Alan Greenspan served as Chairman of the Federal Reserve of the United States from 1987 to 2006. During his tenure at the Fed, he presided over an orgy of bank takeovers. There were approximately 14,000 banks in the United States when he started, most of them community banks that served small, local companies. When he left his job there were 7000 banks left, and the big banks had taken the local savings and gambled them on derivatives and other irresponsible financial techniques. Greenspan, the chief author of the financial crash, has never adequately apologised for his policies. By now his libertarianism should have been utterly discredited. Regrettably, people never do learn, nor do the more ideological change their minds.
What has this to do with Epicureanism? Followers of Epicurus make mistakes like everyone else. But they not only try to learn from them and do better next time, but they have the self-confidence and self-knowledge to admit them, hopefully charmingly, and with a smile.
The good thing about the American financial system is that there are still a lot of local and independent banks. Here in the UK, the financial system is basically a cartel. National governments should keep their shares in bailed out banks, and use them to start a public bank that serves the national interest, such as giving loans for infrastructure upgrades and the building of social housing.
Good observation. Unfortunately, the consolidation of Ametican banks still goes on, and local small businesses can’t get loans. but I quote agree with you about keing a degree of public ownership of the banks. They are not to be trusted. They have demonstrated it repeatedly.. They are simply vehicles for the self- enrichment of managements.