Greenspan's Delusions and Improving Mine Safety

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Christopher Hayes

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Apr 19, 2010, 1:22:05 PM4/19/10
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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_breakdown

Best,
-c


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