It would be hilarious if it wasn’t so devastating.
A paragraph from a Friday cbsnews.com story on former Federal Reserve Chairman Alan Greenspan says it all: “Greenspan…said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a ‘state of shocked disbelief.’”
Yes, Greenspan and the free market conservatives are shocked! shocked! to find that when they removed the referees from the Wall Street hockey game and allowed the players to regulate themselves, the result was chaos on the ice! It has become obvious to even the high priest of free markets that government regulations are, in fact, necessary.
For close to thirty years now, America has followed the lead of Greenspan and the other disciples of unregulated capitalism. We bought into the notion championed by President Ronald Reagan that “burdensome” government regulations aren’t the solution; they’re the problem. And this guiding principle has failed America spectacularly.