I don't really know all that much about him but I was watching a lecture of his and he seems very intelligent. Opinions on him?
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12-22-2010, 02:44 AM
I don't really know all that much about him but I was watching a lecture of his and he seems very intelligent. Opinions on him?
12-22-2010, 09:30 AM
Intellgence doesn't translate into wisdom. To parrot a famous quote. He knows so much that isn't so.
His thinking is what has led to our problems. Pure Keynsian baloney.
12-22-2010, 09:32 AM
Exactly. He's very intelligent, but he's incredibly WRONG.Originally Posted by Molon Labe
12-22-2010, 09:38 AM
The problem is that in practice, the other half of Keynesian economics hasn't been used. The spending half has been used, but ALL THE TIME.
The theory is such that during times of plenty you create surpluses and spend fiscally tight, and then during times of recession you use the savings you've made. We've done the second part, but never paid attention to the former.
12-22-2010, 10:14 AM
He's very intelligent, but I agree he comes down on the wrong side of economics. He also has a good sense of humor. Once, during the Clinton administration, I was at the Boston airport, and a bunch of us were stuck on a shuttle bus out on the tarmac. It wasn't moving, and didn't even have a driver for quite awhile. I don't even remember why we were on a shuttle bus; that was not usual at Logan.
Reich was sitting right next to me, and we smiled at each other in that exasperated-business-commuter sort of way. I said, "If you'd been Secretary of Transportation we wouldn't be sitting here, but NO, YOU had to be Secretary of Labor." He stared at me for a moment (good hang time) and just started to laugh. :)
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