Thursday, December 11, 2008

The Failure of Unregulated Raw Capitalism

Like Digby, I have had to put up with the notion from wingtards that the global economic collapse was brought about by a conspiracy of irresponsible blacks, illegals and fannie/freddie. Shame on the unsophisticated and economically challenged for outwitting global financial tycoons. Harumph.

As insane as this premise is, it is indeed the one put forth by the likes of the Hannitary napkin and "Dick Doper" Rush Limbaugh and their flying monkeys. Digby highlights this from the latest issue of Vanity Fair:
The truth is most of the individual mistakes boil down to just one: a belief that markets are self-adjusting and that the role of government should be minimal. Looking back at that belief during hearings this fall on Capitol Hill, Alan Greenspan said out loud, “I have found a flaw.” Congressman Henry Waxman pushed him, responding, “In other words, you found that your view of the world, your ideology, was not right; it was not working.” “Absolutely, precisely,” Greenspan said. The embrace by America—and much of the rest of the world—of this flawed economic philosophy made it inevitable that we would eventually arrive at the place we are today.

So apparently the fan of Ayn Rand, Alan Greenspan disagrees with the spin twins. I only hope this message of careful, thoughtful regulation holds sway over the ideology in opposition for a long, long time.

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