Wednesday, October 01, 2008

Congress and Senate stooges smarter than economists

When our economic vitality depends on the whims of Barney Frank, Nancy Pelosi, and "Dingy" Harry Reid (feel free to insert almost any other politician's name, right, or left), rather than those with the credentials and background to make wise decisions, we're all on borrowed time.

Casey B. Mulligan, an economist at the University of Chicago has a blog post explaining that Wall Street isn't where our focus should be.

There was a time when people believed that the Sun and stars revolved around the Earth. Of course, now we know that the Earth is not the center of the universe, or even the center of our little solar system. In the somewhat more recent past, economists thought that the non-financial sector in a modern economy revolved around financial markets, despite the facts that only 4 percent of the workforce was employed in the financial sector (including insurance and real estate), and even today that sector employs only 6 percent of the total. President Bush and supporters of the recent massive Wall Street bailout plan still believe Wall Street to be the center of the entire economy.

According to Mulligan, economic research dispels that idea.

If you care to expand your knowledge base and learn something new, you can read the rest of Mulligan's ideas here. Otherwise, continue to take your marching orders from your two presidential wannabes, and the other apologists for oligarchy.

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