Sunday, September 25, 2011

Robert Lucas Interview
Mike Rappaport

I must admit to not being impressed by this University of Chicago Economics Professor who won the Nobel Prize.  He voted for Obama for very inadequate reasons -- Obama was black and he sounded smart.  Similarly, for weak reasons he accepted the Democratic stimulus -- "If you think Bernanke did a great job tossing out a trillion dollars, why is it a bad idea for the executive to toss out a trillion dollars?  It's not an inappropriate thing in a recession to push money out there and trying to keep spending from falling too much, and we did that."  Not a word about how slowly the money was to be spent or the objects of that spending.

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Well, he also pointed out that McCain was completely clueless about the financial crisis (and he could have added, about most of economics as well). As bad a president as Obama is, I doubt that McCain would have been better.

Posted by: Alan Gunn | Sep 26, 2011 6:05:31 AM

It is true that McCain was clueless, but he would not have passed profligate spending bills, such as the stimulus and the first budget passed by the Democrats in 2009.

Posted by: Mike Rappaport | Sep 26, 2011 3:30:39 PM