Comments on: Greenspan Shrugged, Now Says Regulation is Necessary http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html Mon, 23 Nov 2009 06:07:28 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Yves Smith http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22842 Yves Smith Fri, 24 Oct 2008 05:44:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22842 ruetheday,<br/><br/>Nicely done. <br/><br/>Doug,<br/><br/>Thanks for the book referral.<br/><br/>Anon of 4:35 PM,<br/><br/>Just because someone saw the crisis coming and attributed it to his ideology does not make the ideology valid. I have an astrologer friend who has predicted global economic and political upheaval, end of the economic order as we know it. occurring around this time a full decade ago. I tend to tune that sort of thing out, but he has been proven correct. Does that mean we should all go worship at the temple of astrology?<br/><br/>Plenty of people of various persuasions saw this coming, albeit all in the minority. Libertarians did not have a monopoly on foresight. ruetheday,

Nicely done.

Doug,

Thanks for the book referral.

Anon of 4:35 PM,

Just because someone saw the crisis coming and attributed it to his ideology does not make the ideology valid. I have an astrologer friend who has predicted global economic and political upheaval, end of the economic order as we know it. occurring around this time a full decade ago. I tend to tune that sort of thing out, but he has been proven correct. Does that mean we should all go worship at the temple of astrology?

Plenty of people of various persuasions saw this coming, albeit all in the minority. Libertarians did not have a monopoly on foresight.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22837 Anonymous Fri, 24 Oct 2008 05:01:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22837 "Now that Greenspan has thrown in the towel, the free market ideologues have lost one of their most loyal advocates."<br/><br/>Yves - have you read Bill Fleckensteins book? <br/><br/>It is the best refutation of Greenspan that I've come across.<br/><br/>The title is :<br/><br/>"Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve."<br/><br/>Doug “Now that Greenspan has thrown in the towel, the free market ideologues have lost one of their most loyal advocates.”

Yves – have you read Bill Fleckensteins book?

It is the best refutation of Greenspan that I’ve come across.

The title is :

“Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve.”

Doug

]]> By: HC http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22800 HC Fri, 24 Oct 2008 00:27:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22800 The man in charge of the largest counterfeiting operation in the world, enforced by gun point, who willingly intervened in the money markets to distort interest rates is some how a free market ideologue? I am glad politics isn't your specialty Yves... I mean how is setting price 'targets' on interest rates any different than pegging a currency or price 'targeting' gasoline or food? Isn't that the whole point of a command economy? To command the prices and thereby the flow of goods? Owell would be 'proud' Yves... The man in charge of the largest counterfeiting operation in the world, enforced by gun point, who willingly intervened in the money markets to distort interest rates is some how a free market ideologue? I am glad politics isn’t your specialty Yves… I mean how is setting price ‘targets’ on interest rates any different than pegging a currency or price ‘targeting’ gasoline or food? Isn’t that the whole point of a command economy? To command the prices and thereby the flow of goods? Owell would be ‘proud’ Yves…

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22794 Anonymous Thu, 23 Oct 2008 23:14:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22794 Is there another group of people who understand "free market" less than Libertarians? Good dog. Speaking of doG, "invisible hand" enthusiasts believe it is the hand of god and therefore market balance left unfettered will be just. Is there another group of people who understand “free market” less than Libertarians? Good dog. Speaking of doG, “invisible hand” enthusiasts believe it is the hand of god and therefore market balance left unfettered will be just.

]]> By: David http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22786 David Thu, 23 Oct 2008 21:35:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22786 Greenspan was truly an acolyte of Ayn Rand and hardly a socialist so why are all the Libertarians claiming their theories weren't influential to this mess. <br/><br/>Obama's connection to High Finance like McCain's is suspicious but at least he's objective to Stimulus and Keynesian economics that could get us out of this mess. I suppose just letting the Market work at this point will just be the right thing to make double digit unemployment, lowering of life spans and other maladies of Unregulated 1840's styles of Classical Liberalism (or Libertarianism).<br/><br/>Tell me that Scrooge was anything else but a Libertarian? Greenspan was truly an acolyte of Ayn Rand and hardly a socialist so why are all the Libertarians claiming their theories weren’t influential to this mess.

Obama’s connection to High Finance like McCain’s is suspicious but at least he’s objective to Stimulus and Keynesian economics that could get us out of this mess. I suppose just letting the Market work at this point will just be the right thing to make double digit unemployment, lowering of life spans and other maladies of Unregulated 1840’s styles of Classical Liberalism (or Libertarianism).

Tell me that Scrooge was anything else but a Libertarian?

]]> By: Mara http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22782 Mara Thu, 23 Oct 2008 20:45:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22782 Quote: It's called the "Claude Raines moment". It's predictably written into the script.<br/><br/>Do you mean the "Invisible Man" Claude Raines or later when he was hocking hemorrhoid creme? I could have either for Greenspan. Quote: It’s called the “Claude Raines moment”. It’s predictably written into the script.

Do you mean the “Invisible Man” Claude Raines or later when he was hocking hemorrhoid creme? I could have either for Greenspan.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22780 Anonymous Thu, 23 Oct 2008 20:35:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22780 Yves, this is really unfair. Free market "ideologues", as you call them, were the ones warning about this crisis. Folks like Mish, who subscribe to Austrian economics, know the pernicious role of the Federal Reserve, and have been calling out Greenspan as an ENEMY for a long time - take a look at Fleckenstein's book for instance, or Grant's interest rate observer.<br/><br/><br/>I think you do a big disservice to yourself by conflating those who actually believe in free market capitalism, vs those who believe in crony corporatism and a socialized money supply. To me, it's akin to trying to confuse Obama as a muslim. It's distasteful and dishonest. Yves, this is really unfair. Free market “ideologues”, as you call them, were the ones warning about this crisis. Folks like Mish, who subscribe to Austrian economics, know the pernicious role of the Federal Reserve, and have been calling out Greenspan as an ENEMY for a long time – take a look at Fleckenstein’s book for instance, or Grant’s interest rate observer.

I think you do a big disservice to yourself by conflating those who actually believe in free market capitalism, vs those who believe in crony corporatism and a socialized money supply. To me, it’s akin to trying to confuse Obama as a muslim. It’s distasteful and dishonest.

]]> By: john c, halasz http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22777 john c, halasz Thu, 23 Oct 2008 18:39:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22777 It's called the "Claude Raines moment". It's predictably written into the script. It’s called the “Claude Raines moment”. It’s predictably written into the script.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22774 Anonymous Thu, 23 Oct 2008 17:34:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22774 Greenspan, a man who truly kneeled at the altar of Market Fundamentalism in 3 out of its 4 ugly incarnations.<br/><br/>Greenspan: the man who called himself a Libertarian, worshiped an Objectivist, and ran his central bank like a Neoliberal. <br/><br/>The 4 ugly pillars of Market Fundamentalism (don't forget the ugliest one, Anarcho-Capitalism!) need to have happen to them exactly what happned to Communism: be consigned to the trash heap of history. Greenspan, a man who truly kneeled at the altar of Market Fundamentalism in 3 out of its 4 ugly incarnations.

Greenspan: the man who called himself a Libertarian, worshiped an Objectivist, and ran his central bank like a Neoliberal.

The 4 ugly pillars of Market Fundamentalism (don’t forget the ugliest one, Anarcho-Capitalism!) need to have happen to them exactly what happned to Communism: be consigned to the trash heap of history.

]]> By: wintermute http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation.html#comment-22771 wintermute Thu, 23 Oct 2008 17:11:00 +0000 http://www.nakedcapitalism.com/2008/10/greenspan-shrugged-now-says-regulation-is-necessary/#comment-22771 The credit crisis is big enough to spread the blame over thousands of individuals. But the "tall poppy", head and shoulders above the rest is.. drum roll... Alan Greenspan, take a bow - and please - just exit the stage - forever! We do not want to hear anymore from you. BYE.<br/>Get lost.<br/>BYYEEE!!! The credit crisis is big enough to spread the blame over thousands of individuals. But the “tall poppy”, head and shoulders above the rest is.. drum roll… Alan Greenspan, take a bow – and please – just exit the stage – forever! We do not want to hear anymore from you. BYE.
Get lost.
BYYEEE!!!

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