And fail it does, over and over. But it’s a religion. To lose faith in Keynes is to admit everything many economists have stood for their entire careers is wrong.
This should be interesting to watch.
And he’s got a hit list too. No kidding, he posted a list of econometricians he is going to put under a spotlight and take down.
The great hope for business leaders and those of the political sort was that China would pull the world out of the greatest economic downturn in 3 generations. This has failed to happen and is failing more with each passing day. China isn’t going to save the day. China has been built on a good amount of economic magic and it needs a correction desperately. It likely has one on its hands though this still is not the official consensus.
34% of the American people are right.
The California high-speed rail project is full of waste, money grabs, and makes non-union construction workers pay for the pensions of of their unioned brethren.
This is an amazing (though not surprising) assertion from today’s leading Keyensian economist. It’s always lack of “aggregate demand” with these guys.
(It’s not a gold coin.)
So Biden’s economic advisor Jared Bernstein and David Frum, speech writer for George Bush have both come out railing against David Stockman and his new book. This is a shock.
Though the book is not perfect, it is one of the best books on economic history that I’ve read.
About sums it up.
One more dose of David Stockman today. Suddenly Fox Business News wakes up (after reading the former OMB chief’s new book) to discover that we’ve been completely jacked by the big banks.