Impressive stuff. I only have one quibble: Sent from my iPhone
On Apr 6, 2010, at 20:00, [email protected] wrote:
More remarkable, the responses of both the Bush and Obama administrations to the crisis–bailing out the megabanks on generous terms, without securing any meaningful reform–demonstrate the lastin g political power of Wall Street.
Partly, but I think they actually demonstrate a deeper problem: economics as a profession is intellectually bankrupt. The Left can't explain the success of capitalism, and the Right can't explain it's failure.
Political reform is impossible without a robust understanding of the whole problem. That means vibrant academic communities (not just a few ibdividuals) that actually seek to engage the data on it's own terns, instead of projecting existing ideology onto it.
Absent a "scientific consensus" on what a healthy economy looks like, blaming politicians and financiers for killing the patient may be valid, but futile.
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