This is a piece that was written for my blog by a gentleman who writes for the Examiner. It's an interesting take at what is wrong with the economy, and quite possibly one of the most truthful.
A couple months ago, ex Federal Reserve Bank chairman Alan Greenspan was testifying before Congress and confessed he had found a flaw in his philosophy of managing markets. Mr. Greenspan, like many others conservatives, believed markets are self regulating and government intrusion should be minimal.
Congressman Henry Waxman pushed him, responding, “In other words, you found that your view of the world, your ideology, was not right; it was not working.” “Absolutely, precisely,” Greenspan said.
It must have been a difficult admission for Mr. Greenspan. The much admired, highly praised ex Fed chair was admitting some culpability in the current financial meltdown. And while it may be painful and embarrassing for some, Nobel Prize winning economist Joseph Stiglitz (who, inexplicably, is not a part of the Obama economic team) argues, in a Vanity Fair article, the wrong decisions leading up to our economist crisis need to be well understood so as not to be repeated.
Mr. Stiglitz argues the collapse was a “system failure”, but five key events are chiefly responsible:
The first is Ronald Reagan’s replacement of Fed Chairman Paul Volcker with Alan Greenspan in 1987.
Rest of article here:
http://www.sheerprogress.com/?p=793
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
