I Predict That In The Years Ahead

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.

Friedrich Hayek Is Not An Important Figure In The History Of Macroeconomics.

What Our Economy Needs Is Direct Job Creation By The Government And Mortgage-debt Relief For Stressed Consumers. What It Very Much Does Not Need Is A Transfer Of Billions Of Dollars To Corporations That Have No Intention Of Hiring Anyone Except More Lobbyists.

There Is No Economic Policy. That's Really Important To Say. The General Modus Operandi Of The Bushies Is That They Don't Make Policies To Deal With Problems. They Use Problems To Justify Things They Wanted To Do Anyway. So There Is No Policy To Deal With The Lack Of Jobs. There Really Isn't Even A Policy To Deal With Terrorism. It's All About How Can We Spin What's Happening Out There To Do What We Want To Do.

Something Terrible Has Happened To The Soul Of The Republican Party. We've Gone From Bad Economic Doctrine. We've Even Gone Beyond Selfishness And Special Interests. At This Point We're Talking About A State Of Mind That Takes Positive Glee In Inflicting Further Suffering Upon The Already Miserable.