Apparently, those brilliant Fed economists in San Francisco no less have finally figured out ONE MAN cannot turn around the economy all on his little lonesome.
Apparently, the economy is a bit more dynamic than that. Because I always though the recession was "Bush's Fault." And the recovery would be SOLELY due to Barry Obama.
I mean, because it's foolish, outlandish even to suggest it would be the remaining 299,999,998 people in the country that would actually have something to do with an economic recovery. Nope, it has to be a handful of reaaaaaaaaally powerful people that can turn this country around. Especially a few people in an institution like the Fed. Because we know monetary policy is 100% responsible for the economic production of all nations.
Am I the only one that isn't a f#cking moron in the economics profession? For the Patron Saint's Name of Frick.
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Hah. Hilarious. They don't even understand the stupid economists, much less the really smart ones. Krugman's latest argument is that per Keynsian theory, the cutbacks in state and local government are disastrous, and that Keynes would say that now is the time for state and local governments (with rapidly degrading credit ratings) to go deep into debt in order to obtain a multiplier effect on jobs & the economy generally. All the good little liberal parrots are squawking this today... without ever really considering that Keynes himself thought that pump priming was supposed to be sort of a one shot deal, not a constant way of life putting governments way, way underwater. They don't really consider either that the velocity of money going through government hands is much, much lower than the velocity of money in private hands. Doesn't occur to them that the private sector can do *anything* better than the government, much less most things.
I would call these folks morons but they are more pernicious and more stubbornly entrenched in their wrong beliefs than mere morons. Thus they defy description.
"Am I the only one that isn't a f#cking moron in the economics profession? For the Patron Saint's Name of Frick. "
You probably are
The most broadly accepted economic theory among politicians tells us to trade our shovels for spoons, ditch our machinery and computers, and break as many windows as we can. This will bring about full employment and massive prosperity.
Hey, this is government we're talking about. What could possibly go wrong?
One man cannot build a moon rocket, but an evil, stupid, or careless man can easily sabotage a rocket that others have worked hard to build.
With Bernanke threatening to destroy the dollar, Obama suing companies for trying to create jobs in states that didn't vote for him, and Congress passing laws to find out what's in them, the power of a few people to prevent recovery is beyond dispute.
One man might have a chance of saving the US economy, if he happened to be US President. Bambi, of course, has done the exact opposite; or rather, the precise things which an anti-American Third-world leftist would do to wreck the US.
Some improvement would be easy. Americans are the most creative and energetic business people in the world, if left alone. The US came to dominate the auto industry, the aircraft industry, steel etc. in the face of intense competition e.g. from Germany, and without the benefits of postwar capital and human capital flight from Europe and Asia. Bambi could have done better if he had done nothing. But he is anti-American.
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