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