Friday, January 28, 2011

Alan Greenspan's Loyal Posse

Oh for gosh sake, the Financial Crises Inquiry Commission is split down party lines, with the Republicans apparently believing government, businesses, nor individuals hold any personal responsibility for mistakes leading to the "downturn." Who ever does have personal responsibility in their world except the unfortunate victims of their policies? This logic is seemingly only for the purposes of disagreeing for the sake of disagreeing, defending the indefensible ideas that this is some kind of freak event, the likes of which no one has ever seen in any history or economics class. Recently a nonpolitical stance was forced upon me by very reasonable theories I have read, and the logic that economic problems have their beginnings in both parties. However, events like this commission report do point out that some people seem more correct than others, now and then. I understand the seductive power of the idea that businesses and individuals are responsible for their own actions and some kind of unseen force will regulate everything to the platitudinal tune of "everything will work out." But I really have some trouble with the concept that all of our financial problems were the result of the whim of nature, a black swan, unforeseeable.

Maybe if I read deeper I'll find out that the dessenters to this report have specific reasons that are compelling enough to cause them to vote against it. But I expect at least a modicum of logical reasoning that Alan Greenspan's laisez faire capitalism had just a little something to do with this awful thing. Even the man himself seems lost in a cloud of regret.

About Alan Greenspan not so many years ago: "He almost has rock star status," Mark Zandi, chief economist at wrote. "He has everything but the groupies." Perhaps if we can launch a letter writing campaign on facebook we can get him uncanceled and renewed for another season of Laisez Faire Knows Best. :)