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Northwest Voices

Seattle Times letters to the editor

November 2, 2008 at 3:34 PM

Former Fed Chairman Alan Greenspan

The economic witch doctor

Shame on former Federal Reserve Chairman Alan Greenspan, who abandoned his capitalist beliefs decades ago [“Former hero Greenspan blamed for credit crisis,” Nation and World, Oct. 24].

The capstone to his abandonment was his willingness to serve as the chair of the Federal Reserve, a statist intrusion into the economy.

The iron fist of government for example, in the guise of Frankengovernment entities Fannie Mae and Freddie Mac—played an enormous role in causing our country’s current financial problems.

Listening to Greenspan blame our challenges on capitalism (“free markets did break down”) when no such free market existed, is like listening to a witch doctor for medical advice.

— Mark Kalinowski, New York, NY

Let Them Eat Cake!

I have had about all the fun I can take with our government.

The French are snickering. They , of course, have the perfect form of capitalism, and those unrefined Americans are learning their provincial lessons.

Ironically, the French coined the words that define American capitalism. Laissez Faire means “let it be,” but it really means “let the strong survive.” Let’s face it; there were a lot of foolish bets made and some big losses to square up to. That is the nature of capitalism.

I know your pain, Mr. Greenspan. I keep a copy of Atlas Shrugged under my pillow too.

Maybe we were too gullible to believe that that our system would reward those who produced real returns.

I am a part of Wall Street, and my father was too. He taught me that, if I put my customer first, I would never go without. I have done that.

Through lean years and times of plenty, serving my clients’ best interests, I have paid my share of taxes and stuffed the remainder into savings and investment. Now, it seems that my government, and my taxes, will reward those who did not do what I struggled to do.

Let’s just “let it be,” see who survives and rebuild a stronger America. That is not the wisdom of the day.

The government has opened a huge candy jar, and half of corporate America is in line for a handout.

Maybe I should dress my business up for Halloween, trick or treat as a bank and see what goodies fall into my bag. If pride restrains me, where in the world should I go?

— Kathy Gallagher, Bainbridge Island

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