According to one of the cable news channels, Greenspan is blaming the sub-prime lending crisis on “overeager investors.” I knew it! I knew it! It’s those damned people in the marketplace who caused it all. What did Rothbard say about the miscalculations that suddenly – and for inexplicable reasons – occur at one point in time; did such errors in judgment more likely result from tens of thousands of people independently making the same, poor decisions, or were they more likely misled by a common signal emanating from the state?
Perhaps Alan is giving us the new Randian mantra: it is businessmen who are the wrongdoers, and who will try to shift the blame for our economic ills to “America’s persecuted minority: big government.”
9:50 am on October 23, 2008
