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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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From: Eva	6/24/2011 10:02:34 AM
	2 Recommendations of 4904

updates -- trotsky, 10:01:09 06/24/11 Fri 1. Alan Blinder and Unemployment Former Fed vice chair Alan Blinder, a dyed-in-the-wool Keynesian and central planner, recently opined in an op-ed at the WSJ that deficit spending is essential for lowering unemployment. He bases this on 'empirical evidence', but given the results of the deficit spending spree thus far it seems that he is attempting to sell failure as success. Throughout his op-ed he is trying to blow off 'economic logic' as irrelevant, while offering neither convincing evidence nor a shred of logic of his own to defend his position. In essence, Blinder is presenting us with a variation of the 'broken window fallacy' to buttress his views. He talks only about what is seen, but not about what remains unseen. He thereby commits an unforgivable sin for an economist. He is waving about the enormous amounts that have been spent and keeps asking 'how can all this spending NOT have created any jobs?', as though the enormity of the numbers alone were to prove something. This is however patently untrue, as the govenment must take every penny it spends from the private sector. We look at every assertion Blinder makes in detail and offer a counterpoint. acting-man.com

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