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Talking Down the Economy
Greg Mankiw's Blog —
Bradley Schiller, author of a popular (though not the most popular) introductory economics textbook, says: President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression....Mr. Obama's analogies to the Great Depression are not only historically inaccurate, they're also dangerous. Repeated warnings from the White House about a coming economic apocalypse aren't likely to raise consumer and investor expectations for the future. In fact, they have contributed to the continuing decline in ...
Perhaps, Perhaps Not
Michael Covel: Trend Following Manifesto —
... The author is correct that we are not yet in a comparative situation to the Great Depression. He is correct that the fear-mongering is over the top. However, it does seem like the slippery slope to something much worse is plausible. I see this both ways to some degree. ...
#Links
Alea —
Harvard Narcissists With MBAs Killed Wall Street
Obama’s Rhetoric Is the Real ‘Catastrophe’
Blogs gone wild
One-Two Punch on Mark-to-Market
Flight to USD
Alien life ‘may exist among us’
Email this post
Obama Makes History By Using History to Create Fear
Tufte's Economics Classes Blog —
... force contracted by 4.8%, in '31 it went down by 6.5%, and in '32 it shrunk 7.1%. In 1933, thousands of banks failed. The point is our current situation isn't quite there yet, and saying we are on the brink of another episode of the Depression is less than truthful. Machiavelli felt that fear was a good tool for a ruler to use. Hovever, I am unsure if he ever considered the economic consequences. Fear may cause a decline in conusmer confidence which would hinder any type of recovery. Comparison of 1930's to 2008-09.
