Wednesday, March 30, 2011

Everyone Is Laughing at Alan Greenspan Today - Business - The Atlantic Wire:
"Last night, the Financial Times ran an op-ed from Alan Greenspan, former Chairman of the Federal Reserve. It starts out pretty dry. Greenspan argues, in effect, that the Dodd-Frank financial regulation act is a bad idea, because 21st-century financial systems are really, really complicated. Greenspan also complains that "regulators are being entrusted with forecasting, and presumably preventing, all undesirable repercussions that might happen to a market when its regulatory conditions are importantly altered." This is an impossible task, says Greenspan. We should just leave it up to the free market, because "with notably rare exceptions (2008, for example), the global 'invisible hand' has created relatively stable exchange rates, interest rates, prices, and wage rates."

OMFG. I think the problem is Greenspan actually believed all that "maestro" bullshit and feels compelled to spew his "wisdom" upon us. Just go away. You've done WAY MORE than enough already. Asshole.

via Robot Wisdom

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