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cyranoAlan Greenspan, in congressional hearings today, had a shocking revelation!
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.
But! But! The Invisible Hand! The Majesty and Power of the Free Market! How could the idea that increasing profit was the only relevant benchmark have failed us so?
My world view is shattered. It's like somebody told me that a flame thrower wasn't a good babysitter, or that ground glass was not a nutritious snack.
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.
But! But! The Invisible Hand! The Majesty and Power of the Free Market! How could the idea that increasing profit was the only relevant benchmark have failed us so?
My world view is shattered. It's like somebody told me that a flame thrower wasn't a good babysitter, or that ground glass was not a nutritious snack.