Deumlaokeng

Death by a Thousand Rate Cuts

Greenspan did not only concede that his models did not work, he was forced to confess that his most fundamental beliefs in the nature of mankind have been disproved, or in his own words "“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief". For an avowed Libertarian and devotee of Ayn Rand as is Greenspan, this confession is akin to the Pope coming out and announcing that there is no Jesus. Yet policy makers in DC are continuing to listen to this man who has clearly lost his way and who no longer has faith, and so as you say, they just keep doing whatever they did before as that is what animists do. Think of Randy Quaid's character in The Last Detail repeating endlessly "Namu Myōhō Renge Kyō".