I blame Ayn Rand for the current mortgage lending disaster
December 21, 2007Today Paul Krugman points out that the current fed chariman’s tepid announcement of his likely too little too late response to the mortgage lending disaster stops short of directly rebuking his predecessor, Alan Greenspan.
“Market discipline has in some cases broken down, and the incentives to follow prudent lending procedures have, at times, eroded.”
So why would Greenspan have refrained from regulating the mortgage industry when it was clear that it was out of control? Could it be an ideological zeal for unregulated markets born of early influences?
One of Rand’s most famous devotees is Alan Greenspan, the former chairman of the Federal Reserve
January 13, 2008 at 8:42 am
Someone should make a list of things Ayn Rand should be blamed for. Here are a couple:
1) Writing bloated, self important novels with mind-numbingly bad prose.
2) Taking Nietzsche’s ideas and striping them of all spirituality so that thieves and egotists can justify their crimes.
3) Saying Samuel Beckett was not a great writer.