The Capital for 10/23-24/08: Greenspan Admits He Messed Up
The inaugural edition of this thread. This will be the permanent economical thread on a regular basis.
From a number of sources, but we'll highlight Ms.Maddow last night:
And from a thoughtful diary from Cannaya about this stunningly self-admittion of blame from Greenspan:
Greenspan has been bashed a lot (and I know it pains his wife, NBC/MSNBC "Princess of the Network" Andrea Mitchell to see him be apart of the criticism a whole lot). But give him credit for admitting free-market ideology has failed. A lot of other people still have too much pride to admit just so.
From a number of sources, but we'll highlight Ms.Maddow last night:
And from a thoughtful diary from Cannaya about this stunningly self-admittion of blame from Greenspan:
The problem with ideology is that people will tend to continue having faith in said ideology even in the face of evidence against it. The evidence has been mounting against libertarian-style, unregulated free-market capitalism for over 100 years now, and it's about time that honest ideologues are finally starting to recognise this.
I'm not saying that we should never try out any given ideology at all. Rather, in the words of Franklin Roosevelt, "It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something." Unregulated free-market capitalism has failed, and now is the time to admit it frankly and try something else.
Greenspan has been bashed a lot (and I know it pains his wife, NBC/MSNBC "Princess of the Network" Andrea Mitchell to see him be apart of the criticism a whole lot). But give him credit for admitting free-market ideology has failed. A lot of other people still have too much pride to admit just so.
Comments