08 October 2011

Quote for the day -- the voices of the wreckers

"Throughout modern economic history, whether in Western Europe in the 1920s, in the US and elsewhere in the 1930s, or in Japan in the 1990s, every major financial crisis-driven downturn has been followed by premature abandonment — if not reversal — of the macroeconomic stimulus policies that are necessary to sustained recovery. Every time, this was due to unduly influential voices claiming some combination of the destructiveness of fur- ther policy stimulus, the ineffectiveness of further policy stimulus, or the political corruption from further policy stimulus. Every time those voices were wrong on each and every count. Those voices are being heard again today, much too loudly. It is the duty of economic policymakers including central bankers to rebut these false claims head on. It is even more important that we do the right thing for the economy rather than be slowed, confused, or intimidated by such false claims."

Adam Posen (found via Green Eagle)

4 Comments:

Blogger Shaw Kenawe said...

"It is even more important that we do the right thing for the economy rather than be slowed, confused, or intimidated by such false claims."

Sound, sane advice. Unfortunately we live in a time of deceit and irrationality in our political system, where a influential group of people are willing to sacrifice the financial well-being of the US in order to defeat a political party and its president.

This is, of course, insane by any measure, but it is where we are today.

08 October, 2011 08:13  
Blogger Infidel753 said...

They don't even bother to hide it any more. McConnell himself has said at least twice that the Republicans' top priority is to stop Obama from being re-elected.

08 October, 2011 09:04  
Anonymous Marc McKenzie said...

@Infidel:

"They don't even bother to hide it any more."

Unfortunately, that's the cold, blunt truth. And it seems (at least to me) that the people who should be calling the GOP out for doing this are instead more interested in launching broadsides against the President.

But again, that's just how I see it. If I'm wrong, I'll accept the correction.

08 October, 2011 09:45  
Blogger Infidel753 said...

In many cases it's all too true, unfortunately.

08 October, 2011 12:24  

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