<Have We Reached an Inflection Point in Economics History?: “Indeflation” and Energy The Oil Drum Fibber McGee, Molly, and Your Energy Future>
<DrumBeat: June 26, 2009 DrumBeat DrumBeat: June 28, 2009>

217 comments on DrumBeat: June 27, 2009

Comments can no longer be added to this story.

Show without comments | PDF version

BrianT on June 27, 2009 - 12:34pm Permalink | Subthread | Parent | Comments top

That is not at all accurate-reclassifying fraud and neglect of fiduciary responsibility as "stupidity" is the current Party Line but it is a lie. Excluding a few exceptions such as Madoff, pretty well every "stupid" person involved in hurting the USA economy at a high level has done very very well indeed (and continue to thrive). Fuld, Greenspan, Bernanke, Geithner, Paulson, etc. etc.-the list is a very long one. You could label both Goldman Sachs and JP Morgan as "stupid" organizations as they needed taxpayer money to continue operations, but the players are thriving nonetheless.

Comments can no longer be added to this story.
jeppen on June 27, 2009 - 2:06pm Permalink | Subthread | Parent | Comments top

Not really. Just as in every recession, GINI falls and the number of billionaires dwindle.

Also, in response to the first commenter, I would like to mention that rationing of gasoline would be stupid for real. We have a mechanism to optimize resource allocation - it's called "price". Btw - cap and trade is also somewhat daft - simple taxes creates the same effect but with far less beaurocracy. It's a pity you yanks can't stomach carbon taxes.

Comments can no longer be added to this story.
dohboi on June 27, 2009 - 6:52pm Permalink | Subthread | Parent | Comments top

"cap and trade is also somewhat daft - simple taxes creates the same effect but with far less beaurocracy. It's a pity you yanks can't stomach carbon taxes."

We can certainly agree here. But note that by endorsing taxes that you are admitting that freemarket price alone has not been an adequate "mechanism to optimize resource allocation."

Rationing should still be in the mix. If you don't think the current crisis is every bit as pressing as WWII, you haven't been paying attention.

Comments can no longer be added to this story.

217 comments on DrumBeat: June 27, 2009

Comments can no longer be added to this story.

Show without comments | PDF version