Republicans to Attribute TARP to Bush

[curtis290]

Curtis baby, quit while you're behind. It's getting embarrassing.

You've now demonstrated that you don't know how banks, the Fed or present value works.

Too bad most people agree with me these days. Die-hard monetarists such as yourself will be viewed as dinosaurs within a few years just as Keynesians were considered out of date in this era.

[KrazyHorse]

Thank God we have curtis here to navigate a new course between the twin crevasses of Keynsianism and monetarism!



What decade are you living in, the 30s?

[curtis290]

Thank God we have curtis here to navigate a new course between the twin crevasses of Keynsianism and monetarism!



What decade are you living in, the 30s?

Let's see: 1 in 7 Americans living in poverty, the highest unemployment rates in decades, a financial sector with inflated asset prices being propped up by the government...it sure seems like the 30's.

But let me guess, you agree with Greenspan: we're in a "new economy" where new financial technologies have made risk obsolete no matter the leveraging.

The same s**t applies in any era more or less. With a system of floating exchange rates and fiat currency (and of course neoliberal policies around the globe, all contributing to the global credit glut), the state is not as efficient at generating short term profits as the private sector in such a highly financialized, credit-based economy. That combined with the rise of the financial sector has made monetarism extremely popular within the discipline of economics. Remember, these guys (along with the libertarians) were considered radicals in the 1960s. We listened to them, it got us a lot of growth in the short term, but none of it was sustainable. And now there's about to be a huge backlash against them, in academia and in the public and private sectors.

Heck, at my college of all places, the Econ department hired speakers who came in and condemned the discipline of economics for its imprudent and unscholarly worship of libertarians and monetarists...James Galbraith (the Galbraith's son), among others, came in. And all of the econ and poli ec profs were talking about how the discipline of economics had forgotten the lessons of Keynes and Minsky and that they needed to make sure their students read those guys along with their textbooks (*gasp* reading and thinking about general concepts alongside the math). As crazy as it is, I'm actually on the cutting edge on you're out of date. But I'm tired of spending all this time writing all this s**t, if you want to read about my economic views, look at sections II and IV of the essay in my blog.