An Explanation for the Great Recession
03/25/09 - The Angry Economist
Warning. You will need some self confidence to read this explanation. It is short and understandable. You may tend to believe complicated presentations that you don't understand. Really, if you don't understand something, they haven't explained it very well, or they are hiding their own ignorance.
[edited] Austrian Economists can explain this recession in the same way that all the other ones are explained:
[ Sorry, you will have to go to the original article to find out. ]
What is Krugman (the moron) telling us that we need to do? Spend, spend, spend, don't save!
Every REAL economist will tell you that's stupid. Everyone believes Krugman only because he got a Nobel Prize back before his brain failed.
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Cargo Cult Economics
Obama's economic team says "Spend, Spend, Spend". They claim that government spending multiplies wealth. Actually, private spending AND SAVING has the same effect in creating a vibrant economy. Savings don't sit around being lazy at the bank. They provide the means to build businesses, employ people, and buy commercial goods.