Crash exposes bankruptcy of neoconservative vision

Re:Does Greenspan owe us all an apology?

Given the awful consequences of the neoliberal economics implemented over the last few decades, an apology would be far from sufficient. Besides, how could he apologize to the dead in countries devastated by the "market reforms" forced upon them by groups like the WTO and IMF?

Greenspan and his ilk lived in splendid isolation from the impact their policies had on the ground. Numbers showing an improving economy failed to reflect starvation, deprivation, environmental destruction and social and political upheaval.

Of course, they will claim that they are not directly responsible for how their theories are implemented. But they are responsible for their failure to modify their theories and their recommendations to governments based on the evidence piling up around the world that something was disastrously wrong.

The hubris of Greenspan and his colleagues over the last decades had them proclaiming economics to be a new science not rooted in the others. Instead, it has now been proved they were the ones divorced from reality.

Gary Dale