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Tuesday, March 24, 2009

In the future:

Bernanke wants tougher oversight and institutional restrictions in place so that the financial system doesn't screw up again. But how does that insure against having an Ayn Rand acolyte becoming the Fed Chairman fifty years from now? Or a crazy Texas senator who gets legislation passed that deregulates the banks? (h/t TT)

posted by Quiddity at 3/24/2009 08:15:00 PM

4 comments

Considering the fraying even of Germany's ban on the Nazi party, I don't think there's an effective prophylactic against self-serving delusional philosophical fads decades in the future.

Maybe the movies about this era will reinforce a dim view of free-market fundamentalism.

By Emphyrio, at 3/24/2009 10:33 PM

did you see this? roubini back's geithner's plan.

http://www.huffingtonpost.com/2009/03/25/nouriel-roubini-backs-gei_n_178989.html

By Anonymous, at 3/25/2009 2:25 PM

Greenspan was Rand-y but not so dandy?

By Shag from Brookline, at 3/26/2009 4:24 AM

while we're at it, how about getting more transparency from the secretive fed?

By Anonymous, at 3/29/2009 11:16 PM