Posted on 12/12/2008 8:04:39 PM PST by Lorianne
http://www.vanityfair.com/magazine/2009/01/stiglitz200901?printable=ture¤tPage=all
http://www.vanityfair.com/magazine/2009/01/stiglitz200901?printable=ture¤tPage=all
>There has been much finger-pointing at Fannie Mae and Freddie Mac, the two huge mortgage lenders, which were originally government-owned. But in fact they came late to the subprime game, and their problem was similar to that of the private sector: their C.E.O.’s had the same perverse incentive to indulge in gambling.<
written by democrats that want to free the clinton admin, fd raines, jamie gorelich, barney frank, chucky schumer, chris dodd et al from blame
Greenspan and Rand parted ways long, long before he took over the Fed.
Hillary Clinton, IIRC, also had an "interest" in Ayn Rand's writings while she was in college.
We can see how that turned out.
It would have been impossible for Greenspan to be an Objectivist and run the Fed. It's as believable as a pro-lifer running an abortion clinic.
While Rand's philosophy, Objectivism, may have influenced Greenspan earlier in his life, he simply grew in a different direction.
The phrase "sold his soul" is tossed around in Objectivist circles when discussing Greenspan.
Make no mistake: attacking Greenspan for his earlier dabbling in Objectivism is nothing more than a attack on capitalism.
Deregulation is the problem?
From my understanding this all started when the guys in charge were IGNORING the rules on the books. And the guys who were to overwatch and enforce said rules didn’t do anything to stop them.
Rules are only as good as the people enforcing them.
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