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.
http://www.thenation.com/doc/20100503/hayes
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)
http://www.thenation.com/doc/20100503/hayes_breakdownBest,
-c
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