Greenspan's Delusions and Improving Mine Safety

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Christopher Hayes

Apr 19, 2010, 1:22:05 PM4/19/10
Hey all:

My column in this week's issue of the Nation looks at Alan Greenspan's shifting rationale for his own catastrophic failures as Fed chair.

Whereas once he claimed nobody could have predicted the crash, he now claims he *did* more or less see it coming, but there was nothing he could do. The vision he promotes is a strange kind of reactionary nihilism, one that often infects the debate over financial reform:

"The list of the blameworthy in the chairman's world is long and eclectic: Fannie and Freddie, European investors, members of both houses of Congress, average borrowers and on and on. Of course, if everyone is to blame, then no one is to blame--this is the heart of Greenspan's case. In his telling, the financial crisis resembles a thunderbolt from above, an earthquake or a hurricane. An act of God."

We've also got a new episode of The Breakdown up where we interview reporter Ken Ward of the Charleston Gazette about whether the Massey mine tragedy could have been prevented. (Short answer: absolutely)


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