Thursday, March 20, 2008

Why is the economy in shambles?

Megan McArdle tells you why the economy is NOT in shambles. Below are the headlines, click through the link to hear why...

Item One: The Iraq War did not cause this problem
Item Two: The Bush tax cuts also did not cause this
Item Three: Being on the gold standard would also not have prevented this mess
Item Four: Among the many other things that did not cause the current crisis was the repeal of Glass-Steagall
Item Five: The collapse of Bretton Woods--also not a cause of the current crisis!
Item Six: The long twilight of American economic might is not yet upon us


Cyrus said...

i thought i saw steven seagal...

wtf is glass steaglasz

van damme > seagal

Andrew Cheesman said...

what?? van damme is a european pussy. seagal will ruin his ass any day.

Pete said...

I think megan is trying a little to hard to discredit "cranks" and consequently taking away from the contributions many of these things have made to the crisis. While i am inclined to agree with here regarding commodity currencies, i think he assessment of the Iraq war helping stabilize financial markets is ludicrous.

Lia said...

Pete, you and Megan are on a first name basis?

Ps. I think these responses may be the winners in the "least relevant or thoughtful comments on the blog to date" category.