Who Is To Blame?

This is a example of whats wrong with the economy all right, mob metality.
Ayn Rand doesn't have much of anything to do with that article. Her beleif systems
were around freedom to produce. She also had a thing for gold being the only real money.
Since a gold based economy can't just print more money at will gold based economies
have a tendacy for high interest rates. So no way is the long dead Ayn Rand responsible for
low interest rates causing economic problems. Same problem would have happenned with high
interest rates anyway. Many local politicians obsessed with wanting property tax revenues
forced land planners to shaft the cheap house builders for the expensive one.
Then with prices skyrocketing individuals and big investment firms bought up houses like crazy
expecting big returns. Taking a $50,000 house and selling it for $500,000 does not generate wealth.
It just makes for one big pyramid scheme and when no more can come up with cash to
keep it all going down it crashes.

This is a example of whats wrong with the economy all right, mob metality.
Ayn Rand doesn't have much of anything to do with that article. Her beleif systems
were around freedom to produce. She also had a thing for gold being the only real money.
Since a gold based economy can't just print more money at will gold based economies
have a tendacy for high interest rates. So no way is the long dead Ayn Rand responsible for
low interest rates causing economic problems. Same problem would have happenned with high
interest rates anyway. Many local politicians obsessed with wanting property tax revenues
forced land planners to shaft the cheap house builders for the expensive one.
Then with prices skyrocketing individuals and big investment firms bought up houses like crazy
expecting big returns. Taking a $50,000 house and selling it for $500,000 does not generate wealth.
It just makes for one big pyramid scheme and when no more can come up with cash to
keep it all going down it crashes.

This whole article and discussion is rediculous. Our economy hasn't been anywhere near a hands off approach especially since the New Deal. Capitalist need to just sit back, stay out of it and take notes. The next 8 years could prove once and for all that big government and socialized programs don't work. Give the liberals all the rope they wan't they will only hang themselves with it.

He is right only about one thing - the Paulson/Bernanke bailout is a disaster. They have given away billions of dollars of tax payer money and have gotten nothing much back from the banks (or AIG) in return. Bank executives are now living high off of taxpayers money instead of investor money.

Otherwise this guy has learnt nothing. Only an idiot would think that less regulation would have saved the economy. This guy is as bad as religious fundamentalists. They blindly believe in their ideology no matter how much evidence there is against it.

He is right only about one thing - the Paulson/Bernanke bailout is a disaster. They have given away billions of dollars of tax payer money and have gotten nothing much back from the banks (or AIG) in return. Bank executives are now living high off of taxpayers money instead of investor money.

Otherwise this guy has learnt nothing. Only an idiot would think that less regulation would have saved the economy. This guy is as bad as religious fundamentalists. They blindly believe in their ideology no matter how much evidence there is against it.

He is right only about one thing - the Paulson/Bernanke bailout is a disaster. They have given away billions of dollars of tax payer money and have gotten nothing much back from the banks (or AIG) in return. Bank executives are now living high off of taxpayers money instead of investor money.

Otherwise this guy has learnt nothing. Only an idiot would think that less regulation would have saved the economy. This guy is as bad as religious fundamentalists. They blindly believe in their ideology no matter how much evidence there is against it.

What is truly demonstrated here is not the efficacy and prescience of the free market philosophy, but rather the innate ability of humans to cling to a discredited idea in the face of steadily mounting evidence to the contrary. This interview is akin to interviewing a hardline Marxist and hearing him or her extol the virtues of a dictatorship of the proletariot.

Dont blame Ayn.... The biggest thing she advocated was personal accountability, which clearly the lack thereof is what has caused this mess. I'm a huge Ayn fan, but I dont think a totally hands off approach would work, because so many people are cheats and slackers, and lack accountability and integrity. But those are the real issues here.... not her ideals.

Shorter Dr. Yaron Brook:

background noise - SMACK!!!!
Dr. Yaron Brook: "Oh Thank You! Please sir, may I have another?"
more background noise - SMACK!!!

Shorter Dr. Yaron Brook:

(background noise) SMACK!!!!
Dr. Yaron Brook: "Oh thank you! Please Sir, may I have another?"
(more background noise) SMACK!!!

What Really Happened?
by Lawrence H. White | Cato Institute | December 2nd, 2008
http://www.cato-unbound.org/2008/12/02/lawrence-h-white/what-really-happened/

The housing-finance boom and bust are not the results of a laissez-faire monetary and financial system. We didn???t have one...The housing boom and the aftermath of its bust arose from market distortions created by the Federal Reserve, the government backing of Fannie Mae and Freddie Mac, the Department of Housing and Urban Development, and other federal interventions.

Those who acted in an immoral and unethical fashion are responsible for the economy. Let's put the blame where is truly belongs. People who took out mortgages which they knew they could not pay and people who approved mortgages for people whom they knew could not pay in order to enrich their own pocketbooks are to blame. Don't blame Ayn Rand, Alan Greenspan or anyone else. Put the blame where it truly belongs. . .

"Greenspan himself was a friend of Rand's, and a devotee of her extreme free-market philosophy, known as Objectivism"

Yes. Until he throw away all principles of Objectivism and joined the Federal Reserve.
Objectivism is opposed to Central Planning or Central Banking.

"Greenspan ... was a devotee of her extreme free-market philosophy, known as Objectivism" _until he joined the Federal Reserve_.
Central banking is opposed by Objectivism.

Ayn Rand was not an economist and she herself admitted that his books were fiction and should not be taken as a formula for policy. Her greatest contribution in my opinion is that she illustrated the emotions of pride self reliance and painted a world where morals are not dictated from above but from within us... men with confidence and self determination were the saints and heroes and lazy altruistic men full of confusing and meaningless ideas were the devils... Ayn Rand helped united states gain confidence and empower its people not to depend on the flawed thinking of the old continent... it was mainly a psychological contribution rather than a economic one and I think it should be viewed as such... today's Objectivism should stick to psychology and support one of its remaining founders such as Mr. Nathaniel Branden and keep out of economic reasoning to avoid embarrassment and discrediting the true essence of Ayn Rands movement.

Anyone with even a rudimentary knowledge of economics knows that the concept of free markets is based on six assumptions: a). free,open and equal flow of information b). No barriers to entry or exit of markets players c). no externalities d). participants act from rational self-interest e). participants are price-takers (large numbers of buyers and sellers prevent price-setting) f). no transaction costs. If any free market advocate believes these exist anywhere in the REAL world, then they sholud not criticise people of faith for believing in fantasies. Ayn Rand must have gotten a 'C' at best.

Our arrogant leadership is to blame. Ayn Rand is one of many poster children. Pride goes before destruction, a haughty spirit before a fall. (Proverbs 16:18)

Agree with PrairiePrankster *thumbs up* Ayn Rand was nothing more than a very mentally ill individual so self-absorbed it is but a wonder that she was able to function at all. Ayn Rand became the epitome of how the definition of extreme narcissism was created. Absolutely one of the more intellectually and emotionally disabled people I have ever read about or had the misfortune of reading her so-called 'works'. Objectivism was nothing more than another vehicle for Ayn Rand to shine the spotlight on herself. Her writings and beliefs are both a philosophical and psychological nightmare filled with circular rhetoric.

Put plainly: "She sucked!"

"When the people find that they can vote themselves money, that will herald the end of the republic." Ben Franklin