Comments on: Alan Greenspan, Ayn Rand, and the ‘Credit Tsunami’ http://pubrecord.org/nation/443/alan-greenspan-ayn-rand-and-the-credit-tsunami/?utm_source=rss&utm_medium=rss&utm_campaign=alan-greenspan-ayn-rand-and-the-credit-tsunami Intrepid New Journalism Wed, 08 Feb 2012 13:20:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Shiny http://pubrecord.org/nation/443/alan-greenspan-ayn-rand-and-the-credit-tsunami/comment-page-1/#comment-1449 Shiny Wed, 28 Oct 2009 18:20:38 +0000 #comment-1449 Ayn Rand had a BA in elementary school education and history; how the heck is she the model to base our entire fiscal system? She's not an economist, she never graduated Harvard Law and everything she learned came before 1930; and this is what Greenspan based the Federal Reserve on? On the teachings of a romance writer from the 50's? Does Greenspan even know how to use a computer or is he creating his Mad Hatter babblings on a Selectric? It boggles the mind, it's just - there are no words for how stupid Greenspan was to base our entire banking system on pulp fiction. What's next, Harry Potter Magical Economics? The Department of Hobbit Security? Ayn Rand had a BA in elementary school education and history; how the heck is she the model to base our entire fiscal system? She’s not an economist, she never graduated Harvard Law and everything she learned came before 1930; and this is what Greenspan based the Federal Reserve on? On the teachings of a romance writer from the 50′s? Does Greenspan even know how to use a computer or is he creating his Mad Hatter babblings on a Selectric? It boggles the mind, it’s just – there are no words for how stupid Greenspan was to base our entire banking system on pulp fiction. What’s next, Harry Potter Magical Economics? The Department of Hobbit Security?

]]> By: KHL http://pubrecord.org/nation/443/alan-greenspan-ayn-rand-and-the-credit-tsunami/comment-page-1/#comment-1363 KHL Fri, 16 Oct 2009 06:13:51 +0000 #comment-1363 What caused the current economic depression is lack of sound money, not sound judgment. The author obviously failed to read Greenspan's 1966 paper. In it he states that inflation is the ultimate act of wealth confiscation. The mortgage mess could not have gotten so out of control if we were on a gold standard. There could be no FDIC if we were on a gold standard. Then presumably, depositors would actually observe the actions of the institutions that hold their funds. There wouldn't be trillions of fiat dollars floating around the world. The gold standard would force countries to control their appetite for imports or the willingness of exporting countries to ship goods to countries that couldn't afford them. It would greatly curtain these compassionate welfare schemes that give money to people with no expectation of value in return. The author has an idealized socialistic notion that somehow supporting expansive government programs that fleece the taxpayer are somehow holy whereas pursuing one's economic interest, building wealth and creating savings is somehow a sinful pursuit. Question for her, when did Bill Gate's do more good, when he was creating a company that employed 10's of thousands of people or when he contributed his money to the Bill and Melinda Gates foundation? But under a free market economy he has the right to do either or both. And that is exactly what the statists object to most. What caused the current economic depression is lack of sound money, not sound judgment. The author obviously failed to read Greenspan’s 1966 paper. In it he states that inflation is the ultimate act of wealth confiscation. The mortgage mess could not have gotten so out of control if we were on a gold standard. There could be no FDIC if we were on a gold standard. Then presumably, depositors would actually observe the actions of the institutions that hold their funds. There wouldn’t be trillions of fiat dollars floating around the world. The gold standard would force countries to control their appetite for imports or the willingness of exporting countries to ship goods to countries that couldn’t afford them. It would greatly curtain these compassionate welfare schemes that give money to people with no expectation of value in return.

The author has an idealized socialistic notion that somehow supporting expansive government programs that fleece the taxpayer are somehow holy whereas pursuing one’s economic interest, building wealth and creating savings is somehow a sinful pursuit. Question for her, when did Bill Gate’s do more good, when he was creating a company that employed 10′s of thousands of people or when he contributed his money to the Bill and Melinda Gates foundation?

But under a free market economy he has the right to do either or both. And that is exactly what the statists object to most.

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