"There are two novels that can change a bookish fourteen-year-old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy... The other, of course, involves orcs."
I was fascinated with Ayn Rand in my late teens. I devoured Atlas Shrugged, The Fountainhead, and We the Living. I tried re-reading The Fountainhead later in my 40s and couldn't get into it at all. Ahh, to be young and dumb.
Haha as an adult man, I couldn't get past the first chapter of "Lord of the Rings." Way too much pointless banter on lame hobbit customs. The former I did indeed enjoy though.
Try Lord of the Rings again. It got me through countless subway rides, Jersey to Midtown (small book held in one hand, holding on while standing with the other). Definitely a parallel universe to inhabit.
I couldn't get through the first chapter of Atlas Shrugged. Flattest characters I ever read! Here are some disagreements with the Professor about Greenspan, apart from the Darth Vader part.
Letting commercial banks go back into investment banking probably didn't cause the credit collapse. It was the 1999 retaliatory provision by Republicans in Congress -- mad that they couldn't get Clinton convicted -- that took away the Clinton Administration's bank regulator's ability to regulate banking activities carried out under non-bank subsidiaries of banks' holding companies that did it. Banks started moving their mortgage ops out of the banks so the national bank regulator couldn't review them in 2000. It took eight years for those chickens to come home to roost.
A less polite point is that Greenspan was openly partisan. I think he was truly shocked at the effect of his rate hikes on GHW Bush's reelection. Thereafter he wielded the power more deftly.
Thank you for that more nuanced view of underlying causes of the '08 collapse. I didn't have that level of insight into the mechanics, but I well remember the naked partisan brawling during Clinton's administration (shout out to Newt Gingrich). It's a long ways back, but I always felt Clinton was constantly fighting just to stay on his feet from relentless, coordinated attacks from all sides, courtesy of the conservatives. It certainly dampened his agenda and was a disservice to this country, imo. In hindsight, it was all merely setting the table for the destructive madness we are living through now. Smdh.
I read her books because I was trying to understand my favorite aunt who was a devoted acolyte… Rand was one of the worst and preachiest authors I have ever read. Her basic premise is that she’s right and everyone else is wrong. The same way I felt when she used to go on Carson. Her philosophy is basically appealing to selfish 16 year old boys and people who never grew out of that age.
Stephen, one of those know-it-all 16-year-olds turned out to be a bully-boy fascist wannabe dictator and all-around phony. It didn't take a brain to elect this sonuvabitch president if in fact he had been elected.
Ayn Rand never ceases to be a lightning rod. It is her fixation on self-interest at everyone else’s expense I object to the most. The greatest good for the greatest number is a concept she could not understand . Donald Trump is another one who can only see things in a “what’s in it for me” context.
Yes, that certainly tells you everything about him. He was one of her main prodigies in the height of her career. They got along fantastically. I’ve found out quite a bit about Greenspan, in my research on him, and
Democracy Now news and it’s very very ugly. Plus, he owed us all an apology, at least by the time of his retirement, but never did it. Never would admit to, even though he knew it. How much he and his economic ideas brought us to where we’re at today.
In Matt Taibbi's 2010 book _Griftopia_, chapter 2, about Greenspan, is titled "The Biggest Asshole in the Universe."
The short version: "...the chapter emphasizes that Greenspan's legacy is not merely one of economic mismanagement but reflects a broader critique of a political system transformed into a vehicle for corporate interests. It raises questions about accountability in governance and the dangers of allowing unregulated capitalism to dictate financial policy."
I love it! All so true! I am a retired commercial lender with 40 years experience with a major bank. We knew what he was and some of us warned our high up’s, but his narrow thinking crashed the economy any way. When I saw he had passed, I had your same thoughts. You said it best!! Thank you!!
I will never forget Alan Greenspan in the wake of the 2008 financial crash saying that what he had believed all his life, that markets regulated themselves, turned out not to be true.
It is hard to believe that Greenspan didn't see the approaching train wreak of 2008. By keeping interest rates low the Fed encouraged the formation of the real estate bubble. Most likely, he did not want to antagonize Bush Jr. and hoped to retire before the bubble burst. There is a place in hell for him.
I won't argue at all that Greenspan is generally an intelligent person, but how on Earth did he not realize that people are greedy and that they cannot be relied upon to self regulate?!?! He had one job and he did that job extremely poorly.
I never followed the politics of his legacy, but....isn't it naive to think that someone - anyone - in that position is NOT eventually going to be drawn into the black hole of greed that feeds the corporatocracies? Clearly, Greenspan lacked the most noble of human characteristics: Empathy and Altruism. Though tRump is the worst, just not the FIRST.
Robert, I appreciated this reflection and especially the story.
What stayed with me was Greenspan's admission that he "found a flaw." It seems many of the assumptions that shaped that era are still with us today. The belief that economic wellbeing will somehow trickle down from concentrated financial power rather than being built through strong communities, local economies, and broad participation remains deeply embedded in our institutions.
If there is a lesson in his legacy, perhaps it is that resilience cannot be delegated to markets alone. Healthy economies require economic democracy, with institutions that give people and communities a meaningful voice in the economic decisions that affect their lives, rather than concentrating power in the hands of investors and financial interests.
Thank you for sharing both the history and your personal experience of it.
Why I am so ambivalent about capitalism. Toughly regulated capitalism is probably okay, but because it allows single individuals to accumulate vast wealth (though not as vast as they would like), they spend it bribing government officials through legal holes to deregulate, so they and other wealthy people can become fabulously wealthy. It ends with somebody like Musk, and far too many people choosing between eating and going to a doctor when really needed. Communism doesn’t work either. Democratic socialism (or social democracy) might work best. The only sure thing is greed is NOT good; greed is evil.
The key is COMPETITION. This is why the Sherman Act was passed. To break up monopolies and give people choices via competition, which then lowers prices..
But like so many of the safe guards put in place after the Great Depression and the Great Recession they have continually been chipped away by the love of money crowd.
And here we are again.
Deregulation, starting with Reagan (and his refusal to raise minimum wage in 1980 and on) has been an ultimate nightmare for we, the real people. Including those real people who are cheering on fascism, yet again.
I would love toughly regulated capitalism. Like what the Roosevelt administration left us with. But it always seems to feel and we go back to excess capitalism in greed. Look how many times it has failed in this country since the early 1800s. And each time it fails it seems to get worse.
Bob, I am endlessly astounded at how nearly identical your opinions (*fact & evidence based) have dovetailed precisely with mine over our lifetimes. I suppose that is why I've followed you so very long. Keep swingin' old friend !
Ayn Rand! Say no more.
"There are two novels that can change a bookish fourteen-year-old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy... The other, of course, involves orcs."
I was fascinated with Ayn Rand in my late teens. I devoured Atlas Shrugged, The Fountainhead, and We the Living. I tried re-reading The Fountainhead later in my 40s and couldn't get into it at all. Ahh, to be young and dumb.
Haha as an adult man, I couldn't get past the first chapter of "Lord of the Rings." Way too much pointless banter on lame hobbit customs. The former I did indeed enjoy though.
Try Lord of the Rings again. It got me through countless subway rides, Jersey to Midtown (small book held in one hand, holding on while standing with the other). Definitely a parallel universe to inhabit.
I couldn't get through the first chapter of Atlas Shrugged. Flattest characters I ever read! Here are some disagreements with the Professor about Greenspan, apart from the Darth Vader part.
Letting commercial banks go back into investment banking probably didn't cause the credit collapse. It was the 1999 retaliatory provision by Republicans in Congress -- mad that they couldn't get Clinton convicted -- that took away the Clinton Administration's bank regulator's ability to regulate banking activities carried out under non-bank subsidiaries of banks' holding companies that did it. Banks started moving their mortgage ops out of the banks so the national bank regulator couldn't review them in 2000. It took eight years for those chickens to come home to roost.
A less polite point is that Greenspan was openly partisan. I think he was truly shocked at the effect of his rate hikes on GHW Bush's reelection. Thereafter he wielded the power more deftly.
Thank you for that more nuanced view of underlying causes of the '08 collapse. I didn't have that level of insight into the mechanics, but I well remember the naked partisan brawling during Clinton's administration (shout out to Newt Gingrich). It's a long ways back, but I always felt Clinton was constantly fighting just to stay on his feet from relentless, coordinated attacks from all sides, courtesy of the conservatives. It certainly dampened his agenda and was a disservice to this country, imo. In hindsight, it was all merely setting the table for the destructive madness we are living through now. Smdh.
Think all had their part to play in the 08 disaster, some more than others.
I read her books because I was trying to understand my favorite aunt who was a devoted acolyte… Rand was one of the worst and preachiest authors I have ever read. Her basic premise is that she’s right and everyone else is wrong. The same way I felt when she used to go on Carson. Her philosophy is basically appealing to selfish 16 year old boys and people who never grew out of that age.
Stephen, one of those know-it-all 16-year-olds turned out to be a bully-boy fascist wannabe dictator and all-around phony. It didn't take a brain to elect this sonuvabitch president if in fact he had been elected.
Ayn Rand never ceases to be a lightning rod. It is her fixation on self-interest at everyone else’s expense I object to the most. The greatest good for the greatest number is a concept she could not understand . Donald Trump is another one who can only see things in a “what’s in it for me” context.
My first reaction, too. What is it about that woman? Rhetorical, no need to say more.
Telling the rich wha they want to hear.
She wrote a great DYSTOPIAN FICTION! I enjoyed it, but ONLY because it was FIC 👏 TION 👏 AL. 👏
She was RUSSIAN and wrote like a Russian author!
In his memoir, In these Turbulent Times, he states that Rand was not the simpleton so many believe she was. Worth reading.
Not exactly a ringing endorsement overall.
Not being a simpleton makes not a useful or good thinker.
Yes, that certainly tells you everything about him. He was one of her main prodigies in the height of her career. They got along fantastically. I’ve found out quite a bit about Greenspan, in my research on him, and
Democracy Now news and it’s very very ugly. Plus, he owed us all an apology, at least by the time of his retirement, but never did it. Never would admit to, even though he knew it. How much he and his economic ideas brought us to where we’re at today.
He did admit to maybe being wrong while blaming others but Larry Summers did not even do that.
She was awful. My mom despised her.
Bingo!
Speaking as an economist— yes, that’s bang on, beautiful explication in dialogue.
Thank you.
In Matt Taibbi's 2010 book _Griftopia_, chapter 2, about Greenspan, is titled "The Biggest Asshole in the Universe."
The short version: "...the chapter emphasizes that Greenspan's legacy is not merely one of economic mismanagement but reflects a broader critique of a political system transformed into a vehicle for corporate interests. It raises questions about accountability in governance and the dangers of allowing unregulated capitalism to dictate financial policy."
For a fuller summary of the chapter (and the rest of the book), see https://www.bookey.app/book/griftopia.
I used to enjoy Taibbi's writing.
Speaking as an MBA, I can only agree.
Speaking as a novelist, I agree!
Speaking as a plebe, I agree.
That ending dialogue - you've missed your true calling as a humorist.
Best laugh I've had in a while.
Yes, and his cartoons also reflect that too.
I’m still laughing
Indeed.
I love it! All so true! I am a retired commercial lender with 40 years experience with a major bank. We knew what he was and some of us warned our high up’s, but his narrow thinking crashed the economy any way. When I saw he had passed, I had your same thoughts. You said it best!! Thank you!!
I will never forget Alan Greenspan in the wake of the 2008 financial crash saying that what he had believed all his life, that markets regulated themselves, turned out not to be true.
For some reason that awareness was short lived.
It is hard to believe that Greenspan didn't see the approaching train wreak of 2008. By keeping interest rates low the Fed encouraged the formation of the real estate bubble. Most likely, he did not want to antagonize Bush Jr. and hoped to retire before the bubble burst. There is a place in hell for him.
Self regulating GREED.
If Greenspan was so damn smart, why did he not understand that people are very poor at self regulation. Any preschool teacher knows that.
I won't argue at all that Greenspan is generally an intelligent person, but how on Earth did he not realize that people are greedy and that they cannot be relied upon to self regulate?!?! He had one job and he did that job extremely poorly.
I never followed the politics of his legacy, but....isn't it naive to think that someone - anyone - in that position is NOT eventually going to be drawn into the black hole of greed that feeds the corporatocracies? Clearly, Greenspan lacked the most noble of human characteristics: Empathy and Altruism. Though tRump is the worst, just not the FIRST.
The same way Reagan (I assume) didn't understand his trickle down crap.
Robert, I love you for telling it like it is and like it was. Thank you.
Robert, I appreciated this reflection and especially the story.
What stayed with me was Greenspan's admission that he "found a flaw." It seems many of the assumptions that shaped that era are still with us today. The belief that economic wellbeing will somehow trickle down from concentrated financial power rather than being built through strong communities, local economies, and broad participation remains deeply embedded in our institutions.
If there is a lesson in his legacy, perhaps it is that resilience cannot be delegated to markets alone. Healthy economies require economic democracy, with institutions that give people and communities a meaningful voice in the economic decisions that affect their lives, rather than concentrating power in the hands of investors and financial interests.
Thank you for sharing both the history and your personal experience of it.
Why I am so ambivalent about capitalism. Toughly regulated capitalism is probably okay, but because it allows single individuals to accumulate vast wealth (though not as vast as they would like), they spend it bribing government officials through legal holes to deregulate, so they and other wealthy people can become fabulously wealthy. It ends with somebody like Musk, and far too many people choosing between eating and going to a doctor when really needed. Communism doesn’t work either. Democratic socialism (or social democracy) might work best. The only sure thing is greed is NOT good; greed is evil.
The key is COMPETITION. This is why the Sherman Act was passed. To break up monopolies and give people choices via competition, which then lowers prices..
But like so many of the safe guards put in place after the Great Depression and the Great Recession they have continually been chipped away by the love of money crowd.
And here we are again.
Deregulation, starting with Reagan (and his refusal to raise minimum wage in 1980 and on) has been an ultimate nightmare for we, the real people. Including those real people who are cheering on fascism, yet again.
The Sherman Act seems to have been intentionally forgotten. Needs to be resurrected as quickly as you can spit a watermelon seed.
PilgrimRVW, “toughly regulated capitalism” combined with stringently enforced progressive taxation would better accomplish what you want.
Absolutely.
We need an FDR/DDE combo imo.
I would love toughly regulated capitalism. Like what the Roosevelt administration left us with. But it always seems to feel and we go back to excess capitalism in greed. Look how many times it has failed in this country since the early 1800s. And each time it fails it seems to get worse.
Sad but accurate!
Money/markets/economy should exist to serve the needs of the country and its people, but functionally speaking, the reverse is true.
That's a good one! And you let him get in the last word. Bolshevik dwarf indeed!
Thanks for the smile and the revealing obit.
Bob, I am endlessly astounded at how nearly identical your opinions (*fact & evidence based) have dovetailed precisely with mine over our lifetimes. I suppose that is why I've followed you so very long. Keep swingin' old friend !
Suck on a pickle!
Bolshevik dwarf!
LMAO!
Me too!
Great essay, thank you!
That's funny, Professor, I had you down as a Menshevik, given your respect for democracy.