I had my "say it ain't so, Joe" moment today:

The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times. In an interview, Mr Greenspan, who for decades was regarded as the high priest of laissez-faire capitalism, said nationalisation could be the least bad option left for policymakers. "It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring," he said. "I understand that once in a hundred years this is what you do."

No, Alan, this is what you NEVER do. Not once in a hundred years or a thousand or a million. Because it's anathema to a free society, and it doesn't work anyway.

Greenspan is dead to me.

Posted by: Harvey at 10:36 AM | Comments (1) | Add Comment
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