{"id":198596,"date":"2007-10-25T22:45:00","date_gmt":"2007-10-26T03:45:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/10\/25\/finally-someone-is-blaming-alan-bubbles-greenspan-for-the-current-economic-crisis\/"},"modified":"2007-10-25T22:45:00","modified_gmt":"2007-10-26T03:45:00","slug":"finally-someone-is-blaming-alan-bubbles-greenspan-for-the-current-economic-crisis","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/10\/25\/finally-someone-is-blaming-alan-bubbles-greenspan-for-the-current-economic-crisis\/","title":{"rendered":"Finally, Someone is Blaming Alan “Bubbles” Greenspan for the Current Economic Crisis"},"content":{"rendered":"

This getting a bit of mainstream play, because it is on CNN<\/a>:<\/p>\n

But one observer, Tom Schlesinger, the founder and executive director of the Financial Markets Center, a think tank that has followed the Federal Reserve closely for the past decade, believes the blame for the crisis falls squarely on the Fed and accuses the central bank of “regulatory foot-dragging<\/span>” that has harmed the public.<\/p>\n

Schlesinger maintains the Fed’s prevailing regulatory philosophy has shifted from that of 20 or 25 years ago, which in essence was “here is the line between right and wrong, don’t cross it,” to a current underlying policy that “anything and everything that might be called financial innovation ought to be embraced<\/span>.”<\/p>\n

…<\/p>\n

He points specifically to the opposition to government regulation that flourished at the U.S. central bank under former Fed chief Alan Greenspan and has continued unabated under his successor Ben Bernanke.<\/p><\/blockquote>\n

(Emphasis mine<\/span>)<\/p>\n

The article mentions Greenspan’s Randroid*<\/sup> inclinations as an aside though, when they are actually the source of the problem.<\/p>\n

He found anything that created disasterous bubbles to be an artifact of man at his most noble.

*<\/sup>He was one of Ayn Rand’s inner circle and bought into her nutzo worldview.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This getting a bit of mainstream play, because it is on CNN: But one observer, Tom Schlesinger, the founder and executive director of the Financial Markets Center, a think tank that has followed the Federal Reserve closely for the past decade, believes the blame for the crisis falls squarely on the Fed and accuses the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973,985],"tags":[],"class_list":["post-198596","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/198596"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=198596"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/198596\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=198596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=198596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=198596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}