For your enjoyment, the first of many original satirical cartoons to be posted only on this site. I'm slowly digitizing a lot of my previous work... so expect regular updates.
Friday, October 24, 2008
Greenspan admits that page 287 is relevant
Greenspan Concedes Error on Regulation
By EDMUND L. ANDREWS
Published: October 24, 2008
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves.
Amazing. You would have thought he would be up on his Wealth of Nations.... "...Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending."
Adam Smith understood why that was a dumb idea 237 years ago.
By EDMUND L. ANDREWS
Published: October 24, 2008
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves.
Amazing. You would have thought he would be up on his Wealth of Nations.... "...Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending."
Adam Smith understood why that was a dumb idea 237 years ago.
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