The Economist's Cookbook

Recipes For A More Free Society

  • "The curious task of economics is to demonstrate to men how little they know about what they imagine they can design."

    - F.A. Hayek

Ignorance Abounds

Posted by The_Chef On 9:22 AM 1 comments

I have come to terms with people not liking what I believe in. Hell I've even made some people question their belief in the effectiveness of Gov't intervention.

We just took 15 steps back....

Here is a New York Times article worth looking at.
(Warning, those that are fans of free markets might become ill after reading this.)

I can't take the time to respond to this right now. And is is so so blatantly wrong and simplistic about so many things that it's hard to deal with it all. Needless to say my response is a firm belief that the markets we see now are heavily distorted by government intervention.

The author's bruhaha about the housing markets is a crock. No one put a gun to the head of the people signing their name on those ARMs. Heaven forbid people pay for their choices. Also keep in mind that the number of houses now in foreclosure whether due to medical bills or the ARMs or WHATEVER is a HUGE NUMBER! It's ... 0.3%.

Okay yes I was being a little sarcastic. That number is tiny and all we hear is "Oh my GOD, these poor people are loosing their homes!"

*sigh* The title of this post is all I can say ... Ignorance abounds.

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1 Response for the "Ignorance Abounds"

  1. Anonymous says:
    January 4, 2008 at 11:44 AM

    Wow. My hat is off to Peter Goodman. He's shown that it's possible to exceed even Paul Krugman in the degree to which his writing is detached from reality. Nearly every line of his article was a rehashing of old, long since disproved fallacies and patently false statements about historical events (like that tripe about the 'robber barons' and their 'monopolistic excesses'). Truly remarkable.

    Great blog, by the way, Jon. I'll be adding you to my own blogroll.

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