Wednesday, June 25, 2008

That's Your Own Advisors You're Mocking

Via Lew Rockwell I find this statement from John McCain:

"You know the economists? They're the same ones that didn't predict this housing crisis we're in. They're the same ones that didn't predict the dot-com meltdown. They're the same ones that didn't predict the inflation that's staring us in the face today."

Actually, there were economists, including me, who identified the housing bubble and predicted it would cause a recession. Some of these, including me, also correctly predicted that this downturn would be associated with high inflation.

Of course, most economists didn't predict the current stagflation. Interestingly enough though, some of them are in fact those who now serve as McCain's advisors or media supporters, including Don Luskin, Larry Kudlow and Kevin Hassett. So what McCain is saying is that the analysis of Luskin and his other advisors is useless. Of course, I agree with McCain on that, but it makes you wonder why he hires them as advisors.


Anonymous Per-Olof Samuelsson said...

There is something wrong with the second "including me" link: when I click it, I get back to the original post.

1:57 PM  
Blogger stefankarlsson said...

Per-Olof, I appreciate your effort to control the accuracy of my links, but in this case you are mistaken. The link was to a search function on my blog for the occasions I mentioned the word stagflation. That includes the latest post, but if you scroll down you'll see that it also includes many other posts.

7:39 AM  
Anonymous Per-Olof Samuelsson said...

Oh, sorry, I missed that.

1:04 PM  
Blogger stefankarlsson said...

No need to apologize. Even though you happened to be mistaken this time, I appreciate when you try to help me by pointing out what you think could be mistakes by me.

9:31 PM  

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