Here's Brad 'Pugsley' Delong at his best and brightest:
"Let me try my hand at a definition of non-depression economics.
Non-depression economics believes that:
Short-run economic policy should be left to the central bank-- the legislature and the executive should focus on the long run and keep their noses out of year-to-year fluctuations in employment and prices.... The highest priority for central banks should be to maintain their credibility as guardians of price stability. Once that highest goal has been achieved, central banks can turn their attention to trying to keep the economy near full employment."
There you have it: the mind of a Clinton neoliberal in the time of hi-fi cholera, a born designated driver: "Where to, Mistah Madoff, suh?"
How halcyon and wistful, eh?
Comments (5)
Price stability, followed by full employment? Isn't price stability achieved by keeping everyone begging for a job?
Posted by Peter | December 18, 2008 6:43 PM
Posted on December 18, 2008 18:43
peter
in a word...yes
Posted by op | December 18, 2008 9:18 PM
Posted on December 18, 2008 21:18
"Central banks should stand ready to intervene to prevent bank runs. Otherwise, central banks should let the financial sector run itself with a light regulatory hand--financiers can take care of themselves,"
indeed
" and the central bank should view itself not as chaperone or duenna but rather as .."
wait a moment here ...
"the designated driver
in the case of
financial speculative excess."
Posted by op | December 19, 2008 4:34 AM
Posted on December 19, 2008 04:34
How tepid. Toxic, too. I prefer, "the central bank should view itself not as chaperone or duenna or designated driver but rather as an iron-fisted taskmaster; one that frequently raids the offices of financiers and hauls them off to redeem themselves through honest, rural labor."
Posted by Al Schumann | December 19, 2008 7:34 AM
Posted on December 19, 2008 07:34
a treasury ninja outfit
to execute te snatch and carry
as to a sentence to kansas amber waves
if not hunan then at least
amish technology only
on the whole
sounds about right al
plus
--for my senstive soul's sake
if nothing more ---
a star chamber authorizing
extra-ordinary public rendtions
adjunct to broadcast kangaroo chancellary
expediting rough real time
pecuniary retributions
for the prime time mass audience
Posted by op | December 21, 2008 10:49 AM
Posted on December 21, 2008 10:49