Monday, December 22, 2008

capitalist fools and the economic meltdown

Alan Greenspan in congressional hearings this fall:

Greenspan: “I have found a flaw.”
Congressman Henry Waxman: “In other words, you found that your view of the world, your ideology, was not right; it was not working.”
Greenspan: “Absolutely, precisely."

I remember that point in the hearings. He sounded absolutely stunned, shocked, amazed. Yes, my ideology was totally fucked up and my persistence in trying to make the world fit the little map in my head has led us to disaster and I just can't believe it! Where is that withered up little bastard? I'd just love to choke him.

Nobel prize winning economist Joseph Stiglitz dissects the economic crisis in "Capitalist Fools," in January's Vanity Fair. It's an excellent read and an important one. If we ever get through the crisis, we'll need to get the history right in order to avoid another disaster.

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12 Comments:

Blogger Chris said...

I'm coming back to get that article...after Christmas...today I'm making x-mas cookies with my granddaughters! I have said this before, that the whole trickle down economics ideology is just that, an ideology...and they are famous for working initially, but they always collapse in the end...I'll be back to comment when I read the article!

December 22, 2008 10:38 AM  
Blogger Dusty said...

After You choke him, can I tar and feather the bastard?

As for my son..his being in OK isn't the problem.It is that he is so far away without his safety net...moi.

December 22, 2008 4:07 PM  
Blogger Doralong said...

The hubris of an entire administration's mind set boiled right down to the essence, don't you think?

December 23, 2008 7:54 AM  
Blogger Chris said...

Okay...I read the article! OMG....THAT WAS PAINFUL!!!! First of all, I don't presume to be very good at this financial stuff, so it was like eating glass, but at the same time very telling. We sure learned a lesson at not being vigilant on this one....guess that will change!

December 23, 2008 8:10 PM  
Anonymous ewe said...

I leave you in charge of clobbering that little weasel Greenspan. I have absolutely no idea how, HOW THE FUCK he ever got so much recognition. It astounds me that an entire society put so many eggs into one basket. Now there are no eggs, no chickens and we probably are even low in cholesterol. merry merry and happy happy to you and yours.

December 24, 2008 12:56 PM  
Anonymous Anonymous said...

Show me a single economic system/ideology that has never led to any economic downturns. It doesn't exist. Economies fluctuate regardless. If you have a magic bullet on how to make the economy run perfectly, by all means share it.

December 25, 2008 9:40 AM  
Blogger BigAssBelle said...

don't know why, brave anonymous, but i get that same ID10T error with everything you write.

January 05, 2009 9:37 PM  
Anonymous Anonymous said...

So I guess the answer is you have no clue?

January 13, 2009 5:59 PM  
Anonymous Anonymous said...

So I guess the answer is you have no clue?

January 13, 2009 6:00 PM  
Blogger BigAssBelle said...

go awaaaaaay, little boy, go awaaaaaaay . . . do you remember that song? just do it, brave anonymous.

January 14, 2009 6:22 PM  
Anonymous Anonymous said...

What makes you think I'm a boy? (I'm not)

Oh, and in case you didn't know- socialism doesn't work either. Just ask Chavez, who today was groveling at the feet of Western, capitalist oil companies because he's broke! Ha!

January 14, 2009 7:51 PM  
Blogger Fireworks said...

Anonymous, you are an annoying cunt.

Personally, I don't think pure socialism is the answer anymore than pure capitalism. There needs to be a mixture.

January 16, 2009 11:39 AM  

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