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Article Artículo

Congress Takes Action for Free and Fair Elections in Haiti
Robert Naiman writes today at Huffington Post: There are many legitimate criticisms to be made of the electoral system in the United States as we know it. But it could be much worse. We could be confronted with the electoral system that Haitians are curre

CEPR / October 05, 2010

Article Artículo

The Cherry Tree Committed Suicide

That is what the young George Washington would have told his father if he had been an economist. If anyone ever doubted that the economics profession is chock full of a bunch of shameless incompetents, the current situation proves them wrong.

We are sitting in the middle of the worst economic disaster in 70 years entirely because the economists in positions of responsibility (e.g. Alan Greenspan, Ben Bernanke, the Bush Administration economists, the Congressional Budget Office economists, and the vast majority of professional prognosticators cited in the media) could not see an $8 trillion housing bubble. 

This is worth repeating a few hundred thousand times. Tens of millions of people are facing the loss of their jobs and/or their homes because bozos with Ph.Ds in economics could not do their job. And none of the bozos got fired for their incompetence. Most are still making 6 or 7 figure salaries.

Dean Baker / October 05, 2010