Central banks should not rescue fools
By Martin Wolf
Financial Times
August 28 2007
Sometimes a picture is worth a thousand words. The one last Wednesday
showing Christopher Dodd, chairman of the US senate’s banking committee,
flanked by Hank Paulson, Treasury secretary, and Ben Bernanke, governo
he financial markets as an
inability to "roll over" paper, to recirculate existing and expanding
debts.
- Original Message -
From: "Marvin Gandall" <[EMAIL PROTECTED]>
To:
Sent: Wednesday, August 29, 2007 8:01 AM
Subject: [PEN-L] Regulating the financial lemons
On 8/29/07, Marvin Gandall <[EMAIL PROTECTED]> wrote:
> Central banks should not rescue fools
> By Martin Wolf
> Financial Times
> August 28 2007
Is this the same guy who wrote last week on why "the Fed must prolong
the party"?
http://blogs.ft.com/wolfforum/2007/08/the-federal-res.html
He seems
David:
> "Economics" really isn't a branch of psychology. It really
> is concentrated history.
Marx did not have a chance to read Keynes, nor did he have a chance to observe
what Keynes was able to observe.
But Keynes had a chance to read Marx.
History, psychology, economics, all intersect!
In defence of economics, I think it is justified in sticking to its
guns and expecting humans to act rationally ;-). Various other fields
(e.g: law) do so, and so do we in general. In fact it is a science-in-
waiting -- a sort of mathematics, if you will. IMVVVHO the real
problem is that a lot of
