles Keating and convinced a group of senators, including McCain, that Keating was such a swell guy they should give him the go-ahead for his savings-and-loan scheme. Yeah, that worked out well.

[rhett o rick]

4. To a pure capitalist, it's all just one "scheme" after another. Some times you get caught. But

it aint personal, it's just business.

[AgingAmerican]

3. He admitted in 2008 that everything he believed

...about Capitalism was wrong. Idiot Libertarians.

[rhett o rick]

5. I dont remember his saying that. If you have a source I would love it.

I do remember him being shocked that individuals would put their own self interests above the corporation.

[AgingAmerican]

6. Sure

"You found that your view of the world, your ideology was not right, it was not working?" said Rep. Henry A. Waxman (D-Calif.), the committee chairman.

"Absolutely, precisely," Greenspan said. "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."

Greenspan admits his worldview sucks in front of congress

[rhett o rick]

7. Thank you very much for that. That sure isnt what he is saying in his book.

I havent finished it but it looks like a bullshit smoke screen explaining that it wasnt his fault but that the market changed and no one could have foreseen the coming change. What really happened IMHO is that he and his minions couldnt see the possibility of a crash because they were blinded by capitalistic greed. I am sure Greenspan would tell you that no one foresaw that if you killed the Goose that there would be no more golden eggs.

Again thank you for that article. In the beginning of the article he does admit, as you point out, that his ideology didnt work, but I think he hedges on that statement now, as he states below, "we just cannot see events that far in advance". From the same article. He should clarify that the "we" means people with his ideology. Other economists have predicted the crash.


"The Federal Reserve had as good an economic organization as exists," Greenspan said. "If all those extraordinarily capable people were unable to foresee the development of this critical problem . . . we have to ask ourselves: Why is that? And the answer is that we're not smart enough as people. We just cannot see events that far in advance."

[Cleita]

8. Clinton shouldn't have elevated his prestige like he did.

It gave him a credibility he didn't deserve. I remember when everyone hung on his every word as if he had some magic spell to deliver. It was nothing but doublespeak.

[rhett o rick]

9. Alan bought the Ayn Rand fantasy lock stock and barrel. He is not connected to

reality. He was a useful tool for the greedy capitalists that toted him as their god. And now he isnt taking responsibility for his errors. He claims, no one could have foreseen the iceberg, totaling ignoring all those that saw the iceberg.

The crash of 2008 was the greatest business maneuver ever for gaining massive wealth for no investment. It will be used again.