Tuesday, November 4, 2014
One foot in the nursing home, the other in his gob
I am still reading a lot of poliblogs in between childrearing, just not posting much. I really should learn how to do shorter posts.
In that vein, I can't help but note how comprehensively stupid this piece is. Steve Kates, the most foolish man in Australia, not only posts complete faff from Ohanion and Cole attacking FDR's role in saving America from the Great Depression, he treats the linked press release as if it is new when it was written more than ten years ago, and the poliblogosphere's absolute smashing of the thing to pieces occurred three years ago when the authors got some undeserved WSJ publicity.
And if you don't like that repudiation, try this much similar C&O article mere days after Obama's inauguration, no doubt intended to scare him off any FDR-like heroics in the face of another Republican-created economic disaster, and compare it to actual reality since its publication in 2009. Wherever austerity has been tried, it has only exacerbated the pain. Wherever stimulus has been applied, it has worked (until, as in Japan recently, sabotaged by further austerity). Austrian economics teaches us nothing about how to solve today's problems. While no one is trying anything like the New Deal these days - more's the pity, because that's a lot of what we need right now - Keynesianism is still the best way to understand and address the situation in which we find ourselves.
It's as if Kates is not actually a professor of economics at RMIT at all, but some emaciated hermit who lives in a deep, dank hole, is fed via a bucket on a rope by Sinclair Davidson and for education is only allowed access to dot matrix printouts of Powerline and Drudge links. He's a cross between a victim of Buffalo Bill and a Japanese holdout. It's the only lucid explanation for his ongoing display of economic Aspberger's syndrome. Nobody can be that clueless.