Thursday, October 23, 2008

“I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that ...

they were best capable of protecting their own shareholders and their equity in the firms.”

More on Greenspan admitting that his free-market ideology has a "flaw" here at the NYT.

HA! Finally. This is so important. I worry, though, that this one little laugh will be all that us people who have been raising critiques will ever get, while everything slides down into the shitter regardless.

The real question is what are we going to do about it now? And is there even anything that can be done? And of course, where we really need to be focusing our attention as a baseline is not on how the economic crisis is going to make life tougher for you and for me, but for how it will affect those people who are way worse off than our incredibly privileged, computer-using, selves. I think that was a major problem: that Greenspan and the rest of the investor class never had to experience or even consider living while trying to get food stamps, or choosing between paying the rent and the utilities, or holding off on medications, much less walking hundreds of miles looking for work or, say, subsistence farming in northern India.

Ok, now back to the article I'm angsting over.


Dr. Curmudgeon said...

I'd been thinking the exact same thing. It's a shame that the Ah ha! moment had to come so far into the game.

Good luck with that article!

undine said...

It's about the same as those of us who in early 2002 said, "No, we won't be greeted as liberators. This action is crazy and irrational. Don't do it!"

Sisyphus said...

Yeah, it sucks to always be the Cassandra.