Wednesday, April 29, 2009

Don’t Know Much About Capitalism (Tom Woods)

Tom Woods debunks the idiotic conventional wisdom that passes for "economics" by the left:

After eight years of watching conservatives blow trillions of dollars and comport themselves like anti-intellectual, jingoistic blockheads, I found myself ashamed to admit that the Left seemed to have all the genuine intellectuals—people who seemed to possess real curiosity, who refused to accept whatever official line the government was shelling out, and who sought genuine understanding instead of name-calling and pointless vitriol.

With the Left now in power, though, they’ve by and large reverted to form. The very same people who just a year ago prided themselves on evaluating every Pentagon press release with an air of suspicion and hostility now accept without cavil whatever the Federal Reserve chairman or the Treasury secretary tell them. They’ll believe whatever economic superstition, no matter how transparently ludicrous, that happens to be in fashion. Whatever happened to “Question Authority”?

Air America host Thom Hartmann is a perfect example. His article on the economic crisis posted at the Huffington Post gets pretty much everything dead wrong, and yet his point of view is by and large the conventional wisdom.

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