Mike Konczal Makes Cool Venn Diagrams
Based on what I’ve written before, I agree with some combination of the lower-right segments of both the demand-side and supply-side charts: I think we need to tackle the overhang of consumer debt directly (rather than by trying to reinflate the housing bubble through monetary policy) and I think we need to take actions to improve labor productivity, which means putting people directly back to work (nobody is less productive than somebody unemployed), investing in human and physical capital, and identifying ways to reduce friction in the labor market (some of which will mean changing or even increasing the way government intervenes – for example, in the health insurance market – and some of which will mean the opposite, reducing regulations of various sorts).
I’m more skeptical of the top side of the demand-side chart (what we need is more inflation) and much more skeptical of the left side of the supply-side chart (basically, explanations that blame the Obama Administration’s responses for increasing “uncertainty”).
Noah:
Do you ever say anything in one sentence?
You are obviously a very smart guy. You worked on Wall Street (some kind of research analyst, right?)
But…
Is there some scenario in which reinflating the housing bubble is a good idea?
You wrote nobody is less productive than somebody unemployed. You do know Nancy Pelosi and some others have suggested that unemployment compensation produces about $1.83 for every dollar spent.
Do you acknowledge at all the responsibility the federal government has (and continues to have) for our current fiscal crisis? Do you completely disregard the history of uncertainty causing the extension of the Great Depression?
Ever heard of Mort Zuckerman?
The frustrating part is that you seem to advocate some conservative thinking, but then you seem to backtrack in hopes of gathering all the smart folks in a room to fix it all through gummint.
I probably wouldn’t bother, but Ch3t (formerly banned as Chet) disagrees with almost everything you write, so there must be some conservative thought in you somewhere.
— jd · Sep 24, 12:28 AM · #
The whole corrupt edifice is coming down.
— Freddie · Sep 24, 02:42 AM · #
So, Freddie, when ya leavin? Or are you just stickin around to get what’s comin’ to ya?
— jd · Sep 24, 01:41 PM · #