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Wednesday, December 22, 2010

A Convenient Myth

This sounds about right:

 ...the global economy’s arsonists have become prosecutors, and accuse the fire fighters of having provoked flooding. ... There is pressure to re-write the history of this crisis by depicting effects as if they were causes, and to blame the governments that managed the crisis for starting it. ...

The effort has already been successful. There is now a story for the anti-government types to tell, one that blames the government for promoting housing, creating Fannie and Freddie, and keeping interest rates too low. That story won't be dislodged no matter how much logic is used to try and pry it free from those who have shaped the narrative to fit their preconceptions.

    Posted by on Wednesday, December 22, 2010 at 02:07 AM in Economics | Permalink  Comments (18)


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