On MarketWatch, an interesting recap of Alan Greenspan’s testimony regarding the financial crisis:
NEW YORK (MarketWatch) — In one of the most dramatic moments in the global financial crisis, former Federal Reserve Chairman Alan Greenspan testified before Congress in October 2008, just weeks after the collapse of Lehman Brothers spread fear and panic around the world.
Rep. Henry Waxman (D-Calif.) bluntly asked him, “Were you wrong?”
“Partially,” replied the humbled Greenspan, who once sat at the commanding heights of the world’s economy.
We were witness to this fateful testimony before and with interesting discussion as well. Just as the exercise of juxtaposing Greenspan’s execution against the tenets of Ayn Rand’s Objectivist philosophy. Hubris is a virtue to Objectivists, arguably the same hubris that brings us ever closer to the brink with every new crisis.
In this conference conducted by the Ayn Rand Center, Dr. Yaron Brook responds to a query regarding The Great Depression of the 1930s in the United States. The salient points of Dr. Brook’s talk relate to the establishment and the consequent actions of the Federal Reserve beginning in 1914 which ultimately culminated into the stock market crash of 1929 and the resulting depression. This talk is very timely now that the United States and Europe are entering a contracting phase in their economies in the wake of the crash of subprime mortgages and the bursting of the housing bubble and stock market crashes.
An interesting panel: Peter Schiff author of “Crash Proof”, Dr. Yaron Brook from the Ayn Rand Institute, Victoria Barrett associate editor for Forbes Magazine, and Gary Kaltbaum of garyk.com. The panel criticizes the actions of the U.S. government, Federal Reserve, and discusses the future of the economy.
Watch Peter Schiff plug in Ron Paul and Yaron Brook remind the audience of what should be government’s core functions with regard to individual rights under capitalism.
In a similar vein as films we have featured here before such as Money as Debt, Money Masters, and criticism posed by Zeitgeist Addendum, here is a documentary featuring personalities from the Mises Institute about the nature and flaws of the present monetary system. This is Money, Banking, and the Federal Reserve.