30 August 2007

And the Winner in the "So Stupid They Can't Cut Thier Own Meat" Category

Rich Karlgaard, who thinks that comparing a Democratic candidate with Franklin Delano Roosevelt is somehow a slur.

It isn’t, not in the general election, and particularly not in the Democratic primary.

It’s easy to see why he's so profoundly misinformed, as he tells us with self assurance that only comes from being an economic knuckle dragger, who are in no short supply at Fortune magazine, that the investment class "went on strike" in 1937*.

I guess that would explain the soaring mattress sales at the beginning of that year, they had to put their money somewhere.

While it is clear that criminals bury their money in low return investment when the heat is on, most investors are law abiding and moral individuals, who continue to invest. Tax and regulatory policy can determine where they invest, but not how much.

*In reality based economics, what happened was that Roosevelt thought that the depression was over and he backed off the new deal, for example cutting the WPA funding by half.


Post a Comment