Jim Grant on Alan Greenspan, father of the financial disaster

HT: BusinessInsider via Barry Ritholz, who points out the highlights:

* 0:15 Greenspan needs to be liked, “He’s just a guy in a business suit”
* 1:03 Greenspan might say he is against central planning, but he actually loves it via setting interest rates
* 3:00 Greenspan seen as a savior via his rate, encouraged risk
* 3:50 Greenspan came in as Ayn Rand’s acolyte, left as a panderer to power
* 6:25 The way Greenspan thinks is as a theoretical economist, and he disdains those financial thinkers who believe they were right