Turn To Page 1 In Your Hymnbook

Gene Lyons, whose column appeared in today’s Joplin Globe, as usual, gets it right:  

Increasingly, one of our two great political parties appears to be governed by what Charles P. Pierce calls the “Three Great Premises” of talk radio: “First Great Premise: Any theory is valid if it moves units … Second Great Premise: Anything can be true if someone says it loudly enough … Third Great Premise: Fact is that which enough people believe. Truth is measured by how fervently they believe it.”

No doubt, if we could measure the fervency of Republican presidential candidate Ron Paul’s beliefs, we would have one whopper of a Truth.  A couple of days ago, I heard Paul say the following on Dylan Ratigan’s show:

I think the debate is going my way…When the financial bubble burst—and the housing bubble burst—all of a sudden Austrian, free-market economics gained a lot of credibility…

Yep. In the mind of Ron Paul, all we need to solve our troubles is more of the same stuff that caused our troubles: free-market economics.  And, of course, he is not the only one singing from the Gospel According to Ayn Rand hymnal.  Nearly every Republican leader, and potential presidential candidate, is singing from that hymnbook, which really only has one song: An Anthem to Greed.

Fortunately, though, in a moment of repentance, the contemporary high priest of Randian economics, Alan Greenspan, put down his free-market hymnal in October of 2008.  Contrary to Ron Paul and the Republican Party, he said the following to the House Oversight and Government Reform Committee:

REP. HENRY WAXMAN: The question I have for you is, you had an ideology, you had a belief that free, competitive — and this is your statement — “I do have an ideology. My judgment is that free, competitive markets are by far the unrivaled way to organize economies. We’ve tried regulation. None meaningfully worked.” That was your quote.

You had the authority to prevent irresponsible lending practices that led to the subprime mortgage crisis. You were advised to do so by many others. And now our whole economy is paying its price.

Do you feel that your ideology pushed you to make decisions that you wish you had not made?

ALAN GREENSPAN: Well, remember that what an ideology is, is a conceptual framework with the way people deal with reality. Everyone has one. You have to — to exist, you need an ideology. The question is whether it is accurate or not.

And what I’m saying to you is, yes, I found a flaw. I don’t know how significant or permanent it is, but I’ve been very distressed by that fact.

REP. HENRY WAXMAN: You found a flaw in the reality…

ALAN GREENSPAN: Flaw in the model that I perceived is the critical functioning structure that defines how the world works, so to speak.

REP. HENRY WAXMAN: In other words, you found that your view of the world, your ideology, was not right, it was not working?

ALAN GREENSPAN: That is — precisely. No, that’s precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.

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