While I agree with Keith Olbermann about the ineptitude of the federal government in this latest crisis, I see nothing in his comments suggesting the larger issue of economic calculation problems. To these guys, everything is done administratively. I suspect that he does not know the difference in dynamics between a private oil company and a government-run firm.

The economic calculation issue is real, but that is NOT what is being discussed currently. We are hearing things like Bush is prejudiced against blacks or a few firings might make FEMA more effective and the like. The more important issues — or at least those things that give a rational explanation to what happened — never will come up on the larger public discussion. I really doubt that Keith Olbermann would have a clue as to what “economic calculation” in the Misesean sense might be. Furthermore, if one brought up the issue to him during his show, he would be shot down immediately under a sea of invective.

So, while Katrina and its aftermath are pretty well understood by Austrians and fellow travelers, the rest of the country — and certainly most of our vaunted media — are going to get it wrong, wrong, wrong.