an inside scoop * I've heard that the economics department at a local university (which shall remain nameless) got together at the start of September and discussed the stock market. By and large, opinion followed the standard ideological divide among economists. The free market types (followers of Edward Prescott, etc.) said it was time to buy, since there was no place to go but up. The more "new Keynesian" types said it was time to sell. If these people put their money where their mouths were, the free market types got their comeuppance.
-- Jim Devine ^^^^^^ CB: Any inside scoop on how free market types rationalize the stupendously non-free/free market Wall Street financial capitalist sector ? It's a lot bigger than an elephant sitting in their ideological living room. How do they ignore it ? The notion of "Too big to fail" seems like such a big and obvious contradiction for them. It's self-quantifying "too _big_". Self-punning : the biggest enterprises are the least free and get free money from the state, are "socialist". (doubly "free" ?) The biggest capitalist ,free _market_ institutions, turn into their opposite- dialectics. Confirming Lenin's idea, sort of: "Monopoly is the transition from capitalism to a higher system. " i.e preparation for socialism. I know it's socialism for the rich not really socialism, but there's something of the "cunning of history in it", Freudian or something. ( Sorry for the loose talk. the size of the contradiction and the "revival" of broadcasts of the word "socialism" even in the mouths of the right wing, yet , kind of blows my mind) _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
