Hedge fund fallout & Other Merry Weather

[Brad De Long]

>A short while ago I was watching some of Al Greenspan's testimony
>before the House Banking Committee concerning hedge funds.
>Greenspan was arguing that hedge funds should be regulated by
>the free market rather than by the government but as Barney Frank
>pointed out this argument was inconsistent with his defense of
>the government's facilitation of the bailout of LCTM.  Apparently,
>for this one-time disciple of Ayn Rand government intervention
>is fine when it benefits wealthy investors.
>
>			Jim Farmelant

Ummm...

The New York Federal Reserve loaned the LCTM creditors the use of a
conference room, told them they had a problem, and suggested strongly that
they solve it. This is the lightest of possible government interventions...

Brad DeLong