Comments on: Samuelson on Greenspan http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 16:55:10 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: gringotts http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-192436 gringotts Sat, 11 Jul 2009 20:33:05 +0000 http://www.ritholtz.com/blog/?p=30852#comment-192436 Greenspan ditched his Ayn Rand beliefs years before becoming Fed chairman. Read Capitalism: The Unknown Ideal - Greenspan makes a brilliant argument for the gold standard. Then he became a banker's tool. Greenspan ditched his Ayn Rand beliefs years before becoming Fed chairman. Read Capitalism: The Unknown Ideal – Greenspan makes a brilliant argument for the gold standard. Then he became a banker’s tool.

]]> By: TheTradingReport » Blog Archive » links for 2009-07-09 http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-191477 TheTradingReport » Blog Archive » links for 2009-07-09 Thu, 09 Jul 2009 13:54:06 +0000 http://www.ritholtz.com/blog/?p=30852#comment-191477 [...] Samuelson on Greenspan “But the trouble is that he had been an Ayn Rander. You can take the boy out of the cult but you can’t take the cult out of the boy. “ [...] [...] Samuelson on Greenspan “But the trouble is that he had been an Ayn Rander. You can take the boy out of the cult but you can’t take the cult out of the boy. “ [...]

]]> By: Moss http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190629 Moss Tue, 07 Jul 2009 16:55:32 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190629 The key word is rational. Without proportional negative consequences to irrational self interest behavior it will not add up. Great in theory but does not work in a Corporacy. The key word is rational.
Without proportional negative consequences to irrational self interest behavior it will not add up.
Great in theory but does not work in a Corporacy.

]]> By: Wes Schott http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190521 Wes Schott Tue, 07 Jul 2009 12:20:53 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190521 .....the virtue of selfishness...is not the same as greed is good, is it? …..the virtue of selfishness…is not the same as greed is good, is it?

]]> By: whitespiral http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190520 whitespiral Tue, 07 Jul 2009 12:18:05 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190520 jr-my apologies. I had no idea who Samuelson was. I so hope BR was sarcastic about this too, but I get a feeling that's a long shot.... jr-my apologies. I had no idea who Samuelson was. I so hope BR was sarcastic about this too, but I get a feeling that’s a long shot….

]]> By: jr http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190518 jr Tue, 07 Jul 2009 12:14:20 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190518 Thought experiment: If man is inherently a social being, what does it mean to be self-interested? Here is a hint for the haters: the self-interested behavior of a social being does not equate to "OMG all I care about is me and my monies." Is it shocking to learn you may been arguing against a strawman all this time? Either way, better to learn late than never. Thought experiment: If man is inherently a social being, what does it mean to be self-interested?

Here is a hint for the haters: the self-interested behavior of a social being does not equate to “OMG all I care about is me and my monies.”

Is it shocking to learn you may been arguing against a strawman all this time? Either way, better to learn late than never.

]]> By: jr http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190517 jr Tue, 07 Jul 2009 12:08:43 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190517 hi whitespiral, You are agreeing with me. Sarcasm can be subtle, but consider Samuelson is 94 and senility is an old age thing. hi whitespiral,

You are agreeing with me. Sarcasm can be subtle, but consider Samuelson is 94 and senility is an old age thing.

]]> By: Bruce in Tn http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190509 Bruce in Tn Tue, 07 Jul 2009 11:08:12 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190509 I have read Atlas Shrugged 3 times in the last 20 years. I don't agree with all of objectivism, but there are certainly elements of Rand's philosophy I do agree with. The all or nothing approach to objectivism is too harsh for my way of thinking, but the idea of an individual being true and responsible to his or herself is right on. Certainly what is going on here is against my principles, but I certainly don't expect everyone in the US to think or act as I do. If the philosophy of rational self-interest is taken without the rabid nature its foes attribute to it, it will serve you over the years. It is just another tool in the box of life... I have read Atlas Shrugged 3 times in the last 20 years. I don’t agree with all of objectivism, but there are certainly elements of Rand’s philosophy I do agree with. The all or nothing approach to objectivism is too harsh for my way of thinking, but the idea of an individual being true and responsible to his or herself is right on. Certainly what is going on here is against my principles, but I certainly don’t expect everyone in the US to think or act as I do. If the philosophy of rational self-interest is taken without the rabid nature its foes attribute to it, it will serve you over the years. It is just another tool in the box of life…

]]> By: whitespiral http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190505 whitespiral Tue, 07 Jul 2009 10:50:08 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190505 "And to think people still suggest the problem was Greenspan sold out on his randianism/individualism/ free market beliefs for the chance to centrally plan our economy. They must be senile." Reahhhheeaaally? So Greenspan was following free-market ideology when he was deciding how much of our money to counterfeit, and who should have first claim on it? How about when deciding what industry or firm should be allowed to fail and which shouldn't? It's crazy how intellectually confused some of you guys are (BR-your inconsistency is somewhat dissapointing) . Jump on the Keynesian bandwagon and see where that takes an economy already drowning in debt. Don't worry though. Obama and the good guys (i.e. Goldman) are here to save you. Go ahead and place your trust on your benevolent and omnipotent government. I mean, that has always worked wonders for you hasn't it? “And to think people still suggest the problem was Greenspan sold out on his randianism/individualism/ free market beliefs for the chance to centrally plan our economy. They must be senile.”

Reahhhheeaaally?

So Greenspan was following free-market ideology when he was deciding how much of our money to counterfeit, and who should have first claim on it?

How about when deciding what industry or firm should be allowed to fail and which shouldn’t?

It’s crazy how intellectually confused some of you guys are (BR-your inconsistency is somewhat dissapointing) . Jump on the Keynesian bandwagon and see where that takes an economy already drowning in debt.

Don’t worry though. Obama and the good guys (i.e. Goldman) are here to save you. Go ahead and place your trust on your benevolent and omnipotent government.

I mean, that has always worked wonders for you hasn’t it?

]]> By: Graphite http://www.ritholtz.com/blog/2009/07/samuelson-on-greenspan/comment-page-2/#comment-190488 Graphite Tue, 07 Jul 2009 04:53:46 +0000 http://www.ritholtz.com/blog/?p=30852#comment-190488 You kind of have to wonder how many times BR is going to have to have it explained to him that Objectivism and the free-market, and Greenspanian monetary policy, are two completely different things. I mean, is he even familiar with Ayn Rand's philosophy in any kind of depth, aside from the fact that she advocated less regulation for very specific reasons in a particular context (hint: it did not include a central bank and GSE's shoving credit down the country's throat for twenty years)? <i>what she fails to mention is that they were just as likely to be buffoons, small minded ($80,000 area rugs, $10,000 umbrella stands) greedy, unlawful, self centered people that could care less about society as a whole (Enron, TBTF Banks)- and who padded their boardrooms with like minded folks who agree to exorbitant pay packages far beyond the Gaults of the world’s worth or value</i> Some of the worst villains in <i>Atlas Shrugged</i> are businessmen. They're the guys who cash in on the ideas advocated by the likes of Samuelson in order to get regulations enacted (which stifle their smaller and better competitors) and loot the public till. You kind of have to wonder how many times BR is going to have to have it explained to him that Objectivism and the free-market, and Greenspanian monetary policy, are two completely different things. I mean, is he even familiar with Ayn Rand’s philosophy in any kind of depth, aside from the fact that she advocated less regulation for very specific reasons in a particular context (hint: it did not include a central bank and GSE’s shoving credit down the country’s throat for twenty years)?

what she fails to mention is that they were just as likely to be buffoons, small minded ($80,000 area rugs, $10,000 umbrella stands) greedy, unlawful, self centered people that could care less about society as a whole (Enron, TBTF Banks)- and who

padded their boardrooms with like minded folks who agree to exorbitant pay packages far beyond the Gaults of the world’s worth or value

Some of the worst villains in Atlas Shrugged are businessmen. They’re the guys who cash in on the ideas advocated by the likes of Samuelson in order to get regulations enacted (which stifle their smaller and better competitors) and loot the public till.

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