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Monday, September 10, 2007

Not What I Would Have Expected

From a member of Ayn Rand's cohort, anyway (per AP):
"The human race has never found a way to confront bubbles," former Federal Reserve Chairman Alan Greenspan said Thursday in reference to the euphoria that can precede contractions, or reactions, like the current market turmoil, according to a published report.
That's a bit of a conceit. It is inherently impossible in a mixed economy to not exaggerate bubbles, where a central authority arbitrarily influences business profitability apart from productivity. It's the price our culture chooses for government "security" and "convenience," but that doesn't mean the way hasn't been discovered.

[submitted by e-mail]

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