Greenspam was associated with Rand at least through 1977 when he was chairman of Ford's Council of Economic Advisors, a position that Rand explicitly approved. She died in 1982 and Greenspam was appointed to the Fed in 1987 so she never had a chance to comment on that position.
However, based on Rand's writings on ethics and capitalism it would be immoral to accept the Fed chairmanship unless you had an explicit charter to shut it down which was obviously not the case for Greenspam. Rand would have denounced Greenspam in no uncertain terms but she was dead.
Accepting the Fed position was an explicit repudiation of Rand's philosophy and views on capitalism regardless of Greenspam's prior association with Rand. It was also an implicit repudiation of the articles (especially the article on gold) that he wrote in Rand's anthology "Capitalism: The Unknown Ideal" in which Greenspam authored three articles; "Antitrust", "Gold and Economic Freedom", and "The Assault on Integrity". He is no more a "randian" than my mom, though he is dotty and old.
Greenspam would have been wise to read and heed an article written also in Rand's book on capitalism; "The Anatomy of Compromise" in which she explains the principle of Sanction. Rand wrote;
> In any collaboration between two men (or two groups) who hold different basic principles, it is the more evil or irrational one who wins.
Greenspan chose to collaborate with dishonest bankers, currency cranks (in the Fed) and bureaucrats (in the bank regulators) who wanted make it possible to "somehow" inflate the currency, give loans to the unqualified and to back quasi-private debt (Fannie Mae and Freddie Mac) with govt guarantees all without consequences. He thus set the stage for the 2008 mortgage banking crisis.
However, based on Rand's writings on ethics and capitalism it would be immoral to accept the Fed chairmanship unless you had an explicit charter to shut it down which was obviously not the case for Greenspam. Rand would have denounced Greenspam in no uncertain terms but she was dead.
Accepting the Fed position was an explicit repudiation of Rand's philosophy and views on capitalism regardless of Greenspam's prior association with Rand. It was also an implicit repudiation of the articles (especially the article on gold) that he wrote in Rand's anthology "Capitalism: The Unknown Ideal" in which Greenspam authored three articles; "Antitrust", "Gold and Economic Freedom", and "The Assault on Integrity". He is no more a "randian" than my mom, though he is dotty and old.
Greenspam would have been wise to read and heed an article written also in Rand's book on capitalism; "The Anatomy of Compromise" in which she explains the principle of Sanction. Rand wrote;
> In any collaboration between two men (or two groups) who hold different basic principles, it is the more evil or irrational one who wins.
Greenspan chose to collaborate with dishonest bankers, currency cranks (in the Fed) and bureaucrats (in the bank regulators) who wanted make it possible to "somehow" inflate the currency, give loans to the unqualified and to back quasi-private debt (Fannie Mae and Freddie Mac) with govt guarantees all without consequences. He thus set the stage for the 2008 mortgage banking crisis.