Perhaps to some degree this poor understanding explains the confused reporting about the causes of the current economic crisis that regularly appear in mainstream media. If you are only getting your information about the current crisis through mainstream media reports, trust me, you aren't even getting half the story.
Meltdown by Thomas E. Woods Jr. is an antidote to this lack of understanding. Woods takes on the many fallacies that are now a part of the popular perception held about the current crisis. He does this by walking through, in timeline fashion, the start of the current crisis with the housing bubble, through the Wall Street bailouts and current government attempts to "battle" the downturn. At each step, he explodes the myths that currently exist and explains what the real causal factors are. (more)
Sunday, August 9, 2009
Sunday Book Review- Meltdown
Economic Policy Journal reviewed Thomas E. Woods Jr.'s Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse.
This reminded me of last week's editorial in the Union Leader calling for more economics in the classroom.
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Too bad a book like Meltdown will never make it on the required reading lists in NH classrooms. The Keynsian crowd has a monopoly in government schools. Until they stop teaching Keynes and start teaching Harry Hazlitt (Economics in One Lesson), we're going to keep having problems with the citizenry's understanding of economics.
ReplyDeleteLL- We've got the helicopters. Let's start dumping money of them before it's too late!
ReplyDeleteRemember, Vice-President Biden warned us that we have to spend money or we'll go bankrupt.