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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: koan who wrote (263881)7/25/2010 3:45:21 PM
From: pstuartbRead Replies (1) of 306849
 
I read the top economists.

The "top" economists do not all agree, obviously.

You seem to believe the Keyensians.

The Keyensians always get the top seats in the Treasury and the Fed because they promise they can correct problems. Politicians get elected because they convince people they can fix what's wrong, and the economists who say they can fix things get the top appointments.

The government and the media keep pushing Keyensian dogma because it makes the government look like it's in control.

The Austrians almost never get the top government jobs because they think government tinkering distorts markets, which invariably self-correct at some point. The more government tinkering, the harder the inevitable correction.

What President would ever appoint an Austrian economist, who says, "we've been screwing up by compounding public and private debt for the last few decades, and the only real cure is to buckle up and try to survive the ride down while we clear excess debt out of the system through default and bankruptcy?"

Lots of people in the Austrian school saw the 2008 debt implosion coming, but you can't say that about the "top" Keynesians, like Greenspan, or Bernanke or our Treasury heads.
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