What an honor to have been there! Mr. Greenspan transformed my opinions of several parts of US history, which will influence my work as a history teacher.

I have to digress Greenspan is NOT an economist, he’s just an another ex-Fed chairman but man does this man live so long.

2:55

He hurt a lot of people's economic future. Best to bury the past and move forward.

The questioner’s response was far more astute than Greenspan’s answer to the question of financial inequality. Greenspan unfortunately seems to believe human intelligence as a static characteristic.

Alan Greenspan, George W. Bush and then the Nobel Peace prize winner Henry Kissinger! That would be a great new series of guests for P&P.

Economic Theory: The capitalist mode of production begins with a proletarian working class of propertyless wage workers which is itself a relic of the proletariat of feudal times. In the course of its historical development, the bourgeoisie necessarily develops its antagonistic character, which at first is more or less disguised, existing only in a latent state. As the bourgeoisie develops, there develops in its bosom a new proletariat, a modern proletariat; there develops a struggle between the proletarian class and the bourgeoisie class, a struggle which, before being felt, perceived, appreciated, understood, avowed, and proclaimed aloud by both sides, expresses itself, to start with, merely in partial and momentary conflicts, in subversive acts. On the other hand, if all the members of the modern bourgeoisie have the same interests inasmuch as they form a class as against another class, they have opposite, antagonistic interests inasmuch as they stand face-to-face with one another. This opposition of interests results from the economic conditions of their bourgeois life. From day to day it thus becomes clearer that the production relations in which the bourgeoisie moves have not a simple, uniform character, but a dual character; that in the selfsame relations in which wealth is produced, poverty is also produced; that in the selfsame relations in which there is a development of the productive forces, there is also a force producing repression; that these relations produce bourgeois wealth - i.e., the wealth of the bourgeois class - only by continually annihilating the wealth of the individual members of this class and by producing an ever-growing proletariat. The more the antagonistic character comes to light, the more the economists, the scientific representatives of bourgeois production, find themselves in conflict with their own theory; and different schools arise. We have the fatalist economists, who in their theory are as indifferent to what they call the drawbacks of bourgeois production as the bourgeois themselves are in practice to the sufferings of the proletarians who help them to acquire wealth. In this fatalist school, there are Classics and Romantics. The Classics, like Adam Smith and Ricardo, represent a bourgeoisie which, while still struggling with the relics of feudal society, works only to purge economic relations of feudal taints, to increase the productive forces and to give a new upsurge to industry and commerce. The proletariat that takes part in this struggle and is absorbed in this feverish labour experiences only passing, accidental sufferings, and itself regards them as such. Economists like Adam Smith and Ricardo, who are the historians of this epoch, have no other mission than that of showing how wealth is acquired in bourgeois production relations, of formulating these relations into categories, into laws, and of showing how superior these laws, these categories, are for the production of wealth to the laws and categories of feudal society. Poverty is in their eyes merely the pang which accompanies every childbirth, in nature as in industry. The romantics belong to our own age, in which the bourgeoisie is in direct opposition to the proletariat; in which poverty is engendered in as great abundance as wealth. The economists now pose as blasé fatalists, who, from their elevated position, cast a proudly disdainful glance at the human machines who manufacture wealth. They copy all the developments given by their predecessors, and the indifference which in the latter was merely naïveté becomes in them coquetry. Next comes the humanitarian school, which sympathizes with the bad side of present-day production relations. It seeks, by way of easing its conscience, to palliate even if slightly the real contrasts; it sincerely deplores the distress of the proletariat, the unbridled competition of the bourgeois among themselves; it counsels the workers to be sober, to work hard and to have few children; it advises the bourgeois to put a reasoned ardor into production. The whole theory of this school rests on interminable distinctions between theory and practice, between principles and results, between ideas and application, between form and content, between essence and reality, between right and fact, between the good side and the bad side. The philanthropic school is the humanitarian school carried to perfection. It denies the necessity of antagonism; it wants to turn all men into bourgeois; it wants to realize theory in so far as it is distinguished from practice and contains no antagonism. It goes without saying that, in theory, it is easy to make an abstraction of the contradictions that are met with at every moment in actual reality. This theory would therefore become idealized reality. The philanthropists, then, want to retain the categories which express bourgeois relations, without the antagonism which constitutes them and is inseparable from them. They think they are seriously fighting bourgeois practice, and they are more bourgeois than the others. Just as the economists are the scientific representatives of the bourgeois class, so the Socialists and Communists are the theoreticians of the proletarian class. So long as the proletariat is not yet sufficiently developed to constitute itself as a class, and consequently so long as the struggle itself of the proletariat with the bourgeoisie has not yet assumed a political character, and the productive forces are not yet sufficiently developed in the bosom of the bourgeoisie itself to enable us to catch a glimpse of the material conditions necessary for the emancipation of the proletariat and for the formation of a new society, these theoreticians are merely utopians who, to meet the wants of the oppressed classes, improvise systems and go in search of a regenerating science. But in the measure that history moves forward, and with it the struggle of the proletariat assumes clearer outlines, they no longer need to seek science in their minds; they have only to take note of what is happening before their eyes and to become its mouthpiece. So long as they look for science and merely make systems, so long as they are at the beginning of the struggle, they see in poverty nothing but poverty, without seeing in it the revolutionary, subversive side, which will overthrow the old society. From this moment, science, which is a product of the historical movement, has associated itself consciously with it, has ceased to be doctrinaire and has become revolutionary. www.marxists.org/archive/marx/works/1847/poverty-philosophy/ch02.htm

Nice mental masturbation. Unfortunately useless and meaningless. They are consciously avoiding the elephant in the room: military oppression.