Carrol
On 9/22/2011 3:19 PM, Sean Andrews wrote:
> It's not a perfect universe, nor is this a recipe for revolution. But
> in terms of a continuum, you've gotta admit there could be *better*
> policies.
>
> s
>
> On Thu, Sep 22, 2011 at 15:00, Carrol Cox<cbcox at ilstu.edu> wrote:
>> In other words, it's all because policy makers made mistakes; they adopted
>> the wrong policies. That implies there were _good_ policies, policies that
>> would have worked, to follow. And there is no explanation of why those bad
>> policy decisions were made.
>>
>> All would be well if only policy makers were more intelligent.
>>
>> That is all very interesting I guess, but it down't have much to say to
>> leftists.
>>
>> Carrol
>>
>> On 9/22/2011 2:31 PM, Sean Andrews wrote:
>>>
>>>
>>> http://krugman.blogs.nytimes.com/2011/09/22/what-profit-hath-a-man-of-all-his-labor/?smid=tw-NytimesKrugman&seid=auto
>>>
>>> What Profit Hath A Man Of All His Labor?
>>>
>>> I’m in a weird mood as the markets tumble. It will pass, but right now
>>> I feel like the preacher in Ecclesiastes, wondering about the point of
>>> it all.
>>>
>>> Here’s the point: back around 1998 I was among those who looked at the
>>> crisis in Asia and realized what it implied — namely, that the
>>> problems that caused the Great Depression had not been solved, and
>>> that it could happen again. The speculative attacks on smaller
>>> nations, the liquidity trap in Japan, were omens for all of us. In
>>> 1999 I wrote a book, The Return of Depression Economics, saying all
>>> that.
>>>
>>> When the 2008 crisis struck, it was immediately clear that this was
>>> what we had been afraid of. And it was desperately important that
>>> policy makers realize that we were in a world where the usual rules no
>>> longer applied.
>>>
>>> But they didn’t. The banks were rescued — but as soon as that
>>> happened, the moralizers and deficit worriers, the people who see
>>> hyperinflation lurking under every bed, took over. Warnings that we
>>> were repeating not just the mistakes of Japan but the mistakes of
>>> Hoover and Bruening were waved away as the squeaking of people of no
>>> consequence, never mind the fact that some of us had pretty fancy
>>> credentials.
>>>
>>> And now we are exactly where I feared we’d be, repeating all the old
>>> mistakes and experiencing all the old consequences.
>>>
>>> As I said, I’ll get over it. But grant me a moment to look on the past
>>> three years, and despair.
>>>
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>>
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>
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