Thursday, October 23, 2008


digby at Hullabaloo comments on Greenspan's reckoning with consequences: "This is the fundamental problem with Randian thinking. They really do believe that capitalism is a moral system in which the people become wealthy because they are morally and intellectually superior to those who don't. Why, it would be wrong for them to not self-regulate and endanger the whole economy, right? It wouldn't make any sense."

Except, well, there's this:
"Let's hope we are all wealthy and retired by the time this house of cards falters," wrote [an analyst] in an email obtained by Waxman's committee.
Being able to pass on all your risk to someone else while personally coming out on top is a pretty glaring and obvious flaw in the system unless you think that wealthy people are too wise and moral to ever do such a thing. The only people who believe that are Randians and Joe the Plumber. Everybody on Wall Street certainly seemed to know the score and acted accordingly.

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