Roots of the current financial crisis

From financial blogger Barry Ritzholz at The Big Picture

The current headache begins and ends with ideology, namely that of former Fed Chairman Alan Greenspan–an acolyte of Ayn Rand, a free-market absolutist, a true believer in the evils of regulation. Many of the present headaches point directly back to the decisions made by the Greenspan Fed. Sure, there is plenty of other blame to go around: an unengaged president, a clueless Congress, a hapless FDIC, a compromised OFHEO, and Phil Gramm–but the biggest and most accusatory finger points directly at Easy Al….

Greenspan didn’t do it alone. Lots of other amoral greedheads agreed with him, aiding and abetting in the plunder of a country, all under the banner of a bogus philosophy that glories selfishness and spits upon altruism and the common good.

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