What to Read During a Deep Recession

As the economic crisis grows, an article in the New York Times discusses the role of trading in derivatives, those complex financial contracts whose values derive from other transactions, in the current mess. The article blames Alan Greenspan, the former Federal Reserve chairman, and his resistance to government regulation of derivative contracts for much of the economic crisis.

While Greenspan was a cheerleader for derivatives, Warren Buffett predicted five years ago that derivatives, which he called "financial weapons of mass destruction," carry dangers that are "potentially lethal."

It is no secret that Greenspan was a friend of Ayn Rand and that he remains an admirer of her "objectivist philosophy." Buffett, by contrast, reads the works of the philosopher Bertrand Russell for fun. Since books no doubt affect one's judgment, I think I'll take Atlas Shrugged off my reading list and spend some time with Russell's Human Knowledge or maybe Introduction to Mathematical Philosophy instead.

ADDENDUM: I should also note that George Soros, another of the foes of derivatives, studied under the philosopher of science Karl Popper at the London School of Economics. I'm noticing a pattern here.