BusinessInsider's Joe Weisenthal shares TIME Magazine's newest cover:
You'd think Keynesian Joe would be happy with the big bold letters "How Wall Street Won".
Wall Street did "win" right?
They got their bailouts, and their fat bonuses, at the taxpayer expense. They also got a slew of QE's from The Fed to help artificially pump up the stock market again. And let's not forget that The Fed also "saved the system".
With such a victory, what problem can Weisenthal have?
Well, right underneath the prominent headline, it mentions the 2008 crash, and how "IT COULD HAPPEN ALL OVER AGAIN".
Weisenthal will have none of that dispirited talk!
The not-so-subtle message is that the recovery has been a sham perpetrated by banksters and that we're on the verge of collapse "all over again."Can't everyone just wise up and understand just how powerful The FED is? They can counterfeit $1 TRILLION per year out of thin air? Who else has that kind of power?
This has been the standard line since day 1 one of the recovery, that it's all a fraud and that it will all go busto any day now.
Get really worried if you see the skepticism and anger disappear.
You see, according to Joe, this time is different. This time, the economic laws of supply and demand have been removed from existence. Cause & Effect too...they're gone.
This is typical thinking for those who operate without theory. Keynesians, like Weisenthal, just focus on the latest data (and anyone who reads Joe knows that he's like a kid in a candy store anytime numbers are released).
There's no perception past that data. This is why Keynesians are always "shocked" when the downturn occurs.
Once again, those of us who do see it coming, will have to weather yet another tough economic downturn. And we'll have to do it with our "shocked" antagonists telling the world that "no one saw it coming."
It's getting old.
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