Wednesday, November 07, 2007

Economic Theory Of The ReThugs

Via Atrios, we get this little nugget from Paul Samuelson:
Recessions also have often-overlooked benefits. They dampen inflation. In weak markets, companies can't easily raise prices or workers' wages. Similarly, recessions punish reckless financial speculation and poor corporate investments. Bad bets don't pay off. These disciplining effects contribute to the economy's long-term strength, but it seems coldhearted to say so because the initial impact is hurtful.
Emphasis mine. Coldhearted is an understatement. & these are the people & the ideology that rule the country these days. Fuck it is disheartening.

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