Quote of the Week

‘It is here that one can most ferociously blame Fed Chairmen Alan Greenspan and Ben Bernanke, and their decade and more of irresponsibly cheap money. By distorting price signals throughout the economy, and producing burst bubble after burst bubble without any significant improvement in living standards except at the very top, they have not only gravely damaged the economy, but enabled the Left to claim that free markets “don’t work” so we must bring in government and the unfortunate taxpayer to solve our economic problems. Of course, this crisis is not a failure of free markets and not even a failure of capitalism- unless you accuse modern managerialist crony capitalism, in which case you would be right’

Alchemists of Loss: How modern finance and government intervention crashed the financial system by Kevin Dowd and Martin Hutchinson, pages 154-5.