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Economics 101 for an Economist
Posted by: Jon Henke on Friday, April 18, 2008

Economists are supposed to be smarter than this
“What Milton Friedman said was that government should not interfere,” said Allen Sinai, chief global economist for Decision Economics Inc., a consulting group. “It didn’t work. We now are looking at one of the greatest real estate busts of all time. The free market is not geared to take care of the casualties, because there’s no profit motive. There’s no market incentive to deal with the unemployed or those who have lost their homes.
What about the incentive of the unemployed people to find jobs and the incentive of the people who have lost their homes to make better decisions? Those seem like pretty important components of a free market.
 
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Its like these people believe a random meteor came from the sky and hit these unsuspecting people to create the mortgage situation.
 
Written By: jpm100
URL: http://
It seems many people have forgotten that the government helped to create much of this mess by legislating incentives for lenders to provide risky loans to risky borrowers.

Unintended consequences and all that.
 
Written By: Rougman
URL: http://
Financial industry economists will of course now ask for more "regulation" and a bail-out...their incentive is to save their own jobs, increase the chance for new consulting gigs, etc.

Are we now so timid that we cannot even deal with a recession where so far unemployment hasn’t broken 6% and housing prices have become more reasonable for a lot of folks?
 
Written By: Harun
URL: http://
I for one count my blessings that I live in a place and time where the past four years constitutes a disastrous economy, where the war in Iraq constitutes a disastrous military excursion, where "Guantanamo Bay" is a human rights disaster, and so on.

If anything does make me wonder whether the terrorists are right and the US is a paper tiger in the making, it’s the number of people pissing and moaning in the midst of plenty; what will such people do when the excrement actually hits the rotary air motion device?

("But how you can you call this plenty, when there are so many problems in the world?" - tell it to your great-great-grandfathers, and see what they have to say about your cushy life. Few people study history at all, even fewer seem to have even the faintest clue how far we’ve come, and what disaster really looks like.)
 
Written By: Jeremy Bowers
URL: http://www.jerf.org/iri
" what will such people do when the excrement actually hits the rotary air motion device?"

A lot of people, past and present, assume that such spoiled and decadent people will collapse and surrender in the face of adversity, particularly if it lasts more than a few weeks.
 
Written By: timactual
URL: http://
The free market is not geared to take care of the casualties
This seems typical.

The outcome of your life wasn’t good. Mine was. Everyone good person thinks like me, and hence makes the same decisions I do. So some external force must be the cause of your outcome being different. Hence, it’s not your fault and you should be saved from that external force.

Seems there a human failing here where people project their value set onto others as an assumption.
 
Written By: Ryan
URL: http://

 
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