Saturday, August 06, 2011

It Isn't That They Are Stupid Exactly

But Wall Streeters have been making so much money trading worthless pieces of shit back and forth to each other, over the last couple of decades, that they haven't a notion about how a real capitalist economy works. They saw what was going on in Washington over the last month as irrelevant to them. They are the masters of the universe after all and can't be expected to tune into the bullshit petty politics of the little people. Well, now they are being schooled in macroeconomics 101 and the shock they are feeling is real. Who knew that austerity during an economic downturn was bad medicine? The sad fact is, our masters haven't a fucking clue.

Update: And if you look at Europe's bankers, they make Wall Street seem Krugmanesque. We are well and truly boned.

Update: Speaking of Krugman, he weighs in with a piece about the root causes of this problem, namely delusion and the substitution of sincerely held beliefs for working economic models.

Updater: It's a Nobel pile on as Joseph Stigliz catalogues the insanity.
Recommend this Post

No comments:

Post a Comment