Mafoo needs a tin foil hat.
Interestingly enough, economists have really been scrambling recently to figure out if they know anything at all about the economy. Economic crises are usually great for moving economic theory forward. It had gotten pretty stagnant. Everyone was buying into the same economic theories until the bottom fell out. Economists at first had no idea why things had even gone wrong.
Too much activism by the Fed.
Too much reliance on the market as a rational decision maker.
Too little taxation during good economic years (keeps the bubbles from getting too big and helps the national debt).
Too little regulation and oversight of most of the economy, particularly the financial sector.
Too much overextension of credit (highly related to point #1).
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson
