The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Politics on Jan 31st, 2009
Here is a little thought for you to take with you over the weekend … doesn’t the entire stimulus discussion and discussion of future Fed action and Treasury action (such as an additional $4 trillion in capital for failing banks) sound a lot like the “debate” we had about whether or not we should go [...]
Posted in Paternalism on Jan 30th, 2009
What an an absolute psychopath. Like we didn’t see this coming.
Posted in Politics on Jan 30th, 2009
In case anyone is delusional enough to believe that the pork and beans that are part of the Obama emergency stimulus plan (honest Keynesians at least recognize that such stimulus should be targeted and temporary) are actually temporary, let me remind you of a recent “emergency” where actions were taken that were sold to the [...]
Posted in Corporatism, incentives on Jan 29th, 2009
The Obama Administration is proposing (and going to get) an $825 billion “stimulus package.” The worst kept secret in town by now is the orgy of rent seeking and hypocrisy this bill represents. Hundreds of millions for contraception? Hundreds of millions for trophies? $90 billion in spending on “infrastructure” (less than 15% of the total [...]
Posted in Macroeconomics on Jan 28th, 2009
If you have not had enough of talking about it, you can hear the show I did last night for the excellent Wisconsin Public Radio – At Issue with Ben Merens. The audio file should be here.
Posted in Welfare State on Jan 28th, 2009
Two people that I know very well are in the following situation (I am guessing on the details, but know I am close):
Person one was working at a big time Wall Street firm that got tangled up in the subprime mess. He was making over $300k per year. He was laid off last fall at [...]
Posted in Macroeconomics on Jan 27th, 2009
A central tenet of Keynesian economics is that when any one individual saves instead of consumes, that there is no net saving in an economy.
Posted in Classical Liberalism on Jan 25th, 2009
Now that the formal proceedings for Changefest 2009 have passed, I wonder exactly what people have in mind when they think about the change that is coming.
Posted in Corporatism on Jan 23rd, 2009
Would it be on any of this? Because the $825 billion we are about to borrow and spend amounts to $8,800 for every American family.
Posted in Money on Jan 22nd, 2009
During which post-Depression banking crisis were over 1,600 FDIC insured banks closed or given assistance?
During which post-Depression banking crisis were 30 FDIC insured banks closed?
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