Tuesday, January 26, 2010

Randian Confusion

"Bernanke took over the Fed when Greenspan was considered a rock star, inhaling his libertarian, free-market, Ayn Rand inspired philosophy in great giant gulps."
- madhedgefundtrader

It always confuses me when I read about how "Randian", free-market, and libertarian Greenspan was. I don't recall anywhere that she commented extensively about how the Federal Reserve should let banks borrow money from the people at extraordinarily low rates to be used for the creation of proprietary speculative derivatives markets. In fact, most Rand followers seem to be in favor of the abolition of the Fed and allowing the market to set interest rates.

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