Monday, March 30, 2009

A shock to the system

"Leave aside for a moment the question of whether a market in which buyers have to be bribed to participate can really be described as “better functioning.” Even so, Mr. Summers needs to get out more. Quite a few economists have reconsidered their favorable opinion of capital markets and asset trading in the light of the current crisis."

from The Market Mystique

It's hard to believe that a Nobel Prize-winning economist would tell the unvarnished truth on the NY Time's op-ed page, but Paul Krugman has been doing just that lately, and quite well. The above quote is one of his more biting criticisms, but he went into more detail on the absurdity of the latest "financial rescue" plan in his piece entitled Financial Policy Despair. For that, he deserves another prize. Predictably, the rabid Fox (the official fake-"Apocalypse" network, whose name just coincidentally converts to 666 [f=6, o=15/6, x=24/6]) and its ilk have turned their slime-hoses on him.