Source: The American Prospect
by Chris Hughes
“Alan Greenspan’s obituary writers want to credit him with a single, flattering flaw: that he trusted markets too much. That charge is too generous, because Greenspan never left markets to run themselves. He used the power of the Fed to cultivate and reward financial innovation, making the financial system more fragile for it. Often misunderstood as an Ayn Rand acolyte, Greenspan was not a true libertarian. His creed was not ‘leave the market alone’ as much as it was to use the tools of the government to make the market faster and more inventive — and then stand by to catch it when it falls. Those actions fueled the soaring inequality and the economic crash of 2008. Greenspan was no bystander watching markets obey some ineffable logic. His obsession with financial innovation set the stage for the crisis.” (06/24/26)
https://prospect.org/2026/06/24/alan-greenspan-creator-of-his-own-disaster/