HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Forums » 2016 Postmortem (Forum) » Alan Greenspan a disciple...

Thu Apr 7, 2016, 10:50 AM

 

Alan Greenspan a disciple of Ayn Rand was loved by the Ruling Class from Reagan thru

Bush. That includes Clinton. One thing that wealthy Democrats have in common with wealthy Republicons is their greed and Alan Greenspan was their man. Of course he and Ayn Rand were wrong. Greed does not raise all boats.


In 1963 our buddy Alan said:

“Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.” (The Assault on Integrity, 1963)


In 2008 he admitted he had been wrong. Greed wasn't self-regulating.

“Alan Greenspan, former chairman of the Federal Reserve, finally took some responsibility (sort of) for the crisis. He told Congress: "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief…”

From:
http://www.independent.co.uk/news/business/analysis-and-features/quotes-of-2008-we-are-in-a-state-of-shocked-disbelief-1220057.html

Translated, that means he did not think the greed of the CEO's would lead to the killing of the Golden Goose.

Poor Alan lived in an Ayn Rand fantasy world and the Wealthy 1% Ruling Class including Reagan, Clinton and Bush took advantage to enriched the Wealthy at the expense of the Middle and Working Classes and the Poor.

If you want more of the same schit, vote for another Clinton.

9 replies, 854 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread

Response to rhett o rick (Original post)

Thu Apr 7, 2016, 10:56 AM

1. For He's a Jolly Good Scoundrel!

By Robert Scheer
Posted on Apr 18, 2012

How evil is this? At a time when two-thirds of U.S. homeowners are drowning in mortgage debt and the American dream has crashed for tens of millions more, Sanford Weill, the banker most responsible for the nation’s economic collapse, has been elected to the American Academy of Arts & Sciences.

So much for the academy’s proclaimed “230-plus year history of recognizing some of the world’s most accomplished scholars, scientists, writers, artists, and civic, corporate, and philanthropic leaders.” George Washington, Ralph Waldo Emerson and Albert Einstein must be rolling in their graves at the news that Weill, “philanthropist and retired Citigroup Chairman,” has joined their ranks.

Weill is the Wall Street hustler who led the successful lobbying to reverse the Glass-Steagall law, which long had been a barrier between investment and commercial banks. That 1999 reversal permitted the merger of Travelers and Citibank, thereby creating Citigroup as the largest of the “too big to fail” banks eventually bailed out by taxpayers. Weill was instrumental in getting then-President Bill Clinton to sign off on the Republican-sponsored legislation that upended the sensible restraints on finance capital that had worked splendidly since the Great Depression.

Those restrictions were initially flouted when Weill, then CEO of Travelers, which contained a major investment banking division, decided to merge the company with Citibank, a commercial bank headed by John S. Reed. The merger had actually been arranged before the enabling legislation became law, and it was granted a temporary waiver by Alan Greenspan’s Federal Reserve. The night before the announcement of the merger, as Wall Street Journal reporter Monica Langley writes in her book “Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World ... and Then Nearly Lost It All,” a buoyant Weill suggested to Reed, “We should call Clinton.” On a Sunday night Weill had no trouble getting through to the president and informed him of the merger, which violated existing law. After hanging up, Weill boasted to Reed, “We just made the president of the United States an insider.”

CONTINUED...

http://www.truthdig.com/report/item/for_hes_a_jolly_good_swindler_20120418/

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Octafish (Reply #1)

Thu Apr 7, 2016, 12:25 PM

2. Thanks for the post. You always add so much to the threads here. nm

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Octafish (Reply #1)

Fri Apr 8, 2016, 01:31 PM

4. Do you know if Bill and Hillary can draw salaries from their Foundation like their daughter is? nm

 

Reply to this post

Back to top Alert abuse Link here Permalink



Response to Octafish (Reply #5)

Fri Apr 8, 2016, 04:07 PM

6. I don't either. Looks like to me that when they get tired of public life they can

 

simpley go to work for the Foundation at very high salaries. What a retirement plan.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to rhett o rick (Reply #6)

Fri Apr 8, 2016, 04:29 PM

8. That's exactly how they work in Michigan for the Politicians.

The money the pols in Lansing raise for their campaign chests is theirs to keep and love. Like the famous couple, the pols put it into a foundation and use it pay themselves salaries, mileage, ect upon retirement, usually upon term limitation.

An optometrist fellow told me about it. He said his nephew was a state rep. The doc asked his nephew what he would be doing, now that he was term-limited. Would he be giving his campaign chest over to the Republicans? The state rep said, "No. I get to keep it." The doc said, "WHAT? Isn't that against the law?" The nephew smiled and said, "Uncle, we MAKE the law."

That was about 8 years ago. Things have gotten worse since.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to rhett o rick (Original post)

Thu Apr 7, 2016, 12:43 PM

3. Good old Ayn Randian Greenspan, US Treasurer for Reagan, Bubba and Bush

who said Bill Clinton was his favorite RepubliCON president. In 2006 Greenspan bailed on the Chairman of the Fed job he held since 1987 under Reagan to work on the other, private side in the financial sector when the writing was on the wall for the coming Crash of 2008...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to rhett o rick (Original post)

Fri Apr 8, 2016, 04:10 PM

7. But..but...he has a lot of economic policy "experience".

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tierra_y_Libertad (Reply #7)

Wed Apr 13, 2016, 09:10 PM

9. Yeah, he thought "self-regulation" would work. Like letting kids into the candy store

 

telling them they can have two pieces of candy and to self-regulate their behavior. The schit is that Alan really believed it, but those that appointed him knew it was all bullshit. But justified their rip-off of the middle and working classes.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread