George Akerlof on How to Fix the Economy

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  pranavb99@...

  08/31/09 | Report as spam

  RE: George Akerlof on How to Fix the Economy

  So the ever wise government is our parent? Even the premise is ridiculous. As if politicians don't payoff corporations who contribute to them. And it happens on both sides. Democrats received the greater part of lobbyist money from the big pharma and from the financial industry (Obama got $35 m. for his campaign and the government now employs many of those who contributed to the Wall Street meltdown.)
  
  At one time, Nobel prizes were given for original research. Now its given for saying whatever the statist Nobel committee wants to hear. Elitist economists like Akerlof are responsible for much of the damage to the economy. The financial system has never been more regulated than it is today. Simply look at the number of pages of financial regulation today compared to 10 years ago. The history of regulation will convince anyone with half a brain that it never does work. It just makes the problem worse. We had very sharp recessions that the free market corrected within 2-3 years, but we never had a great depression until AFTER the Fed was established. Bernanke and even Krugman have admitted that the government's actions lengthened and deepened the problem. We need fewer "experts" like this in economics and more education in history.