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View Diary: Taibbi, Naked Capitalism Re: Our Bipartisan "Fraudemocracy" (261 comments)

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  •  Alan Greenspan vs. Brooksley Born on fraud. (9+ / 0-)

    Prophet and Loss

    The influential Greenspan was an ardent proponent of unfettered markets. Born was a powerful Washington lawyer with a track record for activist causes. Over lunch, in his private dining room at the stately headquarters of the Fed in Washington, Greenspan probed their differences.

    "Well, Brooksley, I guess you and I will never agree about fraud," Born, in a recent interview, remembers Greenspan saying.

    "What is there not to agree on?" Born says she replied.

    "Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud," she recalls. Greenspan, Born says, believed the market would take care of itself.

    Greenspan clearly was wrong about fraud being controlled by free markets and not needing regulation, but he's still trotted out as a guru on the MSM, and Brooksley Born is someone who only is heard on Frontline and progressive websites.  

    Our country not only rewards fraud, but incompetence.

    Our country punishes honesty and sagacity.

    Information is the currency of democracy. ~Thomas Jefferson

    by CIndyCasella on Sun May 02, 2010 at 11:25:01 AM PDT

    •  Doofus Greenspan is a Devotee of Ayn Rand (2+ / 0-)
      Recommended by:
      CIndyCasella, tardis10

      totally this is the source of Greenspan's "philosophy".. from someone who essentially wrote comic-book like novels-- with their "villians" and "heroes".. the heroes of course ALWAYS being benevolent.. and always having the best interest of others at heart.

      what a Load.

      read what Paul Samuelson (an actual economics genius compared to Greenspan) has to say about him:

      And this brings us to Alan Greenspan, whom I've known for over 50 years and who I regarded as one of the best young business economists. Townsend-Greenspan was his company. But the trouble is that he had been an Ayn Rander. You can take the boy out of the cult but you can't take the cult out of the boy. He actually had instruction, probably pinned on the wall: 'Nothing from this office should go forth which discredits the capitalist system. Greed is good.'

      http://www.theatlantic.com/...

      "Essentially, Obama is irrelevant". Paul Craig Roberts

      by Superpole on Sun May 02, 2010 at 06:06:12 PM PDT

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