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August 2, 2011

Greenspan smack down

Hubris has no limits, as we all saw to devastating affect in the Fall of 2008 and as has been on display repeatedly since then by many of those who brought on the financial meltdown.  While many will think Jamie Dimon and other big bank executives get top prize in this category, Alan Greenspan almost assuredly deserves first place.  His recent misleading and contorted Op Ed in the Financial Times (Regulators Must Risk More To Push Growth) would be laughable if it wasn’t taken seriously by some and used by the forces fighting against sensible financial reform. 

Fortunately, 15 finance experts destroyed Greenspan’s arguments with facts and analysis rather than ideology, false analogies and spin. Paul Krugman’s pithy takedown is also well worth reading.

With so many still suffering the horrendous consequences of the financial crisis and the economic calamity that resulted from it, one would think the architects of the disaster would either take responsibility and try to make amends or just shut up and crawl under a rock.  Where is the shame?  Where is the contrition? Where is the humility that should arise from the awareness of human suffering that has been caused by their reckless, criminal, ignorant or negligent actions? 

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