An very interesting article from Forbes titled, How Modern Economics Is Built On ‘The World’s Dumbest Idea’
The Forbes article above addresses archaic and disproven economic thinking. I believe many areas of thinking need to be aired, evaluated, brought into perspective.
Robert Reich says —
A Halliburton spokesman says the company has behaved “ethically” and “responsibly,” notwithstanding the false evidence it provided in connection with the BP oil spill, the worst oil spill in American history — and the imposition of a fine that’s no more than a rounding error in its profit and loss statement. But corporate “social responsibility” is little more than public relations masquerading as ethical behavior. Corporations are not people; they are not capable of moral reasoning. Corporate ethics are to ethics what military music is to music. Corporations cannot be expected to obey the law unless the probability of being caught acting illegally, multiplied by the size of the penalty (including any bad PR) is larger than the profits to be made by acting illegally. Halliburton has every incentive to continue to flout the law.
Here is a video of President Obama’s weekly address where he summarizes a series of speeches he’s been doing across the country lately. A few days ago economic professor (and former Labor Secretary under Clinton) Robert Reich posted to his page the following regarding these speeches:
“Today President Obama launches a series of speeches on the economy. He and everyone else in Washington knows they won’t contain any ideas capable of being enacted — our nation’s capital is still a sweltering swamp of snide stoppage — and the recovery is still painfully fragile. So why is he doing it? To begin preparing the country (and the Republicans) for the fights to come when Congress returns from its August recess, over (1) raising the debt ceiling, and (2) tougher automatic, across-the-board budget cuts ($109 billion starting Oct. 1) from the sequester. Obama’s delicate balancing act: He wants to play up the good news about the economy (jobs are returning) while at the same time reminding everyone that it could go into reverse if the Republicans won’t compromise. The problem for him (and the rest of us) is the regressive wing of the Republican Party, firmly in control of the House, has no intention of compromising on the debt ceiling or the sequester. In fact, they’re relishing the upcoming fight. So watch your wallets: The economic fall early this fall could be brutal.”
However, a great deal of OUR money has been wasted by those miserable excuses for human beings during their foot-stomping temper tantrums.
The thread getting “hits” today was started by Iggy back in September of 2009. He titled the thread, “Admitting Mistakes…”
You will find the thread interesting for many reasons, not the least if which is that hearing from Iggy is always good. Plus, there have been a few recent SCOTUS decisions (Voting Rights Act, DOMA…) that relate to parts of what was discussed in that almost four year old thread.
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