Arnold the Wise
Previous post: Changing Times
Next post: My debate with Bill McKibben
where orders emerge
EconTalk Podcast
Recent Episodes-
where orders emerge
Previous post: Changing Times
Next post: My debate with Bill McKibben
Recent Episodes
Podcast RSS Feed
Full EconTalk Text
{ 10 comments }
Setting the narrative is important. How many of us have heard what I call the "Myth of the Great Depression" that starts with a do-nothing Herbert Hoover, in the middle FDR's New Deal saves the day and WWII finally ends it?
Government policy has been made because people believe this narrative. If Obama wins, he will be able to cast himself as the new FDR (he already has a "Brain Trust"), enacting program after program to try to "end" the financial downturn. He will have public support because people believe the Myth.
If, however, the public believes the narrative that the downturn stems from too much government, instead of from too little government, then Obama will not be able to enact a New New Deal.
Setting the narrative is important. How many of us have heard what I call the "Myth of the Great Depression" that starts with a do-nothing Herbert Hoover, in the middle FDR's New Deal saves the day and WWII finally ends it?
Government policy has been made because people believe this narrative. If Obama wins, he will be able to cast himself as the new FDR (he already has a "Brain Trust"), enacting program after program to try to "end" the financial downturn. He will have public support because people believe the Myth.
If, however, the public believes the narrative that the downturn stems from too much government, instead of from too little government, then Obama will not be able to enact a New New Deal.
Setting the narrative is important. How many of us have heard what I call the "Myth of the Great Depression" that starts with a do-nothing Herbert Hoover, in the middle FDR's New Deal saves the day and WWII finally ends it?
Government policy has been made because people believe this narrative. If Obama wins, he will be able to cast himself as the new FDR (he already has a "Brain Trust"), enacting program after program to try to "end" the financial downturn. He will have public support because people believe the Myth.
If, however, the public believes the narrative that the downturn stems from too much government, instead of from too little government, then Obama will not be able to enact a New New Deal.
Tell Arnold to ask Muirdiot. He's got it all figured out.
From a yahoo article today:
Accused of contributing to the meltdown, but denying that it was his fault, Greenspan told a House panel the crisis left him — an unabashed free-market advocate — in a "state of shocked disbelief."
Ah, the dilemma of a Randian central planner. it's not at all his fault, but the free market isn't faulty either.
Why would Greenspan want to appear at a House committee? Do people on Wall Street need him to bash the free market in order to deflect attention away from the government handout they are receiving?
Having recently read Greenspan's book, "Age of Turbulence" I am sorrowed that he consistently and I believe sincerely believes in "free markets" since he writes so much in favor of them throughout the book, but then turns around and explains how difficult the job of the Fed is to choose the right course of action to support said markets. Hello? Talk about cognitive dissonance! What is it that blinds a man to see the speck in others' eyes and not his own log? And am I not doing the same by writing about Greenspan?
"Of course, the market demand is for "strong" leaders and for "strong" economists, who can fool the public into believing that they have great knowledge. The ones who do this best are those who have fooled themselves." Arnold Kling
But of course the Free Marketeeers never proclaim to know all the answers. Sure we never see them say if only we HAD a real free market everything would be better.
"…but the free market isn't faulty either."
Posted by: Methinks
No of course not because it works so well in FreemarkalibertopiaStan. At least that's what they tell me.
"At least that's what they tell me.
Posted by: muirgeo | Oct 23, 2008 4:10:04 PM"
Marx was the last and only one to ever tell this dipshit anything.