FYI Greenspan was a friend of Ayn Rand and was part of her inner circles.
My understanding is that, despite some of his views being at odds with her own, Rand was happy to have him in her inner circle anyway.
After: Central banker
That's the gist of the argument. I'm not going to pretend to know where the line between Objectivism's general ideals and economic ideals lies.
But I am, so -- uh-oh, I said "it seems to me." Better dodge that falling giant copy of Atlas Shrugged that's aimed for my head.
I think the writer's being over-the-top, but I also think that the bailout is going vastly over-the-top and I think that Obama's plan to continue it isn't helping things at all.
Asset bubbles always happen. They probably always will happen. Now that the bubble is bursting, the collectivist mismanagement over the last several years is making us extra vulnerable. Even more horribly, the current and coming response is dooming the recovery to a much longer period than if the economy were allowed to reach equilibrium on its own.
Even the off-hand pop culture references are crapulous: "A Confederacy of Dunces" surely counts as a "classic novel of recent decades that was never made into a movie", and it is a lot funnier than anything Ayn Rand ever wrote.