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Daily Show John Stewart confronts Alan Greenspan on Central BankingJohn Stewart confronts Alan Greenspan on Central Bankingtags:Alan Greenspan took his new book to Comedy Central’s Daily Show with Jon Stewart Tuesday night, explaining the impact of interest-rate cuts on the stock market, the development of central banking, and economic forecasting today compared with a half-century ago.
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I wonder if he understood Greenspan's closing point: that the Fed moderates the occasional stupid panic and the occasional stupid greed of humanity. It chops off the outlying emotion-informed surges to smooth the surface of the economy, inasmuch as is possible.
Stewart sounded so naive about what "free market" means! I love the man, but wow, I guess the politically-partisan culture he's surrounded with isn't interested in some of the central political questions of our time. Perhaps the Ron Paul Effect will contribute to remedying that. Greenspan was talking about (the emotionality of) people not improving (or "stabilizing"); no need to be "bummed out" when we can improve our discernment in so many other ways.
I guess he's just your regular Joe who wants some answers just like all of us regular people do.
And just like us regular people, Stewart doesn't know what exactly makes Greenspan Greenspan and asks him all these questions that Greenspan was never responsible for, just because he's a high government official.
Who here thinks John Stewart or any other eat-the-rich populist bellyacher shops around for a good rate? No, the guys who bellyache about how unfair the system is just refuse to accept that it is within their power to optimize their own experience.
Like it or not, the Fed system is designed not to protect the rich, but rather to maintain stability (and thus peace) in the world. It is perfectly within the power of our elected officials to tax *ell out of the top 2% to stimulate social mobility, and I'm all for that. Just as it's a traditional rightist canard to blame regulation for all societal ills, it's a traditional leftist canard to insist that someone or something must necessarily be to blame for the inequality that has always and will always exist in the world.
I don't want rich people shooting craps and poor people slaving. But the world resembled that dramatization even more BEFORE the Fed came to be.
At what cost???... and fast-forward to the now. The Fed is a hydra, broken and starved.
One economic system, one currency??? How about seven or ten??? Why, it has been tried before, and never let off the ground, perhaps it's best. Men who made carbs in their garages, in their spare time to run 100 miles on a gallon of gas, have tried that as well......where are they now?
The FED is part of the reason the world is fucked up, and only a small part of the reason it is not.
I'm a Stewart fan, and this was nothing special. It just gets upvotes because it's Stewart. Abstained.