Article on Greenspan and his anti-regulatory ideology

[EVDebs]

"For longtime watchers of Greenspan the move was incongruous, if not outright risky. As a disciple of Ayn Rand, later as an economic guru for the Republican Party, and still later as a lobbyist for financial corporations, Greenspan has disagreed with regulation as a tool to protect consumers and the well-being of a free enterprise economy. Greenspan has argued that the self-interest of the corporations – the desire of corporations to protect their reputation – was all that was necessary for consumer protection.

In an article published in 1963 as part of Ayn Rand's book Capitalism: The Unknown Ideal, Greenspan declared that protection of the consumer against "dishonest and unscrupulous business was the cardinal ingredient of welfare statism."

"Regulation which is based on force and fear undermines the moral base of business dealings," he wrote. "Protection of the consumer by regulation ... is illusory."

from Greenspan Shrugged www.commondreams.org/views/041800-106.htm

If Greenspan won't regulate banks, who will ?