Do you realize what Alan Greenspan did today? He basically repudiated his own ideology.

[Armstead]

When I saw what Alan Greenspan said today in the Congressional hearings, it took a minute to sink in.

But there he was, the High Priest of the Holy Free Market, basically repudiating the entire basis of right-wing economics. Tossing it down the toilet.

This was a watershed in the never-ending debate between liberals (progressives) and CONservatives over how the market economy should operate.

He basically said: "I goofed. I thought the markets would control and correct themselves. But they didn't. I was wrong."

Of course, Greenspan would deny that this was a rejection of the basic principles that have guided him -- and mainstream American economic and political trends of the last 30 years.

But that is exactly what it was. The entire basis of the fundamentalist "free market" approach is that liberals are dopes because government meddling is harmful and needless because markets always follow the wisest course on their own.

And here was a leading figure of this philosophy saying "Ooops. Markets don't correct themselves. I screwed up. Nevermind."

[cliffordu]

1. And, in a related story, he took time to throw the entire Reagan philosophy under

the strait slur express....

[billyoc]

2. I thought I could drive up 10th Ave. faster if I ignored all the traffic lights.

I was wrong. :eyes:

[Armstead]

5. Greenspan thought that if we removed all speed limits, no one would drive too fast

[LynnTheDem]

3. Yeppers. The non-partisan GAO charts very clearly show the FACTS; Dems are BETTER

for the economy.

The WORST DEM president still beat the best republican president.

FACT.

And as for "national security"...WHO was WARNED several times in his daily presidential briefing??? WHO ignored all the wanrings and told his satff "fine, now you've covered your ass"??? WHO then went on the longest presidential vacation???

On WHOSE WATCH did the September 11, 2001 attacks occur?

[TheKentuckian]

4. We're actually getting some real traction folks

The entire basis of their philosophies, the keystone to their coalition has failed. Between the forced acceptance of failure at least by the more intellectual people in the Republican party and a sustained hard push from us can possibly bust this up and leave them to a dwindling pool of American Taliban.

Take them down!!!

[demo dutch]

6. At he least had the guts to do so instead of pointing fingers!

[frickaline]

7. I was impressed by his candor

As much as I agree with him and think he really screwed up, I can't remember the last time anyone in politics or finance admitted wrongdoing. He didn't point any fingers (even though Cox was sitting right next to him ... I'd have said "psst what about THAT guy").

You are right that what he said was a repudiation and he was a major cause of this meltdown, but I still respect the guy for coming clean. Maybe that is crazy ...

[struggle4progress]

8. He admitted that he WAS an ideologue -- but defended being one. That is, he admitted that he had

essentially no curiosity for facts and facts but had operated for years on the basis of his simple preconceived notions. I think it shows his utter indifference to the realities that most people experience.

[Oak2004]

9. Of course he probably sees it as bad people failing to live up to a good theory

Few ideologues appreciate that if their "good" theory could be so easily brought down by "bad" people, it means their theory won't work in the real world. There's plenty enough evidence that most people turns "bad" when immersed in a bad environment: an environment governed by unrestricted greed is one such environment.

The free market true believers are not dead and gone. They're just biding their time and making crap up as to how it couldn't possibly be their beautiful ideology that failed. Hopefully the next time they rear their (fountain) head and come into the policy space of the United States, we'll beat them back before they can do more damage.