Heather has a Ph.D. in Economics from something called the New School For Social Research. WTF???? Listen, help me out here; someone go research that and let me know what it is. This is a financial REALITY blog and I do not make my bones by digging into scary areas of modern American society. I have a macro market to manage, after all.
Anyway, go back and read Ms. Boushey's robo-drivel about how Congress needs to do more in the way of spending and stimulus to keep the 'recovery' on track and then ponder all the media and intelligensia mouth pieces talking about "the recovery" and how if we only had more stimulus it would be okay. And then review the quotes from in and around the Great Depression, courtesy of Colin's Econobear. Link them up with the graph above. Think about how Bernanke cannot wait to bend over for another stimulative policy injection.
I was inspired to look a little closer at CFAP after seeing the most interesting cartoon (not necessarily written in a negative way as would be the case if we were talking Obermann) on the cable networks, Glenn Beck highlight that CFAP is recommending education cuts to "small niche programs" like American History and Civics, The Constitution and the Bill of Rights and FINANCIAL LITERACY, which really caught my ear because Ms. Boushey above did not write a single financially literate (here we will define literate as realistic and well educated) in her piece that came off as a piece alright, a piece of shit or worse, propaganda.
I was going to pop a video of the Beck segment here, but instead I researched further and feel that hype can be contained by reading the actual report (PDF). CFAP recommend cuts to several things and it is pretty bush league (no pun intended) that Beck - at least to my knowledge - forgets to mention this.
Anyway, back to where I am more comfortable, the financial market, which will sort out these issues and so many others on its own terms. I never even knew what the CFAP was until last week. I had heard of it, but considered it but one tiny note in the din of noise that distracts us from the job at hand. So from here, I will let the political wonks do the heavy lifting.
My main point is actually to correlate the disastrous mainstream information of the Great Depression to that of today. Meanwhile, on with the blog un-subscriptions...
Edit (10:21) A reader contributes: "The New School for Social Research is actually an exceptional academic environment. While politically it leans to the left (as does Tufts, Harvard, etc) it is known for producing very competent graduates
Their graduate school was formed around WW2 as an academic home for refugees from Hitler's Germany. It is highly regarded in NY". Thank you Jeff for the input.
Oh heck, here's the chain:
"All well and good Jeff, thank you.
But what was written in that MarketWatch article by this woman insulted me on many levels because most everything she wrote goes against what I believe in, economically and financially speaking.
I am all for an equitable society, believe me. What I am against is the fantasy that prosperity can be created by policy as opposed to productivity.
Regards, Gary"
"Gary
I could not agree with you more. Indeed, the fantasy world that exists in most academic environments contributes fully to the malaise that affects us.
Nevertheless, The New School is actually a very vibrant intellectual environment. Somewhat to the left, but vibrant nevertheless
Best regards, Jeff"
And from JM: "Wikipedia is your friend". My non-family, non-recreational time being limited to markets, even Wiki is too far for me to travel on topics that can disrupt a market impartial orientation. As this one has the potential to do.
