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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Oblomov who wrote (76798)	3/24/2008 9:01:10 PM
From: Elroy Jetson	Read Replies (2) of 116555

For a guy who likes Milton Friedman I can't imagine what you're complaining about. Friedman claimed that the Great Depression was caused by the Federal Reserve not increasing the "money supply" rapidly enough. So Ben Bernanke is merely following Friedman and Schwartz's "Conservative" "Nobel Prize" winning advice to the letter by wildly expanding the money supply to offset a decline in monetary velocity caused by well-founded fear of losses . . . . and yet you're complaining. I'm confused. I have long known Milton Friedman to be a dangerous quack on par with loony-toons like David Stockman who provided the false basis for Ronald Reagan's thoroughly disproved ideas that "lowering taxes increase growth and government revenues" and "debt doesn't matter". Perhaps you too are ready to accept this obvious reality. The concept which is common to all of these "Conservative" ideas is magical-thinking, aka getting something for nothing. A concept which would have left Republicans like Dwight Eisenhower gasping in disbelief. en.wikipedia.org A practical example better known to many Republican business owners and voters is "I like welfare, I deserve more, and I want it right now -- and it's not welfare when I receive it." Until Republicans get back to reality and clean house to eliminate the magical-thinking ding-a-lings in their midst I don't favor their chances of winning many elections or running businesses which don't rely upon government patronage and or fraud for success. .

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