Greenspan Abandoned Objectivism Long Ago

Of course, the financial mess is largely being blamed on capitalism, and given that former Federal Reserve Chairman Alan Greenspan recently admitted that his ideology was wrong, Ayn Rand’s detractors are falling all over themselves to point fingers at her philosophy of Objectivism. Greenspan once, long ago, adhered to that philosophy, but abandoned it for sure once he became the head of the Fed. These facts are what Miss Rand’s detractors want to ignore so that they can smear her ideas. So whenever I see their evasions pop up in some article or opinion piece, I’ve been answering them with this stock comment:



To Whom It Concerns:

The economic meltdown in the U.S. was essentially caused by government intervention and regulations, not their lack thereof. For many years now, banking, housing and insurance have been the most regulated areas of the economy.

As to Mr. Greenspan, the philosophy he put into practice is the opposite of capitalism. Back in the 1960s, Ayn Rand taught him why capitalism requires that there be a wall of separation between economics and state, and why the Federal Reserve, as the state’s central economic planner, must be abolished. Yet Greenspan went on to become the Fed's leader and champion -- keeping interest rates artificially low and manipulating the money supply. So he long ago rejected Miss Rand's philosophy of Objectivism -- and now he and all of us are paying the price for it.

JOSEPH KELLARD
East Meadow, NY