I still think most Americans are clueless about how close we were to the edge of a cliff after Lehman collapsed. You really see this in the worst way especially when you talk to "libertarians" or those who think capitalism is a perfect or nearly perfect system.
The Fed has released an enormous amount of data today. The NYT has summarized it here. Everyone should fucking read this article. If you don't understand it, you should read it twice. If you still don't understand it, you should keep reading until you do or go buy a textbook on economics and read the article again.
What this information reveals is what people like Warren Buffet and other major investors who know how the fuck the world actually works have been saying for over two years.
Professor Ben Bernanke, a genius Jewish guy from South Carolina and scholar on the Great Depression from Princeton, saved the US and world economies from total collapse. There really is no question about that fact now and if you think otherwise you are just simply wrong.
You may think that's an exaggerated statement, but it clearly is not -- considering we now know from these recently released documents that after Lehman Brothers collapsed, everything was about to go to near total shit.
And damn, any libertarians you talk to wish that would have happened. Libertarians want pain. They want 30%+ unemployment. This is all part of the "natural" workings of the capitalist system for libertarians. They see any central bank or other government intervention as a moral problem primarily. We Keynesians see it as a practical issue when government does what Bernanke did.
This man saved millions of people's lives from descending into misery for many years. He should get the god damn Nobel Prize.
The Fed has released an enormous amount of data today. The NYT has summarized it here. Everyone should fucking read this article. If you don't understand it, you should read it twice. If you still don't understand it, you should keep reading until you do or go buy a textbook on economics and read the article again.
What this information reveals is what people like Warren Buffet and other major investors who know how the fuck the world actually works have been saying for over two years.
Professor Ben Bernanke, a genius Jewish guy from South Carolina and scholar on the Great Depression from Princeton, saved the US and world economies from total collapse. There really is no question about that fact now and if you think otherwise you are just simply wrong.
You may think that's an exaggerated statement, but it clearly is not -- considering we now know from these recently released documents that after Lehman Brothers collapsed, everything was about to go to near total shit.
And damn, any libertarians you talk to wish that would have happened. Libertarians want pain. They want 30%+ unemployment. This is all part of the "natural" workings of the capitalist system for libertarians. They see any central bank or other government intervention as a moral problem primarily. We Keynesians see it as a practical issue when government does what Bernanke did.
This man saved millions of people's lives from descending into misery for many years. He should get the god damn Nobel Prize.
"This man saved millions of people's lives from descending into misery for many years. He should get the god damn Nobel Prize."
ReplyDeleteIndeed.