greenspan"Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he “made a mistake” in trusting that free markets could regulate themselves without government oversight…. But in a tense exchange with Representative Henry A. Waxman, the California Democrat who is chairman of the committee, Mr. Greenspan conceded a more serious flaw in his own philosophy that unfettered free markets sit at the root of a superior economy."

article from nyt.com

"Citizen judges, I want to tell [you] how a man who spent thirty years in the party and worked a great deal, stumbled [and] fell … I have committed heinous crimes. I realize this. It is hard to live after such crimes . . . But it is terrible to die with such a stigma. Even from behind bars I would like to see the further flour-ishings of the country I betrayed." Genrikh Yagoda

"… I confirm the admission of my monstrous crimes . . . We were preparing for a coup d'etat, we organized kulak insurrections and terrorist groups … I would like those who have not yet been exposed and have not yet laid down their arms to do so immediately . . . Their only salvation lies in helping the party." Alexei Rykov

article from Time

GM Davies is the author of Play 1 e4 e5: A Complete Repertoire for Black, Everyman, 2005

Kim Zussman replies: 

I doubt Mr Greenspan has as much at stake as the bolsheviks did, though the interesting parallel does illustrate the easy job inquisitors have.

Given government ownership of assets and increased regulation decrease the risk premium, keeping risky assets at a durably lower price level?


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