Word: greenspan
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Dates: during 2000-2009
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Finally, conglomerate banks are often large enough to stifle competition. Last month, Alan Greenspan argued that institutions deemed “too big to fail” operate under an implicit subsidy from the government, since they would likely be rescued in a future financial emergency. This allows these banks to borrow more cheaply than their competitors and gain even greater market share. Today, four conglomerate banks (JPMorgan, Citigroup, Wells Fargo, and Bank of America) hold 39 percent of all domestic deposits. Placing this many eggs in four baskets will harm the entire economy should one mega-bank falter...
...your faith in the Fed or Uncle Sam. During the 1982-2000 stock-market boom and the long economic expansion, people foolishly began to think that government officials like former Fed Chairman Alan Greenspan (formerly the "Maestro" and the man who helped save the world, now Alan Who?) - were looking after their interests. They weren't. Greenspan's job was to protect the world financial system and the economy, not you. Ben Bernanke's job is the same as Greenspan...
Rand's success brought her thousands of fan letters. One of them, from Nathan Blumenthal, a 19-year-old freshman at UCLA, changed the 45-year-old novelist's life. The student became a member of the close-knit circle of her followers nicknamed the Collective, which included Greenspan. But before long, Blumenthal, by then named Nathaniel Branden, was her declared "intellectual heir." Writes Heller: "A month before her 50th birthday, she and Nathaniel received their partners' permission to meet for sex twice a week ... The affair provided excitement and deep fulfillment at a crucial, and essentially pleasureless, moment...
...legacy. Her fierce denunciations of government regulation have sent sales of her two best-known novels, The Fountainhead and Atlas Shrugged, soaring. Yet her me-first brand of capitalism has been excoriated for fomenting the recent financial crisis. And her most famous former acolyte--onetime Fed chairman Alan Greenspan--has been blamed for inflating the housing bubble by refusing to intervene in the market...
...Greenspan, the decision to use only real names–no pseudonyms or composites– was difficult. “There were a lot of my friends who I wanted to include in the book who actually just aren’t in the book at all, because I wanted to write about them and they didn’t want to be tied up in the craziness that is my life,” he says...