Sunday, February 23, 2014

More Evidence on Awl Article


Two months ago I examined an hysterical essay by ULA foe Maria Bustillos, about the 2008 financial crisis, which was receiving much promotion from The Awl, as if the essay were the best thing they ever published. (Maybe it was.) In a post, I showed the shakiness of the Bustillos argument. See:

Now, we have more evidence, in the form of the actual Federal Reserve transcripts from that critical year. Read about them in this Wall Street Journal piece by John Hilsenrath. 

The discussion makes clear that how the crisis developed depended upon the behavior of those in charge of the Fed at that time—their ability to spot the crisis and prevent it, then react to it. To blame the crisis on past Fed chairman Alan Greenspan—and then by extension on Ayn Rand!—is ludicrous. Only a literary propagandist would—not a serious journalist.

I urge Ms. Bustillos or the editors of The Awl to respond.

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