Wednesday, August 15, 2012

Economist who Blew Up Long Term Capital Management Supports Mitt Romney

Nobel laureate, Myron Scholes, who was top adviser to the hedge fund Long Term Capital management, which lost billions and which required a bailout choreographed by the Federal Reserve is throwing his name behind Mitt Romney.

Along with the hedge fund bomber, over 400 other economists have endorsed Romney economics, under a statement that begins:
We enthusiastically endorse Governor Mitt Romney’s economic plan to create jobs and restore economic growth while returning America to its tradition of economic freedom. The plan is based on proven principles: a more contained and less intrusive federal government, a greater reliance on the private sector, a broad expansion of opportunity without government favors for special interests, and respect for the rule of law including the decision-making authority of states and localities.
Other names that you might recognize:

Gary Becker, Nobel laureate

Robert Lucas, Nobel laureate

Robert Mundell, Nobel laureate

Edward Prescott, Nobel laureate

Michael Boskin, Stanford University

John P. Cochran, Metropolitan State University of Denver

Martin Feldstein, Harvard University

Phil Gramm, Former U.S. Senator, Texas

Wendy Gramm, Mercatus Center, retired

Kevin Hassett, American Enterprise Institute

Douglas Holtz-Eakin, American Action Forum

Anne Krueger, Former World Bank Chief Economist

Arthur Laffer, Laffer Associates

John Lott, Burke, VA

Yuri Maltsev, Carthage College

Greg Mankiw, Harvard University

Henry Manne, George Mason University Law School

Allan Meltzer, Carnegie Mellon University

Jeffrey Miron, Harvard University

Lee Ohanian, UCLA

Mark Perry, University of Michigan-Flint, American Enterprise Institute

Michael Porter, Harvard University

Mario Rizzo, New York University

George Shultz, Former Secretary of the Treasury

Phillip Swagel, University of Maryland

John Taylor, Stanford University

Karen Vaughn, George Mason University

Yong Yang, Ford Motor Company

Robert Zoellick, Former President of the World Bank


13 comments:

  1. I must say it was a surprise to see Yuri Maltsev on that list.

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  2. John Cochran? Yuri Maltsev?? Mario Rizzo???

    What is going on here????

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  3. What economic plan? The plan that raises the debt by $2.6 trillion?

    Who in their right mind would lend their name to this garbage?

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  4. 'Sorry to see Jeff Miron on the list...

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  5. Yuri Malstev???? WTH!!

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  6. John Lott????
    Shattered Idols, guys....

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  7. LOOK AT ALL THESE MEMBERS OF THE ANTI-ROTHBARDIAN CULT. CLEARLY RIZZO, MALTSEV, jOHN COCHRAN, AND JEF MIRON CAN NO LONGER BE READ. THEY ARE TRAITORS AND WE MUST BURN THEIR BOOKS.

    LOL it's glorious how cultish the LvMI internet kiddos are.

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  8. LOL @ Yuri Maltsev and Mario Rizzo.

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  9. "Mario Rizzo, New York University"

    Some Austrian that guy turned out to be. I'm not saying one cannot engage in practical politics and even make compromises, but some compromises are complete abdications of what one stands for.

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  10. Zachary Plaxco, one need not be cultish to recognize a sell out.

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  11. How has he sold out on his economic principles?

    Why does political compromise have anything to do with his economic works?

    It's not like LvMI won't make announcements regarding his new book (IIRC he is writing one, or it might just be Glen Whitman?. It's not like he said Romney's economics are good. It's not like he renounced Austrian analysis. He made a pragmatic utilitarian decision. Something Ludwig von Mises would have (and did do, read Ebeling's work on Mises' time as a bureaucrat) done, something Carl Menger would have done, something Bohm-Bowark would have done, something Israel Kirzner would have done, something Hayek would have done, and many, many more.

    I mean shit, Rothbard voted for Herbet Walker Bush. You guys never dare mention that for fear of disrespecting the all-powerful one.

    Rothbard was the biggest sell-out of them all. From flip-flopping from the Old Right, to the New Left, to paleo-conservatives, to a politician named Ron Paul. And Rothbard has no excuses, he was a principled natural rights theorist who behaved in a way that he himself defined immorally.

    Then again, Rothbard wasn't as good of an economist as Rizzo. His biggest accomplishment was restating Human Action in a way neoclassical trained economists could understand (selling out from the original stuff to make it more appealing to the politically popular school) and in doing so he redefined, incorrectly, austrian monetary theory. And his works on the hisroty of economic thought are horrible. He either specifically, deliberately lied about many thinkers, or he refused to read their work and created easy to dismantle caricatures. Now that, my friends, is a sell-out. He's no less of a political opportunist than Paul Krugman. And at least Krugman had original, good work in economics (his trade theory, which if any austrian disagrees with they'd also be against free trade

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  12. "Dont believe everything you read." - should be an obvious personal rule, shouldn't it ?

    I would look into the specific statements on the subject by any people on the list that you may wonder about. Clarify their position. - -

    Personally, I think voting is a joke and a waste of time - nothing more than giving approval/legitimacy to a system that is a complete fraud. Both candidates are thieves, liars, and traitors to the US Constitution - they both approve of NDAA, for example ). I can't believe that anyone of sound mind or some personal experience, would bother. Admittedly, it took many years & many elections to finally see this.

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