1. El Snarko

    I completely agree with the previous poster. The economy is proceeding funeral by funeral and like herd animals we huddle together believing that the funeral will never be ours. This is a sorry commentary on the results of the education system!

    Anyway, the other night I watched a very very interesting movie called “Bigger, Quicker, Faster” which based on the blurb onthe cable channel mad me initially think it was about policy. It turned out to be a completely fascinating account of steroid use and the cultural implications. Since this came so out of left field, skewering the Governator, meth hyped USAF pilots, and presenting a coherent pro steroid case I watched and thought quite a bit.Do these substances make it to the executive suite, since 85% of the useage is among non competitive atheltes? And does this overall drive for personal power and exceptionalism so inform current behavior among high achievers does it not cause significant policy distortions as a result?

    To the extent to which this is true are we not being influenced, if not lead, by pathological egotists who are insulated from the fruits of their actions because, in general, society wants to have the option to behave likewise, even if at a less committed level?

  2. dearieme

    Since it depends on mathematical models and haphazard, inaccurate observations, there’s no particular reason to suppose that Economics will advance at all.

  3. Doug Terpstra

    Yves Smith, you are indefatigable.

    Nice way of dealing with the chicken-egg quandry: clearly economists’ deserve key blame for financial collapse. As you note in ECONNED, it is difficult to understand something when one’s salary depends on not understanding it.

    But of course it is the money behind these economists, the Regan-era plutocrats, who concieved of, groomed and funded these economist-propagandists, isn’t it? This is real the power behind the “Stalinist” way economics is taught in America; anyone outside “the party line” orthodoxy is actively marginalized … STILL!

    And how is it that despite their scandalous collective disgrace, these same propagandists still claim the podium and presume to warn of the “imminent” 2027 crisis in Social Security? Why are these villains not naked in wooden stocks, rather than still expounding about public policy? Some conspiracies are real, and IMO, an active, conderted conspiracy is the only way to explain the resurrection of these village idiots. Incredible.

    The interview stopped too soon, before you explained the new paradigm or who will craft it.

  4. anon

    Posting anon because I think you need to hear an honest reaction,(and support/rebuttal from your readers). I’m afraid I’m gushing, but you should hear you’re doing a good thing (even if you already get it) and I’d be very happy if you ignored who’s sending this.

    I loved the radio clip,and I’m appalled ,at my age, to be charmed by sincere, guileless, honest analysis. Point by point, you’re spot on, and try as I may I can’t find flaws in your reasoning. I can’t be the only one.

    But you’re predictable ,in that your argument is clear and open to rebuttal.(and I have disagreed, been rebutted, been respectfully counter rebutted, and allowed to continue to disagree with good effect to bothe of us).

    That’s a refreshing and unique feature of what you’ve been doing and I hope you keep at it.

    Radio’s your element. Who chuckles in interviews anymore? Very refreshing, and refreshingly human.

    My brain has the hughest crush on you. I’m sure that hugher and more influential brains feel the same.

  5. Mickeyc

    The reason NZ media is happy to hear this story is because they think they have side stepped the crash. NZ property is in a bigger bubble currently than the US achieved.
    Try go telling them how they screwed up five years from now and you’ll get the same response as here.

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