I was very favorably impressed by what Greenspan within his book, "Age of Turbulence". "Very favorably impressed" is of course code for "the author agrees with my contentions".
[I'm no better than most others. We generally determine our political positions and then seek support and/or proof that support our positions. Also we generally lie to ourselves and claim that we are making our own OBJECTIVE determination. We ain't all saints and we ain't all that objective].
Allen Greenspan was first appointed as chairman of the Federal Reserve board under a conservative administration, and he was reappointed to the chairmanship under both Republican and Democratic presidents. He was and generally remains perceived to be a conservative.
When serving as the board's chairman he wrote, he prior had confidence that the CEOs and CFOs of our nation's greatest financial institutions were extremely knowledgeable, and the best interests of their institutions were their primary concerns. Furthermore, these esteemed executives were not unpatriotic and fully appreciated that as their own best interests and those of their organizations were strongly linked to their nation's economy's best interests.
He testified to congress of perceiving no justification or need for government regulators to diligently regulate the financial industries.
However, after the great recession from which our nation and the remainder of the world's economies have not yet recovered from, Greenspan's opinion has transformed to become aligned with the economic and administrative concepts of those that I concur with.
Greenspan is now of the opinion that we are more likely to believe the concepts that our in our own best interests converge with, (if not completely share) what's in the best interests of our enterprises and our nation. He now believes that ain't necessarily so. He now believes that there is a necessary role for government's enforced regulations and the lack of such checks upon commercial activity is detrimental to our nation's economy.
I suppose some members might describe as an economic law that entrepreneurs are the best judges of their industries' best interests and are by far are superior to governments' ineffective interventions.
I and Allen Greenspan and many others believe that concept, (rather than an economic law, is a wrong concept; we believe the concepts of transparency, reasonable and diligently enforced government regulations to protect our society's interests are superior to pure Laissez faire.
Respectfully, Supposn