Tuesday, September 16, 2008
Don Luskin Said What?
From the Washington Post:
Quit Doling Out That Bad-Economy Line
There have been 11 recessions since the Great Depression. And we're nowhere close to being in the 12th one now. This isn't just a matter of opinion. Words -- even words as seemingly subjective as "recession" -- have meaning.
AND, before that assertion of "no recession", he astoundingly regurgitated this:
Overall, the pessimists are up against an insurmountable reality: In the last reported quarter, the U.S. economy grew at an annual rate of 3.3 percent, adjusted for inflation.
For a self-styled libertarian, a man who allegedly thinks government can't do anything correctly, he's got a who lot of faith in its completely debunked statistical propaganda.
Anyone who believes that the economy grew - AT ANY RATE - no less at 3.3 percent in this year's second quarter....Anyone who believes that inflation was a mere 1.9% ought to be yanked off the public stage.
Or at a minimum they should be quarantined in the Moron ward.
It's a shame; on many fronts Don Luskin is an otherwise brilliant man.
It's hard to believe Don could write this article a month or so ago. But it's near impossible to believe he'd write it on a Sunday that Lehman Bros., Washington Mutual, and AIG were all on the cusp of bankruptcy. Heck only one week ago Fannie Mae and Freddie Mac's $5 trillion business went belly-up.
Of course Don's perma-optimism dementia spun that one as bullish as well. See Fannie, Freddie Bailout Should Be Good for the Market. (subscription link)
Click here to read my prior post on Don Luskin.