Greenspan had an unusual take on market fraud, Born recounted: "He explained there wasn't a need for a law against fraud because if a floor broker was committing fraud, the customer would figure it out and stop doing business with him."
Wow. I am just flabbergasted, bumbleboozled, speechless beyond the reach of the confines of the English language. I have one comment: Is Alan Greenspan seriously this stupid? I know he's an unrepentant Ayn Rand acolyte, but ... but ... oh my God.
This reminds me of that line about chimpanzees: sure they may look like cute pets; just remember you're getting an ape who can bend steel but who has the intelligence of a five-year-old. Or in Greenspan's case: sure he may look like a cute Federal Reserve chairman (in the right light); just remember you're getting an ape who can cause markets to tumble with the snap of his fingers but who has the wisdom of a four-year-old.