The conservative business press is exulting over how Alan Greenspan took down Jon Stewart when the former Federal Reserve chairman and economic guru appeared on the Daily Show the other day.
Indeed, the usually inscrutable Greenspan was downright irrationally exuberant and got off some good ones. This included a barbed suggestion that Stewart reread The Age of Turbulence, his new book on the global economy, so he can better fathom why the nannies who babysit America’s so-called free market economy like Greenspan did for 19 years always know best, as well as why investing in the stock market is preferable to the once hallowed but apparently passÃ© concept of working hard and putting one’s money in a bank, or even under a mattress.
But lost in the self-congratulation was an exchange that revealed Mr. Central Banker and his fellow nannies to be acolytes in the One True Church of Capitalism. This means serving Wall Street trumps the needs of Main Street, and as a consequence lot of good people are being driven to wrack and ruin.
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