Matt Stoller rebuts his critics

[leveymg]

17. Past a point, "failed policies, including the lack of oversight" is structural failure.

You seem to ignore it that it is the conventional economic wisdom held by Obama and the radical centrist leadership of both parties that has created America's present economic, political, and social crises. Neither GG nor Stoller have said "that Democrats are the bad guys and the cause of everything wrong with the country. They ask you to overlook the Republicans' flaws and lunacy." That's a straw man, a rhetorical device you use a lot of.

The Austrians have a valid point that the financial system is massively distorted because trading in financial derivatives based in state debt instruments -- the Repo and Public Debt Markets -- dwarfs trading in private stocks and bonds. It isn't just the economic primatives who warn of the dangers of such a system that depends upon the expectations of private profits from public debt and public bailouts of markets. Krugman's great early contribution to the field was his analysis of the '97 Asia Crisis, in which he observed that such a system that includes state guarantees of profits is prone to market bubbles and blowouts because of the Pangloss Value (Krugman's term) that results from traders expectation of bailouts in interconnected markets.

As for the Paleocon welfare economics and some of his social policy, neither Stoller nor GG endorse Paul. So, why do you continue to post stuff that makes it seem that they do, unless you are simply confused?