according to the American public.
TIME Magazine is running a poll to identify who is most responsible for the current financial crisis. The results are obviously not scientific, but that Phil Gramm gets the most votes as top villain is almost laughable.
As Murray Rothbard once pointed out, Phil Gramm understands free markets, but is usually out for Phil Gramm first. However, he will generally vote free markets if there is no conflict with a personal agenda. .
Obviously, the propaganda that the dismantling of Glass-Steagal caused the crisis is having an impact in some quarters.
At the time of this writing, the real villain, Alan Greenspan, who provided the monetary fuel that created the crisis is only 17th on the list.
I think it is spelled "Steagall" (see wikipedia entry.
ReplyDeleteRothbard, as I recall, has something to say about the passing of the original act. He saw it, if my memory is correct, as part of Rockefeller versus Morgan politics behind the scenes of the New Deal.
Thanks, corrected.
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