<div class='quotetop'>QUOTE (Arrabbiata1 @ Sep 18 2008, 01:31 PM)
<{POST_SNAPBACK}><div class='quotemain'>Please read about John Maynard Keynes and Keynesian economics. He is the do-gooder who accidentally started this mess. It's too bad. He actually stumbled upon a pretty revolutionary find. He never believed governments would use it to for the sole purpose of maximizing tax revenues.
You seem to be confused about the true essence of the Keynesian revolution - have another look on Google if you must before you exhort people to read about what you clearly have not.
First understand Bentham, Smith, and Ricardo and contrast the classical view with the Cambridge interpretation. Second tell me who was placed in a pickle jar and put on display at Reading University for postherity.
I am a monetarist. Your liberal mind tricks won't work on me.
Besides nobody cares about the classical model, it's the neo-classical model that is gathering steam.
I never said to read John Maynard Keynes, I said to read about him. His ideas have been grossly misused to the terror of citizens the world over. The Keynesian revolution has nothing to do with him. It has to do with people using his ideas to further their own ends. Even neo-classicists go nuts with Keynesian policy. Government spending is a drug. The more you spend the more you want to spend. It's easy when you don't pay the bills.
Smoothing business cycles is a wonderful feat. Constant over-stimulation leads to what we have today. He never realized it would be used to maximize federal tax revenue.
This crisis is kind of like the Asian crisis. Greenspan is a monetarist of note. He did a good job with the Asian crisis. I'm more old school than he is, but he made a good case for making some Keynesian leanings when disaster strikes.