Monday, November 10, 2008
Rather swamped at the moment as I mentioned I might be last Monday....
In the meantime, I highly recommend Harry Binswanger's latest over at Capitalism Magazine, in which he takes a look at reactions to Alan Greenspan's recent testimony blaming Ayn Rand's ideas for the current economic crisis, and then sets the record straight in impressive fashion:
So the meaning, which certainly has been seized on by the commentators, is: Greenspan belatedly realized how foolish he has been to believe in Ayn Rand's philosophy. The ideology of freedom, as taught by Ayn Rand to Greenspan, is what caused the current financial catastrophe.Notably, Greenspan's betrayal was not sudden. His testimony was neither a bolt from the blue nor was the betrayal different in substance from his actions over the past two decades. I'll give Binswanger the last word here: "[B]y 1970--almost 40 years ago--I and a couple of other Objectivists in that circle already realized that Greenspan was compromising on her philosophy. Little did we know how far his anti-Rand journey would take him."
What makes this especially revolting, is that the real destroyer of the economy is Greenspan, through his inflation-generating last years at the Fed.