While I was reading this piece from Brad DeLong, I found myself asking the question, “Is this man truly an economic intellectual?”. The non-sense in this column is astounding. He attempts to show that “spending stimulates” by pointing to all of the artificial booms created by the Federal Reserve, and then states that more is needed. He then says that we will have to wait and see what the results will be. Is he ignoring history by not pointing out that each artificial boom was followed by a bust? This piece is unbelievably stupid.
I love this insane quote:
" The government’s money, after all, is as good as anybody else’s."
Incredible.