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Best Web OpEds 12/10/2008 at 8:39 AM EST

Joseph E. Stiglitz: Capitalist Fools

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In 1987 Reagan removed Paul Volcker as chairman of the Federal Reserve Board and put Alan Greenspan in his place. Volcker had done what central bankers are supposed to do. He brought inflation down from more than 11% to under 4%. That should have earned him a grade of A+++ and assured his reappointment. But Volcker understood financial markets need to be regulated. Reagan wanted someone who did not believe any such thing.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

Related Topic(s): Alan Greenspan; Federal Regulatory Agency; Financial Market Innovation; Joseph Stiglitz; Markets; Paul Volcker, Add Tags

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