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I find myself so fuming that I find it hard to provide a level-headed opinion. But it seems to capture what must be said quite concisely, except that I have a problem with that sentence:

"it demonstrates its absolute failure as the only solution to avoid complete market panic and failure is public intervention, in the form of Fed guarantees over Bear Stearns liabilities."

Do you mean failure leads to public intervention? Should we insert a comma, or is it a typo?

Anyway, I find myself in an uneasy situation these days: I am a consultant, and the very person who bought my services for 4 months seems to like to talk quite a lot (not a problem), but also reckons that Greenspan "has always been brilliant", and that he's being extremely unfairly criticised now from things he can't help because he's no longer in charge...

I am unable to lie, but I find that I very quickly exhaust my limited repertoire of "really?", "interesting", or "mmm".

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Mon Mar 17th, 2008 at 07:08:50 AM EST
[ Parent ]
I mean that self-regulation is failing to solve the current crisis and thus that public intervention is needed after all.

Happy to get clearer, improved wording suggestions!

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Mon Mar 17th, 2008 at 08:12:08 AM EST
[ Parent ]
OK, I thought that's what you meant.

But there was the impression that public intervention=failure, which of course is the case in libertarianworld. Here in realworld, it may not be so. So, what about, "failure that leads to public intervention after all".

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Mon Mar 17th, 2008 at 08:17:22 AM EST
[ Parent ]
I wish you could add a P.S. that includes links to all your predictions that came true and say "you can't say something 'could not have been predicted' that WAS predicted."  

It's similar to the situation one finds oneself in when asking "since a person like ME could assess Bush's war claims and analyze his statements and positions and the other available evidence to conclude that he was A LIAR, why couldn't those people in the Congress figure that out, too?"  "Who could have known he would lie to us?" they ask, and millions of us answer "Us, you d***wads!"

So now they say "No-one could have predicted this," and we answer "Well, actually, just for starters, there's Jerome in Paris," so I hope those words turn into tomatoes and go flying back at you, Greenspan.

Karen in Austin

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher

by Wife of Bath (kareninaustin at g mail dot com) on Mon Mar 17th, 2008 at 11:25:41 AM EST
[ Parent ]
How about:

" . . . on the very day that self-regulation not only demonstrates its helplessness in the face of mounting market panic but also the need for public intervention, in the form of . . . "

I hope this doesn't come too late to be helpful.

by keikekaze on Mon Mar 17th, 2008 at 10:35:48 PM EST
[ Parent ]
The clearest and shortest formulation is probably;

" . . . on the very day that self-regulation demonstrates its helplessness in the face of mounting market panic, and therefore the need for public intervention, in the form of . . . "

by keikekaze on Mon Mar 17th, 2008 at 10:43:36 PM EST
[ Parent ]
Jerome a Paris:
on the very day that it demonstrates its absolute failure as the only solution to avoid complete market panic and failure is public intervention, in the form of Fed guarantees over Bear Stearns liabilities.
How about
on the very day that self-regulation demonstrates its absolute failure, and the only solution to avoid complete market panic and collapse is seen to be public intervention, in the form of Fed guarantees over Bear Stearns liabilities.


It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris
by Migeru (migeru at eurotrib dot com) on Mon Mar 17th, 2008 at 08:23:36 AM EST
[ Parent ]
public intervention, in the form

remove the comma:

public intervention in the form

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris

by Migeru (migeru at eurotrib dot com) on Mon Mar 17th, 2008 at 08:28:00 AM EST
[ Parent ]
Yes, very nice. Much better than mine.

I was mentally inserting the comma in the wrong place, right after market panic, which sort of changed the meaning.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Mon Mar 17th, 2008 at 08:29:57 AM EST
[ Parent ]

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