Former Fed Chairman destroys Randian "free market" principles in 16 seconds.I made a mistake in presuming that the self-interest of organizations, s
October 24, 2008

Former Fed Chairman destroys Randian "free market" principles in 16 seconds.

I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such as they were best capable of protecting their own shareholders.

Well, exactly. You said one cotton-pickin', bailout-belying mouthful. Use this as evidence the next time someone brings up "Atlas Shrugged" as the best way to save the economy. Dean Baker thinks he misses the point:

What would Ayn Rand expect to happen? On the one hand we have the hot shot executives, on the other hand the schmucks who own stock in these banks. Would Ayn Rand expect that the executives would put aside their ambition, their lust for success, their greed, in order to benefit shareholders who are too dumb to even know what a credit default swap is?

Not for a second; Ayn Rand would watch the Wall Street big boys run roughshod over their shareholders' interests and be applauding them every step of the way. That is how the game is played. If Greenspan didn't think the Wall Street crew would rip off their shareholders for every last penny, then he was not a worthy disciple of Ayn Rand.

Meanwhile, the Bush Treasury Department redacts more bailout contracts.

Can you help us out?

For nearly 20 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.
Mastodon