Alan Greenspan is a free-marketeer – or was. He now sees a flaw in his views, although he has been acting on the flawed model that led to the current crisi in capitalist free-market thinking. The “S” word, however, is still unmentionable and Gov. Palin has been trying to make it stick to Barack Obama, whereas it’s George W. who is experimenting with it, albeit preserving the elite structure.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity (myself especially) are in a state of shocked disbelief.”
We can shed a tear for poor Alan, never mind those who have lost all as whole blocks of homes are repossessed. Paulson has similarly stated that trust in the banks has been misplaced, but it hasn’t yet sunk in that the whole free-market philosophy is bound to end up this way. The medicine – more of the same – is to protect the wealthy. Obama has been roundly condemned by one of his own supporters for going with the bail out that favours the rich and leaves the poor to struggle on alone. Still he’s already being accused of “socialism”. Chance would be a fine thing.