It seems that that darling of the market economy, the pied piper of the monetary policy, the ultimate hero of the greedy produce-nothing-and-make-obscene-profits-while-doing-it nation of free marketeers, Alan Greenspan, when brought before Congress today, to answer for his part in the disaster that is the U.S. economy, could only sputter and moan about the unforeseen changes that made it too difficult to predict the meltdown.
Remind me, yet again, why we pay idiots like this?
How can someone be the cat’s meow of monetary prognosticators, and then simply shrug and say that ‘there appeared to be a flaw in my understanding of how markets worked’? I know I don’t understand all the nuance of the economy, and the principles of macroeconomics, but then, I don’t profess to either.
Perhaps this, more than any other piece of evidence extant, shows what is wrong with the United States. We allow people like Greenspan to become the ultimate arbiter of monetary policy, changing lives of more people, in the stroke of the pen, than the devastation brought about by any weapon of mass destruction.
What kind of process is involved in the vetting of people at this level of ‘service’? It clearly does not work.
While we are at it, this also functions as a long, cold look at the policies of the last eight years. There is a sticking point, for me, when I think about the economic bailout, that was put into effect a couple of weeks ago. It amazes me, that the same people who talk so highly of the ultimate self-regulation of the market economy are the first to state that government needed to intercede when the market was in freefall.
One man’s bailout is another greedy bastard’s handout. They should have let it crash, and then perhaps the market would have righted itself, and taken care of the avaricious and economically cretinous, like Mr. Greenspan.
Quote of the day:
What this country needs is more free speech worth listening to. – Hansell B. Duckett