The Case for Recession

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Description: BANK OF AMERICA economist Mickey Levy recently made one of the most astonishing comments heard in a long time, says Chicago financial commentator B?ll King in his "King Report": "The Fed knows its credibility would be damaged if the economy slipped into recession." King's response: "When did recession become an abhorrent, avoid-at-allcosts phenomenon?"The Keynesian chickens set loose in 1936 are coming home to roost. In response to his critics' concern over the effects of his inflationary economics over the long run, Keynes scornfully replied, "In the long run, we're all dead." This pseudo-wisdom permitted ravenous Westerners to believe that shrinking history and responsibility down to one's own lifespan was acceptable. It allowed us to commit the perennial and predominate human sin of blanking out the future. As a result, we increasingly suffer the effects of a boom-bust economy because, of course, we're not all dead. The Keynesian generation's children and their children continue on. It's called posterity."Fundamentalists," [George Soros] schools us, "believe that markets tend towards equilibrium and the common interest is best served by allowing participants to pursue their self-interest. It is an obvious misconception, because it was the intervention of the authorities that prevented financial markets from breaking down, not the markets themselves."
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