Tuesday :: Mar 6, 2012

Quote of the Day

by Mary

Greenspan was ensorcelled by Ayn Rand:

{T}he most devoted member of her inner circle was Alan Greenspan, former head of the US Federal Reserve. Among the essays he wrote for Rand were those published in a book he co-edited with her called Capitalism: the Unknown Ideal. Here, starkly explained, you'll find the philosophy he brought into government. There is no need for the regulation of business – even builders or Big Pharma – he argued, as "the 'greed' of the businessman or, more appropriately, his profit-seeking … is the unexcelled protector of the consumer". As for bankers, their need to win the trust of their clients guarantees that they will act with honour and integrity. Unregulated capitalism, he maintains, is a "superlatively moral system".

No wonder predatory lenders were able to get their hands on so much loot.

Mary :: 10:32 PM :: Comments (4) :: Digg It!