Obama’s stimulus package is more of the same failed Keynesianism. His thinking is what needs to change. Later, not sooner, main stream economists (MSE), who are Keynesians, and main stream economic journalists (MSEJ), who are also Keynesians, will realize that debt-financed economic stimulus is counter-productive and that it diverts scarce capital to unproductive uses. The MSE are bloody idiots. Peter Hooper, chief economist at Deutsche Bank Securities, wants government to spend another 3% of GDP. Bernanke wants a new stimulus package that “should be significant.” A minarchist government — the entire operation at all levels — should be 10% or … Continue reading Obama’s change (stimulus) is more of the same