Bad Ideas Flourish Because They Are In

If We Discovered That, You Know, Space Aliens Were Planning To Attack And We Needed A Massive Buildup To Counter The Space Alien Threat And Really Inflation And Budget Deficits Took Secondary Place To That, This Slump Would Be Over In 18 Months. ... There Was A Twilight Zone Episode Like This In Which Scientists Fake An Alien Threat In Order To Achieve World Peace. Well, This Time, We Don't Need It, We Need It In Order To Get Some Fiscal Stimulus.

Until The Great Depression, Most Economists Clung To A Vision Of Capitalism As A Perfect Or Nearly Perfect System. That Vision Wasn’t Sustainable In The Face Of Mass Unemployment, But As Memories Of The Depression Faded, Economists Fell Back In Love With The Old, Idealized Vision Of An Economy In Which Rational Individuals Interact In Perfect Markets.

The Public Has No Idea That The Deficit Has Been Falling Like A Stone.

But Where Will The Fed Find Another Bubble?

I Admit It: I Had Fun Watching Right-wingers Go Wild As Health Reform Finally Became Law.