Wednesday, November 05, 2008

The battle of the evils

There is no truly altruistic action. Every person is selfish in everything he does.
- Ayn Rand (IDK when)

There is no better regulation that the individual's prudence in risk taking.
- Greenspan in 2004

Greenspan was correct in short time frames. Ayn Rand was correct in longer timeframes. What was underestimated was the powers of capitalism, or in other words, the society's capacity for collective greed. This economic turmoil has hence been caused due to collective greed overtaking an individual's circumspection in taking risk.

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