When discussing social programs people always bring up countries like Germany (Hitler), Russia, Cuba, etc. and then say, "See, socialism is bad." The problem is people who ran or are running those countries either came to power through revolution or stopped free elections once in power.
When we look at countries that are considered socialist today (a number of Western European countries) we see a much different picture.
It appears your definition of "pursuit of happiness" is the right to financially rip off people. I can understand that as that's exactly how things worked under Greenspan.
Check out "The warning" at
http://video.pbs.org/video/1302794657/ OR
YouTube- FRONTLINE * "The Warning" * PBS
The bottom line is Greenspan didn't want to prosecute fraud. His logic was when enough people got ripped off they would invest in something else. The invisible hand of the market or, more accurately known as, the invisible hand of rip-off artists.
Yes, I do believe people should have to go through some sort of qualifying procedure when opening a business. Do you have any idea how many small businesses fold in the first year or two? If such a business gives a guarantee, be it on a new roof or a new refrigerator, what happens when there is a problem? The scam is the businesses are usually LLC, or similar, meaning the only financial resources a scammed individual has access to is what the business has (tools, property, etc.) which, in many cases, is worthless. (A rented store front and a tool box.)
All the money the business has collected over the year(s) by installing faulty roofs and selling defective appliances is kept by the owner and used to pay his home mortgage, car payments, etc. There needs to be a law similar to drug laws where any assets purchased with that money is able to be seized.
It's time to change the "buyer beware" axiom to "seller beware". Some jurisdictions now require a seller sign a guarantee when selling a home or formally refuse. If they do sign a guarantee and structural defects are found the buyer can sue the seller.
Unfortunately, times have changed. Honor, dignity, the idea one's reputation depended on honest business dealings are rare today. Now it's open a business, rip off as many as possible, grab as much cash as possible, then declare the business bankrupt and move on to another.
Let's not forget when the idea of freedom was discussed over 200 years ago justice dealing with rip-off artists was quick and, sometimes, deadly. It's almost encouraged today and certainly wasn't discouraged under Greenspan.
That was a big factor in the financial crisis. Even Greenspan admitted to Congress he had been wrong for all those years concerning his financial beliefs.
Check out the free video and let me know if the right or freedom to rip others off is your idea of freedom.
EDIT: I noticed the video shown is not complete. Check out
http://video.pbs.org/video/1302794657/ from 16:00 minutes to 18:00 minutes. Those two minutes sum up the video.