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Greenspan was wrong

 
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jbartas
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Joined: 06 Oct 2005
Posts: 133
Location: Cupertino, California, U.S. of A!

PostPosted: Tue Dec 09, 2008 8:22 pm    Post subject: Greenspan was wrong Reply with quote

The way banks sold each other toxic mortgages is the latest evidence that "Free Markets" don't actually regulate themselves very well. But how do you publicize this meme? In the spirit of "only Nixon could have gone to China", it's best done by ex-Chairman of the Fed Alan Greenspan, who has spent most of his life as an outspoken advocate of the miraculous wonderfulness of unregulated free markets. Back in October he did: he testified before congress that he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities.

I googled for supporting articles, but couldn't decide which of the 1.6 million entries to use:
http://www.google.com/search?hl=en&q=greenspan+was+wrong&btnG=Search&aq=f&oq=

This would have been even better if Greenspan had been flanked by Jesus, God and the ghost of Uncle Miltie, all nodding and saying "that's right folks, Free Market Economics is a crock", but it's a good start.

I've seen Greenspan blasted for using the hedge word "partially, but I think he deserves some credit. The man is admitting ("partially") that a major core value he has always stood for is wrong. Most people would choose to die or go insane rather than do that. And he did it in front of congress and the nation - actually, a great service to the country. Maybe his example will help America get over it's irrational attachment to the Free Market delusion. Just like in 12-step programs, admitting you have a problem is the first step.

"Hi, my name is Alan G. and I'm a recovering free market economist...."


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KimCooper



Joined: 08 Oct 2005
Posts: 247
Location: Northern California

PostPosted: Tue Dec 09, 2008 11:54 pm    Post subject: Reply with quote

I like that! "Recovering Free Market Economist".
Have you read Sara Robinson on this? Like, if you believe in "free market" shouldn't you believe in unregulated labor too?

"It can also be argued that conservatives don't really believe in free markets, either. Truly free markets can only work if there's also a free market in labor—which means open borders (it's fun to drop this suggestion with a broad wink on border-fence grognards) and unfettered collective bargaining—neither of which are exactly pet conservative causes."


It's from here:
http://www.ourfuture.org/blog-entry/2008114825/talking-turkey-ten-myths-conservative-believe-about-progressives



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KimCooper



Joined: 08 Oct 2005
Posts: 247
Location: Northern California

PostPosted: Wed Dec 10, 2008 12:26 am    Post subject: HI! Reply with quote

by the way -- welcome back! where've you been? Is it just the two of us?



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jbartas
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Joined: 06 Oct 2005
Posts: 133
Location: Cupertino, California, U.S. of A!

PostPosted: Sat Dec 13, 2008 9:58 pm    Post subject: Reply with quote

Thanks for asking - Ive been raging against the machine elsewhere. Late last year I finished the NNsquad agent, which took on a life of it's own. I worked with Lauren Weinstein (an amazing activist) in releasing it and we got "slashdotted", resulting in tens of thousands of these agents getting downloaded. It exposed Comcast's bad behavior to the Internet community and forced some policy changes. In a way it just escalated the Internet censor wars, forcing Comcast and others to do in the open what they had been trying to do by stealth; and (I hope) weakening their position in the process.

Then there was the Obama campaign and, more locally, ad-hoc.

I still think the Memepolice has an important function, even if most people don't get it. Hopefully I'll be more active in the near future.


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