Greenspan: there goes decades of Ayn Rand

[coadie]

Down the drain.

Alan Shrugged: Greenspan, Ayn Rand and Their God That Failed

"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."

In other words, whoops—there goes decades of Ayn Rand down the drain.

He must have felt lust for her because she sure didn't have intelligence to offer.

Greenspan and the others urged Congress "to be aware of the potential unintended consequences" of legislation to regulate derivatives.

They got it exactly wrong. Swaps and derivatives ended up undermining, not bolstering, the economy.


Greenspan was stupid. I knew that Goldman Sachs made money rating, underwriting and retail trading.

In a November 5, 2003 letter, signed only by Greenspan, the Fed chair again took a shot at Feinstein's proposal to control derivatives. He noted that "enhanced market discipline" would address concerns about the manipulation of markets.

I am sure America will recover from some of these trillion dollar errors in judgement.