Greenspan Repenting?
After inflating the monetary supply relentlessly and serving as the minion of DC and Wall Street masters, the former gold-standard proponent and Ayn Rand devotee Alan Greenspan has been making more sense lately. He was recently quoted as saying, “If they're too big to fail, they're too big."
Unfortunately, it looks like he's advocating the use of anti-trust laws, which I hate. If you look at the big and nasty monopolies in history, they were created with government help and protection, and many of the "too big to fail" giants resulted from market distortions created by the government (most recently, the monsters made obnoxious money by taking obnoxious risks with CDOs: collateral debt obligations, which were mostly the crappy home mortgage loans made to people who couldn't afford them, pursuant to pressure from the Clinton administration and other Democrats to make the dream of home ownership a reality for everyone, no matter how paltry their income).
We don't need more anti-trust laws. We just need to stop government from favoring the rich on Wall Street. Let's do that first, and then, if we're still having problems, we can revisit that anti-trust thing.
Greenspan, incidentally, apparently now likes gold as an investment. I heard that on a podcast last weekend. I haven't verified it, but it has a ring of truth: he is now an adviser to Paulson & Co., which has been buying gold like mad. Greenspan might truly believe in gold again . . . or he might merely be trying to stimulate this new master's investments.
If you're thinking I have a low opinion of the former Chairmans' integrity, you're reading me correctly.
And Bernanke is merely the 2.0 version of Greenspan.
