Joe Salerno on the Crisis
Joe Salerno explains that the so-called credit crisis is the market responding precisely as it ought. He further elucidates the workings of the business cycle in light of current events. He touches on politics, Keynesianism, the corruption on economists, the outlook for inflation, and much else.
Comments (5)
Bruce Koerber
I don't see any difference between the heyday of Keynesianism and today - wasn't it dead from the shoulders up from the very beginning?
So we have the 'rest' to deal with, from the shoulders down. In other words we have an aimlessly wandering variation of socialism that is attracted to totalitarianism. Keynsianism can only exist when property rights are vulnerable and violated.
This is why the Constitution is America's greatest treasure. It has the potential to limit government enough for the concept of liberty to grow and triumph.
Published: October 2, 2008 8:39 PM
Michael A. Clem
The market is responding as it should, given the circumstances. However, it's also important to remember that this whole problem was avoidable. It's not enough to tell people how to get out of the current crisis, but to tell them how future crises can be prevented.
Published: October 3, 2008 8:58 AM
Jeff
Any way to get a copy of that speech by Bernanke that he was talking about?
Published: October 3, 2008 9:25 AM
mikey
"Any way to get a copy of that speech by Bernanke that he was talking about?"
www.federalreserve.gov/boarddocs/speeches/2005/200503102/default.htm
Published: October 3, 2008 5:14 PM
mikey
Sorry- this is the correct url.
www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
Published: October 3, 2008 5:18 PM