Wednesday, February 1, 2012

A Real Phony

Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and "The Coming Collapse of the Municipal Bond Market" (, 2009)

"You're wrong. She is a phony. But on the other hand you're right. She isn't a phony because she's a real phony. She really believes all this crap she believes. You can't talk her out of it.... She's nuts."

-Of Holly Golightly, from Truman Capote's Breakfast at Tiffany's (1958)

"While central planning may no longer be a credible form of economic organization, the intellectual battle for its rival - free-market capitalism - is far from won."

"Anti-capitalist virulence appears strongest from those who confuse "crony capitalism" with free markets. Crony capitalism abounds when government leaders, usually in exchange for political support, routinely bestow favours on private-sector individuals or businesses. That is not capitalism. It is called corruption."

-Former Federal Reserve Chairman Alan Greenspan, who centrally controlled and underpriced the most over-leveraged interest rate in the world for 18 years and is now cashing in like a reality TV celebrity. Financial Times, January 30, 2012, under the fanciful title: "Meddle with the Market at Your Peril"