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Current Events » in reply to The economy explained in 2 min. 35 sec.

Re: The economy explained in 2 min. 35 sec.
ER — (archived)

Thanks for posting that, Eri. I've always liked Bob Reich. He used to have a morning show on NPR I would listen to on the way to work and he always made sense.

The funny part was that following his piece PBS would run one by a fellow called Sloane, a voice from the "other side". Sloane was some kind of Fortune Magazine editor and investment commentator.

It wasn't a debate, the two shows were obviously prepared independently. Sloane was not an ideologue or a theorist, he took no sides or pushed no politics, he was just trying to understand how the economy really worked and how to make money off it. His point was invariably that it was a wonder it worked at all. The people who ran it on Wall Street seemed to have no knowledge of basic economics and were constantly dumbfounded by the consequences of their decisions.

Most of his shows, which were hilarious compared to Reich's rather dull classroom lectures, was how the market, supposedly the combined wisdom of America's greatest financial thinkers, was a blind dumb lumbering giant that was continuously shooting itself in the foot.

Well, we're going to get our money's worth of entertainment out of Dr Reich's 2 minutes and 35 seconds. I can't wait for the inevitable rebuttal.

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