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Politics : View from the Center and Left
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To: Dale Baker who wrote (113514)6/16/2009 11:58:41 AM
From: Steve Lokness  Read Replies (1) of 541806
 
Once the economy and financial system recover, the Austrian cult will find a new "bubble" of some sort to chirp about for years,

And so you think the housing bubble was a good thing because?

Krugman seems to think that human emotion is all that has to be fixed (spend more kids) and that by just pushing more debt onto future Americans will fix that emotion. Well it sure didn't help much in Fall of 2002 did it? If you want to bad mouth Austrian School Economist - why not explain why they are wrong and most of all explain how we unload from future Americans the responsiblity of the debt for our bloated spending and lifestyle?

Mish was calling for reduced deficit spending at the same time Krugman was calling for a blooming housing bubble. Obviously with the advantage of hind site - Mish was right and Krugman/Greenspan were wrong.

Instead of emotion being the problem, Austrians just believe that economics has cycles and that by allowing natural cycles we weed out of the economy inefficiencies. But to push out unlimited amounts of money - and the debt needed to fund this money - we don't discourage inefficiencies, we fund them.

There is nothing "entertaining" about this - it is just a different economic thought. Shouldn't we all be more tolerant of differences of thinking? Obama is.

steve
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