I wonder how many people there have been over the last several years saying silly things like QE is just pushing on a string, or printing money out of thin air is just phony and won’t help – because – this time it’s different. My favorite is the explanation that we just have too much debt; we borrowed ourselves into oblivion, and nothing will help until it’s all paid down.
If I had even a nickel for each one, then I wouldn’t be so mentally exhausted from knocking myself out at work. I’d be a rich woman. I would have been able to just retire early and do nothing but sit around and think of the next arrow to shoot at some big government conservative inflation nutter spouting baseless bull they heard from someone else with their head in a smelly dark place.
Scott Sumner did a post today that links to an article listing some prominent people who have made what are now notorious remarks about the state of the economy and what will and won’t work to get a recovery started. I say “Bravo!” to the author. Each and every one of those people ought to have their careers ruined because God only knows how many careers of average people they contributed in no small way to ruining. I got lucky and got a second chance to rebuild my career, one that shall not be squandered; but there are countless people who haven’t been so lucky. And I will be enjoying watching the proverbial blood bath as what goes around comes around.
One problem with the list, however, is that there aren’t any of the people who matter on it. It would have been a much better list if it included people like Jeffrey Lacker, R. Glenn Hubbard, Cochran, Laffer, and a few others whose names escape me for the moment. Marcus Nunes’ blog is littered with names of folks who should have known better, but have been saying very peculiar things lately. If you are interested and want a more comprehensive list, check it out. Take a very long sheet of paper with you as you go on over to his site and be prepared to have to sharpen several pencils because you will stuff up all the memory in your iPad or iPhone if you list each and every one of the bozos who ought never be heeded again.
Perhaps I shall work on a Bozo Hall of Shame of my own, and have the names lined up in nice columns for people to peruse when looking for whom not to go to for investment or economic advice. It would be my pleasure to help deliver a little market justice to these people who missed the golden opportunity to just keep their mouths closed as they really were in no immediate danger of not knowing where their next coffee and cakes were coming from. It’s really too bad they didn’t seem to care much about the people who were – the struggling nameless and faceless dots on a graph. We did have 99 weeks of UI, right?
Well, I think I’ve spent the remaining bit of brain power for today on this very cynical post. I don’t have any catchy tag lines or anything to end with. But I do have a song for the folks I hope end up with exactly what they deserve.