How Does a Free Market Uber-Ideologue Justify Interventionism?

[alcibiades_mystery]

Like this:

“This is a once-in-a-half-century, probably once-in-a-century type of event,” Mr. Greenspan said in an interview on ABC. “I think the argument has got to be that there are certain types of institutions which are so fundamental to the functioning of the movement of savings into real investment in an economy that on very rare occasions — and this is one of them — it’s desirable to prevent them from liquidating in a sharply disruptive manner.”

Needless to say, this is rank bullshit. Apart from the period of slow-growth Keynesianism, modern laissez-faire capitalism will, historically, assure you cycles of boom and bust every 8-15 years. It's a historical certainty. In fact, since the wholesale abandonment of Keynesian policy in the 1980's, we've seen three such widespread market meltdowns, or exactly what the historical record would predict for a thirty year period. Collapse of a market sector is not a bug but a feature of capitalism.

[Bob Dobbs]

1. Because he has been a cynical lier his whole career.

Handmaiden of the power elite.

He never believed anything he said and knew it was bullshit all along.

[BlooInBloo]

7. The thread can end here.

[Tallison]

2. "Socialize the losses, and capitalize the gains"

He said earlier today on CNBC. Classic RW agenda to suppress class mobilization.

[gratuitous]

4. Ding, Ding, Ding, Winner!

"Socialize the losses, privatize the gains" would have also been acceptable.

[readmoreoften]

13. That's it in a nutshell.

[pokerfan]

15. Exactly what I've been saying for years

"Heads we win; tails you lose" is not a free market.

[apnu]

3. rank bullshit, what else is new from Greenspan? (nt)

[Batgirl]

5. But I thought this was the part where Greenspan and his fellow masters of the universe

goo off and hide themselves away in a secret laissez-faire canyon paradise during the worst of the meltdown until we all say we're really really sorry and we promise to give them all of our social security money if they will only come back and save us.

[Duke Newcombe]

6. So you won't mind the next time when Nationalization rears it's head re: Big Oil, eh Goldie? n/t

Duke

[JDPriestly]

8. alcibiades_mystery, have you read Naomi Klein's book,

The Shock Doctrine. This economic crisis was created by a movement of right-wingers who stand to gain from the turmoil that the crisis will engender. This is Chicago School economics at its best. And we will all suffer from it. Chicago School economics helps the rich get richer and the poor get poorer. And that's the way the Republican "leadership" likes it. That is precisely what they want.

[nadinbrzezinski]

9. Thanks for paying attention... and Obama's plan

reeking partially of Keynes, is a bad thing for them

[alcibiades_mystery]

12. Yes

I'm well familiar with Ms. Klein's book, and more familiar with the origins and theory of Chicago School neoliberalism than anyone should be.

[morgan2]

10. the real free marketeers hate it

but most business people just spew it when it benefits them.

[ConsAreLiars]

11. Because he, like the rest of the LIARS, only pretends to be a "Free Market Uber-Ideologue,"

when in fact he is a paid whore and servant to the existing Master Class and an honorary member. He will do whatever enriches them and impoverishes real working people, and spin whatever tale he thinks will cover up that fact.

[readmoreoften]

14. How can "liar-whore" be distinguished from "free market uber-ideologue"?

Something to do with degrees of evil? Gang colors? I'm not sure I follow. :shrug:

[ConsAreLiars]

16. No difference, of course, other than the degree of candor.

If Greenspan and the rest just claimed to be Liar-Whores in the pay of monopoly capitalism and the multinational corporations they would get a point or so for honesty - might bring them a bit closer to zero, but that "free market" crap is so absurd that if there were Olympic Medals in flagrant lying (there may soon be) he would hardly be able to raise his scrawny neck to gorge himself on the fancy feasts he receives.

[readmoreoften]

17. So it's sort ofa "don't date me baby, I'm an asshole, I destroy everything I touch" thing?

Where the American people go "At least he's honest to me. He beats me, but at least he doesn't play mind games like Joannie's husband..."