dimelab dimelab: shrinking the gap between talk and action.

blind Topic in The Credit Debacle Catalog

blind men (1); blindingly obvious (1); morality Blind (1); utterly blind (1).

naked capitalism Tue 2010-08-24 20:02 EDT

Boston Fed's New Excuse for Missing the Housing Bubble: NoneOfUscouddanode

It is truly astonishing to watch how determined the economics orthodoxy is to defend its inexcusable, economy-wrecking performance in the runup to the financial crisis...From the Wall Street Journal Economics blog: Should economists and policy makers have identified the housing market bubble before it burst? The answer is most likely no, says the Federal Reserve Bank of Boston, because economic theory was not up to the challenge... Yves: This recitation is truly embarrassing, in that the writers clearly see this abject failure as completely reasonable, as opposed to compelling evidence that the discipline is not qualified to provide policy advice. What could be more damning than admitting that economics was incapable of seeing the blindingly obvious?...

Boston Fed's New Excuse; housing bubble; missing; naked capitalism; NoneOfUscouddanode.

Sat 2010-05-22 21:31 EDT

It's Hard Being a Bear (Part Six)?Good Alternative Theory? | Steve Keen's Debtwatch

...Chartalism rejects neoclassical economics, as I do. However it takes a very different approach to analyzing the monetary system, putting the emphasis upon government money creation whereas I focus upon private credit creation. It is therefore in one sense a rival approach to the ``Circuitist'' School which I see myself as part of. But it could also be that both groups are right, as in the parable of the blind men and the elephant: we've got hold of the same animal, but since one of us has a leg and the other a trunk, we think we're holding on to vastly different creatures...a leading Chartalist, Professor Bill Mitchell from the University of Newcastle, [writes] a précis of the Chartalist argument...The fundamental principles of modern monetary economics, By Bill Mitchell...The following discussion outlines the macroeconomic principles underpinning modern monetary theory (sometimes referred to as Chartalism)... [MMT principles]

Bear; Good Alternative Theory; hard; part; Steve Keen's Debtwatch.

Thu 2009-07-23 00:00 EDT

naked capitalism: A Conflict of Interest is Not a Conflict of Interest If It Involves Goldman

former Goldman co-chairman Steven Friedman; Goldman chief Lloyd Blankfein; moral blindness

conflict; interesting; Involves Goldman; naked capitalism.

Wed 2007-09-19 00:00 EDT

The Lies of Alan Greenspan

by William Greider; "always spot reasons to stomp on the real economy of work and production, but was utterly blind to the destructive chaos in the financial system"

Alan Greenspan; lying.

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