Let’s revisit Boudreaux’s clownish letter to the FT from 2 days ago

June 11, 2012 § 2 Comments

“So while Mr Brittan is correct that investors are pessimistic, this pessimism is not plausibly caused by American households’ refusal to spend.  Instead, this pessimism is far more likely caused by factors to which Keynesians are blind, namely, government-created impediments and uncertainties that distort the all-important microeconomic details – what the economist Arnold Kling calls “patterns of sustainable specialization and trade” – on which thriving markets depend.”

http://cafehayek.com/2012/06/brittan-on-krugman-on-keynesianism.html

JUST TODAY:

The Fed announced today that the average net worth of an American family dropped from more than $126,000 in 2007 to $77,300 in 2010, meaning that nearly two decades worth of wealth accumulation have been completely vaporized...

http://gawker.com/5917526/decades-of-economic-progress-are-lost-but-look-at-the-bright-side

Christ.  This clown is what passes for an economist at GMU.

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§ 2 Responses to Let’s revisit Boudreaux’s clownish letter to the FT from 2 days ago

  • The “let them eat cake” types in DC, New York, Hollywood and other places are doing just fine. But for most in America, these are depressing times…. two dreadful Presidents in a row, a bunch of idiotic legislation coming out of Congress with numerous unintended consequences, a slew of onerous regulations by overzealous idealogues, staggering amounts of government debt and declining networths for most households……… yes, there’s a lot of reasons to be optimistic. There’s no place to go but up from here.

  • You um, don’t actually read the posts do you?

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