Sunday, January 24, 2010

Add Ben Stein to the List of Those That Don't Understand Business Cycle Theory

According to the Desert Sun, Ben Stein told a group in Coachella Valley, part of California's desert region:
We can have a recession without it being caused by government monetary policy mistakes. The Federal Reserve, criticized by most standards, acted responsibly during the Bush years. However, inaction by government can also cause recession.
He is really the first person on the planet that thinks Alan Greenspan did a wonderful job by keeping interest rates at a level that fooled family after family into buying houses that they ultimately found out they coudn't afford. I wonder what he thinks caused the housing bubble?

More indications that he is really clueless:
The jury is still out on Obama's stimulus plan.
And, he has clearly never learned about the rise and fall of the Roman Empire:
History tells us, we will have recovery.
Interestingly, the Desert Sun reporter that wrote the story called him:
... a witty columnist and commentator for The New York Times,
Does he really still have that on his bio? He was fired by NYT in 2009 for pimping some kind of "free" credit checking service that turns into a not so free service, very fast.

1 comment:

  1. who is ben stein? and why am i reading about him on one of the best financial blogs on the internet?