Wednesday, September 9, 2009

re BBC interview with Alan Greenspan, re human nature

0920 EDT 090909:

Would that Mr. Greenspan had paid attention to Adam Smith's observation that the greatest threat to a free market was incorporation - giving otherwise unconnected investors to license by limiting liability for corporate sins to strive to oligopolize markets. For profit limitation of liability unleashes excesses of power Mr. Greenspan now discovers the principle of human nature that absolute power corrupts absolutely. Hal Pepinsky, Worthington, Ohio USA

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