''In the long run we have nothing to fear but fear itself--and the rush to poor judgment that is the spawn of fear. Poor judgment makes people say things like "Hey! This new guy in town seems likable and right-minded. Let's give him everything he's asking for so he can take care of us." We've been down that road before. I'm hoping for some change I can believe in.''Amen. I'm really starting to wonder about this economic ''crisis''. It seems to me that it really amounts to a wildly overinflated standard of living and all-too-easy access to credit being deflated after a painful run-in with reality. But, so what! What we're seeing now is possibly just what happens with bubbles- they pop. Life returns to normal. Markets go up; markets go down. I do think Landsburg is way too optimistic about the endless march of GDP into the heavens- step with us now, into the future! But, again, so what! Is it crazy to think that maybe the world's economies are just going to reach a more reality-based level of liquidity, GDP, standard of living, etc. and that what's crazy is acting like that's a catastrophe?
Sunday, January 25, 2009
Steven Landsburg is worried about the ''Brave New Deal'' being proposed to save us from the econolypse...
Posted by Rufus at 3:00 PM