Alan Greenspan's Spin and Milton Freidman's Wanton Capitalism
What causes the Housing bubble and the result of recession! (See the cunning Greenspan, he only mentioned Housing Bubble not recession in his article! I do not buy it). ANSWER: THE PHILOSOPHICAL FLAW OF CAPITALISM!
Alan Greenspan’s spin and Milton Friedman’s Wanton Capitalism Simple English is my writing principle; I’ll try to use the very simple term to explain the most complicated economy theory here! I HOPE MOST THE READERS CAN UNDERSTAND! First, I would like to thank the prolong service of Mr.Greenspan to this country! It does not prevent my criticism nonetheless to the article " The Fed Didn’t Cause the Housing Bubble", he wrote on March 11, 2009 on WSJ. Readers need not take the 101 Philosophy; you’ll know the spin of the article. The most outrages is that he even blames the too high saving rate of China. It is because that makes it easy for acquiring the loan form China to fuel up the housing bubble and the recession. Somebody has money to lend you; it does not mean you have to take it, right? Mr. Greenspan! And you should know that soon or later we’d pay the price-Over leverage and astronomical deficit and again astronomical foreign debt (owned by China, Japan, Russia, Saudi Arabia…etc!) In fact the most forceful and acceptable explanation would be patriotism for Alan Greenspan! After the 911 tragedy in 2001. To revive the economy we need the longer period and lower interest rate! That is it! That is pity, for a professional like Mr. Greenspan, he can not rely on no mathematic or statistic data, and tell the country, Patriotism is the only excuse to justify his lone and longer low interest rate since 911, 2001. Of-course the longer period of low interest rate may not necessarily to contribute the Housing Bubble and recession. But provide the greedy motivation for the 45 to 1 and 50 to 1 leverage for the COD, CDS, of all kind derivates- The "beast" even the old and cunning Greenspan knew nothing about them until 2005. Poor! The worst, Mr. Greenspan supported the selling and spreading the risk of the mortgage-backed securities and bonds to the world. Therefore, because of that the Fed and Greenspan were the major force to cause the housing bubble and recession. What causes the Housing bubble and the result of recession! (See the cunning Greenspan, he only mentioned Housing Bubble not recession in his article! I do not buy it). ANSWER: THE PHILOSOPHICAL FLAW OF CAPITALISM! Free market is the core idea of Capitalism. Adam Smith, the father of free market assumed there is an invisible hand to regulate the normal free market system. And he assumed the businessman under this normal free market system has moral and decent ethnic to participate in this kind of free market. Milton Freidman just a copycat of Adam Smith and pushed this flaw idea to the extremity, "wanton capitalism"- free from any government intervention! In philosophical sense they are dead wrong! Simple fact, Mencius of China assumed that all men are kindness! So, is it that means, we do not need rule of law! Of course not! We need law to protect society from any kind of man, kindness or not kindness to do harm to the society! Another simple fact, assumed Mao zetong is patriotic, so the law is no need to apply to him, everything he’d done he was done for good for China! So, catastrophic Culture Evolution is the result! The flaw of the present American free market is that, there is no appropriate and optimal law to govern that kind of Mao- businessman to exploit and abuse the free market in order to maximize his selfish and greedy for profit!! There is no scientific data to support all businessmen to participate in the free market are decent and has moral ethnics! And the hypothesis of invisible hand in normal free market never been scientifically proved since Adam Smith proposed! The worst, the Guard Dog, SEC did not perform its duty before the House Bubble! It is flaw of philosophy of Adam Smith’s free market assumptions-invisible hand and good moral businessman to cause the House bubble and recession. Alan Greenspan of course is one of the 25 enablers (what 25? Then you are not quailed to read this article) to push America to recession! Old free market system is outdated! To improve the future capitalism, we need to up date our knowledge to understand how the new market works and trade, for example how AIG used a computer generated "perfect storm" model to trade CDS and destroyed the whole AIG, which demised the whole world! That so-called genius model full of flaws, even Alan Greenspan did not fully understand! And he supported it! However, the most important thing is that the main ideas: invisible hand and moral businessmen of Adam Smith’s free-market principle, which actually is a flaw assumption. In today Friedman’s wanton Capitalism, you do not need a Philosopher to point out the outcome! That is why Wall Street Fat cats take the huge bonuses, we, common citizen take the huge debt for them. Philosophical change of free-market system and appropriate regulation are urgently needed
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