Friday, July 1, 2011

Great Recession cooks Friedman and Keynes

By Howard Gold

Commentary: Two great theories, neither up to today’s task

NEW YORK (MarketWatch) — Some of the biggest names in economics gathered at the University of Chicago in November 2002 for a 90th birthday celebration of the brightest star of them all. Milton Friedman, a Nobel laureate and seminal thinker, was returning to the university where he had made his name.

One of the speakers was a Federal Reserve governor, Ben S. Bernanke. In a scholarly address, he endorsed Friedman’s view that the Fed was instrumental in causing the Great Depression with a tight monetary policy that turned a contraction into something much, much worse.

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  1. Ummmm...the National Debt is just over $14 trillion and GDP is just over $14 trillion...The U.S. is already at 100% Debt to GDP. The raising of the debt ceiling will just push the U.S. over it when you take the $1.5 trillion added to the decifit for the foreseeable future. According to your chart debt to GDP is around 70%. That's wrong.

  2. Is Seminal Thinker -------

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  3. This country went to shit when we started to respect "academics" and "thinkers" over those that produced results. We put people that had never succeeded in life at anything in charge of developing policies that everyone else had to adhere to.

    Socrates and Plato were brilliant men, and they brought a lot to the table. But they did not make laws or enforce rules. In fact, Socrates was killed because he was destroying order, and the rulers at the time knew a collapse was imminent with him doing so.

    If Socrates was not fit to rule, how can these academics be?

  4. "If Socrates was not fit to rule, how can these academics be? "

    Just because Socrates didn't rule doesn't mean he wasn't fit to. I'd say in the end, he reigns supreme.

    Socrates Rules!

  5. Had Socrates ruled, they may not have collapsed.

  6. Socrates was totally outnumbered, as well as his stalwarts. The sophists that moved in were quick to take advantage of the degenerate population of Athens. And people were angry at losing the war, so they were welcoming toward change. I'd say it's not far out to compare Socrates with any sober minded patriot of our time.

    They aren't going to be heard well, and if they appear to be it's only because they serve the elites with some ulterior agenda. I do not agree though that the academicians are intelligent.

    These people that go to universities are usually idiots. Decades ago college students would have fit the stereotype of being nerd smart, but not today. Most of them go there to find dope and party. 90% drop out, 10% graduate and have no jobs to look forward to. The Department of Education is largely responsible for all the dumbasses that have drowned out the academically fit kids.

    Anyone can get into a college now for two reasons. The first is that no matter how poorly someone tests they place them in a particular ranges of classes, the other reason is due to grants. That's why they push everyone through... to make debt peons out of them.

    And even if you meet a college graduate they aren't much different from the average jow blow who never reads books. To become educated you must read books and think, many in the academics only get through by studying the 300 dollar rental text books for each quiz. To be intelligent is different still. Just because someone is a professor of science does not show he made any contribution to science. If you get what I mean.


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