Quote of the day: On Greenspan
"No sympathy should be wasted on Alan Greenspan. He did what John Galt in Ayn Rand's Atlas Shrugged refused to do even at the point of a gun and under physical torture: he agreed to become an economic dictator of the country...
"Of all the economists who have advised various administrations over the last century, Greenspan had the least excuse for advocating statist economics.
"When he accepted the appointment by President Ronald Reagan in 1987 to become Chairman of the Federal Reserve, Greenspan "legitimatized" or sanctioned the idea that the government should "manage" the economy with "rational" interventions. Now he may see the true "flaw" in his "good intentions" and what those intentions have inexorably wrought: a greater destruction of freedom and wealth than he admits he could have imagined. "
- Edward Cline: Alan Greenspan vs. Capitalism