Wednesday, February 18, 2009

Quote for the day.

"It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring," he said. "I understand that once in a hundred years this is what you do."

Alan Greenspan may be acting a bit disingenuously in attempting to disavow his role in the current financial crisis, but the one thing you can say for him is that unlike the GOP, he's changed his tune on the role of government regulation in the economy. And furthermore, unlike the GOP Greenspan clearly sees that this is not a crisis that the markets left to their won devices will be able to dig themselves out of. Indeed, for a disciple of Ayn Rand to speak to the possible necessity of nationalizing the banks is quite stunning.

No comments: