Wednesday, September 14, 2011

The bankruptcy of economics

I read a comment on the Atlantic today which I consider priceless and speaks for itself:

If you want evidence of the intellectual bankruptcy present in much economic "thinking" look to the excerpt of Professor McElvaine, which echoes comments made by Swedish medal models Krugman and Stiglitz, in which the bursting of a credit bubble, which was the end result of a deliberate decades long effort by Congress, to expand speculation in credit via a very wide variety of direct and indirect subsidies, is described as the result of "anti-regulatory" behavior. Folks, when a fat man who has been gorging for 30 years splits his pants, after he reaches 450 pounds, the fact that he didn't special order his pant seams to be stiched with filament designed to haul in a 25 foot marlin, doesn't make it accurate to say that poor wardrobe decisions are what bared his ass.

Why Obama Was Never Going to Be the Next FDR - Atlantic Mobile
Wed, 14 Sep 2011 21:36:21 UTC

All I can add is that the largest group of economists in the world, housed at the Federal Reserve, aided and abetted them every step of the way. There is just no substitute for common sense, including decades of regressions by over-educated academics bent on interventionism.

I apologize if the writer would prefer a more personal acknowledgement. I know of no way to do so.

No comments:

Post a Comment