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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??
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To: Mike M2 who wrote (294)5/5/2001 1:01:32 AM
From: Thomas M.   of 309
 
I just finished Roger Lowenstein's excellent book "When Genius Failed: The Rise and Fall of Long-Term Capital Management". I particularly liked this brilliant passage:

Greenspan's more serious and longer-running error has been to consistently shrug off the need for regulation and better disclosure with regard to derivative products. Deluded as to the banks' ability to police themselves before the crisis, Greenspan called for a less burdensome regulatory regime barely six months after it . . . The early Greenspan (in thrall to Ayn Rand) once wrote, "The basis of regulation is armed force." In fact, it is in countries that lack transparency (such as Russia) that markets need to be defended by soldiers.
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