Tuesday, October 28, 2008

I found a flaw

Keeping up with the bailout/meltdown coverage, Alan Greenspan testified at a congressional hearing about the practices at the Federal Reserve--which he presided over for 18 years--that could have contributed to the meltdown. Essentially, Greenspan says that by trusting banks to regulate themselves, he believed that they would show more astute self-interest than living from quarter to quarter. They did not and the system melted like a candle burnt at both ends.

Yahoo's Tech Ticker is a bit kindlier to Greenspan than the NYTimes article. Bill Moyer's Journal also carefully dissected Greenspan's testimony in light of Greenspan's intellectual allegiance to Ayn Rand. Yes, what you read can make a difference--not only to you, but many, many others.

No comments: