Wednesday, September 22, 2010

Which Is It, I Wonder

You hear this kind of insider noise regarding Geitner and Summers:

My conclusion, which I think is pretty broadly accepted now, although maybe not, is that Geithner, not Summers, was the true architect of the plan that, as he himself likes to put it, "broke the back of the crisis" which was necessary for a recovery.


I guess I really can't evaluate these guys knowing as little as I do about the financial crisis. I suppose they think of themselves as heroes. I find it pretty outrageous, however, that the so-called experts on the economy are themselves mesmerized by the complexity of all these stupid financial games and don't call bullshit on it all. If they're so smart, they ought to know that lay people - who are the people that drive the world economy through labor and spending - need simple/understandable/fair rules under which to operate...otherwise you cause this massive information gap and people start to do unpredictable and counterproductive things - like borrow 500,000 to pay for something worth 300,000.

Riddle me that, geniuses.

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