Greenspan Burns

You need to go back even further than Greenspan for the real culprit and originator of the theory of “free unencumbered markets”. The total disassociation of the market, “from any and all regulation, and an end to government interference in the purity of the market function”. I speak of course of the Author of “Atlas Shrugged”, Ms Ayn Rand. She was, by his own admission, the single most influential factor upon his beliefs and thoughts on economic realities. In front of the congress, prior to the end of his tenure he, (Greenspan) responded to a direct question from the committee, “I admit that I was wrong in my assumptions as to the workings of the marketplace in a totally regulation free environment”…… Terrible thing to have to admit, that your entire belief system over a 25 year career was incorrect. However I can feel no remorse for him, since he and his political peers, through several administrations, maintained these policies of destructive economics, and continued to do so, even when right minded economists and analysts such as myself, were ringing the warning bells.
I have personally suffered throughout my career, as a result of keeping my integrity and belief about the wrongness of “trickle down theory.” I always maintained that it would only ever trickle down to a small degree and that ultimately the rich would be the only real beneficiaries. The rest is of course history.
I enjoyed your video and hope that you will become inspired to research the origins of this terrible economic philosophy, which almost destroyed the beneficial effects that capitalism, properly managed can have on society. In doing so you can pass on the message that “greed is not good” and that integrity, honesty and accountability, as well as value creation is the only real economic truth that works.
regards
James M. Convey
Senior Analyst Ayiko GmbH.
604-609-2687