| You are using a straw man to defend the indefensible. "These guys" are clearly winging it, when we remember the definition of "These guys": Ideologues touting Efficient Markets and the Washington Consensus, often in the pay of corporations, and using clearly falsified theories to do so. (You can get an idea of how bought they are by watching "Inside Job".) No one is saying that no economists anywhere ever got anything right. The problem is that the economists who do get things right are the dissenters from the orthodoxy of "These guys". So why don't you go check out the research referenced at http://www.paulcraigroberts.org/2012/07/29/escape-from-econo... As for the Fed, Volcker's Fed yes, Greenspan and Bernanke's Fed no. |
I read plenty of economic research, thank you. Every day. So, while I appreciate a link to a what is essentially the site of a pundit (whom I have read, by the way), this is not the bleeding edge of economics. When is the last time this guy actually wrote a paper?
>"As for the Fed, Volcker's Fed yes, Greenspan and Bernanke's Fed no."
Right. So, Volcker, dealing with intense inflationary pressure in the 1980s, and Bernanke, dealing with massive deflationary pressures in 2008, should use the same policy tools? I'm sorry, but you clearly need to brush up on the basics before you go attacking someone for their lack of economic knowledge. This is pointless.